Levi Strauss & Co (NYSE:LEVI) has initiated a formal review of strategic alternatives for its Dockers brand, which includes a potential sale of the chino brand.
The company announced the move as part of efforts to address areas of underperformance. In the third quarter, Levi Strauss reported flat net revenues of $1.5 billion, with a 2% rise on a constant-currency basis.
The company’s net income increased to $21 million, while adjusted net income reached $132 million. Earnings per share rose to $0.05, and adjusted EPS improved to $0.33.
Levi’s brand grew 5% globally, driven by strong performance in Europe and Asia. However, Dockers saw a 15% decline in net revenues. Direct-to-consumer revenues increased 10%, with e-commerce growing 16%.