Levi Strauss jumps on Q1 profit beat, reaffirming annual outlook

Levi Strauss LEVI.N jumps 11% premarket; had closed 2.8% lower on Monday amid global market rout

Co beats Q1 profit estimates; reaffirms annual sales, profit outlook

Says its forecast doesn't include impact from recently-announced tariffs

Expects new tariffs to have material impact on FY25 results

Adds it will have to look at "surgical" price hikes to mitigate tariff impact

Barclays says, "LEVI's Q1 checked all of the boxes we were looking for, with continued acceleration in organic sales"

Sees significant gross margin expansion on full-priced sales

Adds, "Tariffs will dictate where the stock goes, but we think LEVI is well positioned"

Trims PT to $18 from $22; retains "overweight"

Stock down ~22% this year, as of Monday's close