Levi Strauss sees Q2 EPS 22c-24c, consensus 23c

Sees Q2 revenue up 4%-5%, implying $1.50B-$1.52B, consensus $1.51B. Sees Q2 organic revenue up 3%-4%. Says: “As previously mentioned, growth in Q2 would have been higher by approximately two points due to the timing of last year’s distribution transition. This reinforces that there is no change in underlying demand trends between Q1 and Q2. Gross margin is expected to be slightly down due to unfavorable foreign exchange. We expect to fully offset the impact of tariffs through our various mitigation efforts. Adjusted EBIT margin is expected to be in the range of 8% to 9%. This translates to an adjusted diluted EPS of approximately $0.22 to $0.24.” Comments taken from Q1 earnings conference call.