Levi Strauss' Upgraded Fiscal 2026 Earnings Outlook Falls Short of Street Views; Shares Down Pre-Bell

Levi Strauss (LEVI) shares were down early Thursday after the company's new full-year earnings outlook fell short of Wall Street's estimates even as its fiscal second-quarter results topped views. The denim maker now projects fiscal 2026 adjusted earnings at $1.46 to $1.52 a share, up from its previous outlook range of $1.42 to $1.48, the company said late Wednesday. The Street is looking for $1.53. Levi Strauss shares were down 5.3% in premarket activity Thursday. The stock has jumped nearly 18% so far in 2026. The company now expects full-year net revenue to grow by 7% to 7.5%, compared with its prior guidance range of 5.5% to 6.5% growth. "Based on our strong first-half performance and business momentum, we are raising our full-year outlook," Chief Financial and Growth Officer Harmit Singh said during an earnings call, according to a FactSet transcript. "The tariff environment continues to be uncertain, and our updated guidance continues to assume incremental US tariffs on imports from China at a 30% rate and the rest-of-the-world at 20%." The guidance doesn't assume any benefit from potential tariff-related refunds, which are roughly $80 million paid to date, according.