05:06 PM EDT, 06/26/2024 (MT Newswires) -- Levi Strauss (LEVI) reported fiscal Q2 adjusted earnings late Wednesday of $0.16 per diluted share, up from $0.04 a year earlier.

Analysts polled by Capital IQ expected $0.11.

Net revenue in the quarter ended May 26 rose to $1.44 billion from $1.34 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.45 billion.

The company continues to expect fiscal 2024 adjusted EPS of $1.17 to $1.27 on revenue growth of 1% to 3%. Analysts are looking for EPS of $1.27 on revenue of $6.35 billion.

The company raised its quarterly dividend $0.01 to $0.13 a share, payable Aug. 20 to shareholders of record Aug. 2.

The company's "strategic shift" in distribution and logistics will result in a transitory increase in distribution costs in the near term.

"As part of our ongoing global productivity initiative, Project Fuel, the company will transition from a primarily owned-and-operated distribution and logistics network in the US and Europe to one that will be more balanced between owned and third-party logistics providers," according to a statement.

Levi Strauss shares tumbled 12% in recent after-hours activity.

Price: 20.30, Change: -2.82, Percent Change: -12.20