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The 5 Most Interesting Analyst Questions From Levi's’s Q3 Earnings Call

By: StockStory

LEVI Cover Image

Levi's third quarter performance surpassed Wall Street revenue and profit expectations, yet the market responded negatively, indicating lingering concerns despite headline outperformance. Management attributed growth to strong direct-to-consumer (DTC) sales, international market acceleration—particularly in Asia—and category expansion, including women's and tops. CEO Michelle Gass emphasized strategic brand partnerships and product newness as key drivers. However, the company acknowledged ongoing margin pressures from tariffs and higher distribution costs, with CFO Harmit Singh noting, "We have implemented a $120 million accelerated share repurchase program and returned $283 million to shareholders year to date," but also highlighting the impact of increased inventory and supply chain transformation.

Is now the time to buy LEVI? Find out in our full research report (it’s free for active Edge members).

Levi's (LEVI) Q3 CY2025 Highlights:

  • Revenue: $1.54 billion vs analyst estimates of $1.5 billion (7% year-on-year growth, 2.9% beat)
  • Adjusted EPS: $0.34 vs analyst estimates of $0.31 (11% beat)
  • Adjusted EBITDA: $234 million vs analyst estimates of $220 million (15.2% margin, 6.4% beat)
  • Management raised its full-year Adjusted EPS guidance to $1.30 at the midpoint, a 1.6% increase
  • Operating Margin: 10.8%, up from 2.3% in the same quarter last year
  • Locations: 1,201 at quarter end, down from 1,236 in the same quarter last year
  • Constant Currency Revenue rose 6.9% year on year (2% in the same quarter last year)
  • Market Capitalization: $8.38 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Levi's’s Q3 Earnings Call

  • Laurent Vasilescu (BNP Paribas) asked about European market resilience amid industry-wide promotional activity. CFO Harmit Singh noted strong late-quarter acceleration and mid-single-digit pre-books for spring, emphasizing positive margin trends.
  • Matthew Boss (JPMorgan) questioned demand trends and category momentum. CEO Michelle Gass responded that denim demand is accelerating globally, with Levi's gaining share in youth premium and value segments, and no material change in consumer demand seen.
  • Ike Boruchow (Wells Fargo) inquired about SG&A leverage and the path to 15% margins. Singh detailed that gross margin mix, SG&A leverage, and modest advertising reinvestment are the key building blocks for long-term margin expansion.
  • Paul Kearney (Barclays) asked about drivers of wholesale growth and inventory levels. Gass explained that most growth is from existing accounts responding to new fits and women's products, with inventory investments made ahead of the holiday season.
  • Oliver Chen (TD Securities) sought clarity on U.S. growth sustainability and SKU rationalization. Gass highlighted ongoing DTC and wholesale momentum, with SKU reduction boosting productivity and aligning with a globally common assortment.

Catalysts in Upcoming Quarters

Moving forward, the StockStory team will be monitoring (1) the pace of DTC expansion and e-commerce penetration, (2) the effectiveness of tariff mitigation and supply chain transformation efforts on margins, and (3) sustained international growth, particularly in Asia and Europe. New product launches, especially in tops and women’s categories, as well as performance during the holiday season, will also be critical indicators of Levi's execution and future trajectory.

Levi's currently trades at $21.25, down from $24.53 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free for active Edge members).

The Best Stocks for High-Quality Investors

Donald Trump’s April 2025 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities.

The smart money is already positioning for the next leg up. Don’t miss out on the recovery - check out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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