Attire firm Levi Strauss & Co. (NYSE: LEVI) reported a decline in internet revenue for the primary quarter of 2023, regardless of a rise in revenues.
Adjusted internet earnings decreased to $0.34 per share within the February quarter from $0.46 per share within the year-ago interval. First-quarter unadjusted revenue declined to $114.7 million or $0.29 per share from $195.8 million or $0.48 per share within the corresponding interval of 2022.
The corporate reported internet revenues of $1.69 billion, which is up 6% year-over-year. World direct-to-consumer internet revenues rose 12% year-over-year, which accounts for 42% of complete incomes.
“Our first quarter outcomes replicate the energy of our manufacturers and the progress we’re making in opposition to our strategic priorities. We delivered sturdy progress in our worldwide enterprise and record-breaking income efficiency in our direct-to-consumer channel,” stated Levi’s CEO Chip Bergh.