Did Levi Strauss beat or miss consensus estimates last quarter?

What does Levi Strauss do and what are its main business segments?

What were the key takeaways from Levi Strauss's earnings call?

What is Levi Strauss's latest dividend and current dividend yield?

What factors drove the changes in Levi Strauss's revenue and profit?

What is Levi Strauss's gross profit margin?

What is the market's earnings forecast for Levi Strauss next quarter?

What is the revenue and EPS growth rate for Levi Strauss year over year?

- **Revenue beat**: Q3 +7% (vs. +3% U.S., +12% Asia). Women's +9%, tops +9%, e-commerce +16%.
- **Margin strength**: Gross margin 61.7% (+110bps), EBIT 11.8%, EPS $0.34 (both ahead of guide).
- **Guidance raise**: Full year organic +6%, EPS $1.27-$1.32 (+$0.02). Q4 revenue +1% (2-year +9%).
- **Tariff mitigation**: 2025 impact 20bps, 2026 actions include pricing, FX, and diversification.
- **Share buyback**: $283M returned YTD, including $120M ASR.
- **2026 vision**: 15% EBIT margin with gross margin expansion, SG&A leverage, and marketing reinvestment.

**【CEO Summary Section】**
- Delivered 4th consecutive quarter of high single-digit organic revenue growth (9% DTC, 5% wholesale). 
- U.S. grew 3%, International up 9% (Asia +12%), with women's +9%, tops +9%, and shorts strong across genders.
- DTC-first strategy driving 40% U.S. DTC penetration, e-commerce +16% to 15% of total business.
- Holiday ready with expanded denim lifestyle assortment, Beyoncé campaign extension, and Shaboozey men's campaign.
- 2026 outlook: Mid-single-digit growth, 15% EBIT margin target with gross margin expansion and SG&A leverage.

**【CFO Financial Commentary】**
- Q3 net revenue +7% vs. +3% U.S., +12% Asia. Gross margin 61.7% (+110bps vs. prior year), driven by DTC mix, pricing, and FX.
- Adjusted EBIT margin 11.8%, EPS $0.34 (both ahead of expectations). Full year guidance raised: Organic +6%, EPS $1.27-$1.32 (+$0.02).
- Q4 guide: Revenue +1% (2-year stack +9%), gross margin -100bps due to tariffs, EPS $0.36-$0.38.
- Tariffs impact 2025 gross margin by 20bps, 2026 actions include pricing, promotion optimization, and supply chain diversification.
- Returned $283M to shareholders YTD, including $120M ASR.

**【Q&A Highlights】**
- **Europe momentum**: Q3 +3% (UK +mid-teens), prebooks +mid-single digits. No demand pullback despite macro concerns.
- **Tariff mitigation**: 2025 impact 70bps (mitigated to 20bps), 2026 actions include pricing, FX, and diversification.
- **Inventory**: +12% vs. prior year, 70% holiday product in U.S. Full-price selling up, promotions down.
- **Wholesale health**: U.S. +2%, global +5%. Growth driven by existing partners responding to newness, not new doors.
- **SKU rationalization**: -15% SKUs vs. prior year, 40% global common SKUs, +20% SKU productivity.
- **2026 margin path**: Gross margin expansion (structural mix, pricing), SG&A leverage, modest marketing reinvestment.

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