Business
USPS Forever stamp price to rise to 82 cents after regulator approves rate hike
CFTC Chairman Michael Selig joins ‘Mornings with Maria’ to discuss the push to pass the Clarity Act, the future of crypto regulation, the rise of prediction markets and how the agency is responding to market volatility amid Middle East tensions.
The cost of mailing a letter will climb again this summer after federal regulators approved another round of U.S. Postal Service (USPS) price increases, including a 4-cent increase in the price of a Forever stamp.
The Postal Regulatory Commission on Wednesday approved USPS’ proposed mailing services price changes, clearing the way for the new rates to take effect on July 12.
The price of a First-Class Mail Forever stamp will increase from 78 cents to 82 cents, while mailing service prices overall will rise by about 4.8%, according to the Postal Service.
Other approved price changes include:
- Domestic postcards: 61 cents to 65 cents
- Metered 1-ounce letters: 74 cents to 78 cents
- International postcards: $1.70 to $1.75
- International 1-ounce letters: $1.70 to $1.75
The additional-ounce charge for single-piece letters will remain 29 cents. USPS has said the latest increase is necessary as it continues grappling with rising operating costs and longstanding financial challenges.
AVERAGE NEW CAR PAYMENT REACHES ALL-TIME HIGH AS AFFORDABILITY ISSUES PERSIST

The new rates will take effect on July 12. (Andrew Harrer/Bloomberg via Getty Images)
“In the midst of the severe financial crisis facing the Postal Service and continued rising operational costs, the Postal Service is using all available tools… to ensure we can continue to fulfill our universal service obligation and serve the American public,” USPS said when it proposed the increase in April.
The Postal Service generally receives no taxpayer funding for operating expenses and instead relies on revenue from postage, products and services.

The price of a First-Class Mail Forever stamp will increase from 78 cents to 82 cents. (Justin Sullivan/Getty Images)
While the Postal Regulatory Commission approved the rate changes, it also warned that USPS continues to face significant long-term challenges, including declining mail volume, service performance issues and a deteriorating financial outlook. The commission said it had no legal basis to reject the increase because it complies with current law.
The commission also said USPS used essentially all the pricing authority available for First-Class Mail under current regulations and remains concerned about substantial declines in market-dominant mail volume, ongoing service issues and the Postal Service’s overall financial condition as it reviews whether the current ratemaking system is meeting Congress’ objectives.

The Postal Service generally receives no taxpayer funding for operating expenses. ( Al Drago/Bloomberg via Getty Images)
CLICK HERE TO GET FOX BUSINESS ON THE GO
Forever stamps purchased before the increase will continue to be valid for mailing a standard one-ounce letter regardless of when they are used.
Business
Stitch Fix officer Bacos sells $265k in shares

Stitch Fix officer Bacos sells $265k in shares
Business
Form 4 CarParts.Com Inc For: 8 July

Form 4 CarParts.Com Inc For: 8 July
Business
Senate committee to vote on bill to tighten US ban on Chinese vehicles

Senate committee to vote on bill to tighten US ban on Chinese vehicles
Business
(VIDEO) NSW Stuns Queensland 30-12 in State of Origin Epic Decider as Cleary Wins Wally Lewis Medal
BRISBANE, Australia — New South Wales produced one of the great State of Origin boilovers, defeating Queensland 30-12 in Wednesday night’s deciding Game 3 at Suncorp Stadium to claim the 2026 series 2-1, silencing a raucous Brisbane crowd that had expected the Maroons to reclaim the shield on home soil.
The result capped a remarkable turnaround for a NSW team that had entered the decider under significant pressure, having been outplayed in the series opener at Accor Stadium in Sydney before suffering a heavy defeat in Melbourne in Game 2, a loss that included conceding 36 second-half points and saw coach Laurie Daley pilloried across Australian media in the lead-up to the deciding match.
The hero of the night was halfback Nathan Cleary, who scored two tries and converted five from five kicks, a performance that earned him the Wally Lewis Medal as player of the series. Cleary entered the decider with his Origin reputation under scrutiny after missing an Origin-record 10 tackles during NSW’s heavy Game 2 defeat, despite already holding four NRL premiership rings with the Penrith Panthers. He approached the match with a simple, one-word strategy. “We were written off. We came together as a group and rallied around each other,” Cleary told Nine after the match, reflecting on the pressure the squad had faced heading into the decider.
NSW controlled the contest from the opening exchanges, with Cleary steering the team through a dominant opening stanza alongside halves partner Mitchell Moses. The Blues drew first blood when Cleary himself scored, stepping through three Maroons defenders to open the scoring, before a well-worked passage of play involving Liam Martin, Stephen Crichton and Mark Nawaqanitawase set up Cleary for his second try shortly after, pushing the score to 0-12. A third NSW try followed when Cleary stripped the ball from Queensland winger Selwyn Cobbo, with forward Cameron Murray crashing over two plays later to extend the margin to 0-18 and stun the sold-out Suncorp crowd into silence.
Queensland finally found a way onto the scoreboard when Cameron Munster sparked an attacking raid that saw Hamiso Tabuai-Fidow barrel over in the corner for his 14th career Origin try, cutting into the deficit before halftime. NSW held an 18-4 lead at the break, a scoreline that reflected the Blues’ dominance despite Queensland holding a majority of possession and completing a higher percentage of their attacking sets across the opening 40 minutes. The first half was further marred by a heavy collision between Queensland’s Briton Nikora and NSW captain James Tedesco, which forced Tedesco from the field for a grade-two head injury assessment and sparked a heated confrontation between the two sides shortly before the interval.
The second half brought continued Queensland pressure but further NSW resilience and composure. Despite Maroons errors opening the door for additional NSW opportunities, the Blues extended their advantage through the closing stages of the match, ultimately putting the result beyond doubt. A dangerous tackle awarded Cleary the opportunity to slot a long-range penalty goal, before forward Hudson Young sealed the emphatic victory late in the match, diving over to complete the scoring and lock in the 30-12 final result.
The win marked a significant milestone for Daley, who becomes just the third Blues coach in Origin history to win multiple series as head coach, joining Phil Gould, who won six series, and Brad Fittler, who won three. Daley was visibly emotional following the match, shedding tears as reporters sought comment on his coaching future, though he remained tight-lipped about what comes next for him in the role. The victory also marked just the fourth time New South Wales have won a decider on Queensland soil in Brisbane, and the seventh time overall across 25 attempts at winning an Origin decider.
Centre Bradman Best was singled out for an outstanding attacking performance throughout the match, while back-rower Liam Martin brought his trademark physicality in defense, repeatedly disrupting Queensland’s attacking structure alongside fellow forward Hudson Young. Daley made five changes to his starting side for the decider, with all five having a notable impact on the result, according to postgame analysis of the performance.
For Queensland, the result brings a disappointing end to a series in which the Maroons had appeared to hold the upper hand after their dominant Game 2 win in Melbourne. Coach Billy Slater’s side struggled to maintain composure at key moments in the decider, with several handling errors and missed opportunities compounding the difficulty of overturning NSW’s early lead. Queensland also lost prop Lindsay Collins to a first-half concussion, forcing a reshuffling of the interchange bench, while young playmaker Sam Walker briefly left the field for a head knock in the second half, with Kalyn Ponga’s halves partner Reece Walsh introduced into the contest as a replacement option.
Wednesday’s result closes out the 2026 State of Origin series with New South Wales reclaiming the shield after Queensland’s win in the previous series, delivering what commentators have already described as one of the more significant Origin boilovers in recent memory given the scale of criticism directed at Daley and his squad heading into the decisive match. Cleary’s performance, capped by the Wally Lewis Medal, further cements his standing as one of the competition’s premier players, adding an Origin series Man of the Series honor to a rugby league résumé already headlined by four NRL premierships with Penrith.
With the series now concluded, attention turns to the fallout for both camps, including ongoing questions about Daley’s future as NSW coach following his second series triumph, and how Queensland regroups after failing to defend home advantage in a decider many had expected the Maroons to control given their dominant showing in Game 2.
Business
South Australia Fines Petrol Stations Nearly $20,000 in Statewide Blitz, Urges Drivers to Check Prices
ADELAIDE — South Australian drivers are being urged to use real-time fuel price apps to save money at the bowser after a statewide compliance blitz saw nearly $20,000 in fines issued to petrol stations for inaccurate pricing, the state government announced this week.
The reminder comes as the full fuel excise returned to its usual level on July 1, adding further pressure to household budgets and making it increasingly important for motorists to compare prices before filling up. Since conflict in the Middle East began earlier this year, inspectors from Consumer and Business Services have carried out more than 1,000 fuel price inspections across metropolitan and regional South Australia to ensure petrol stations are complying with the state’s real-time fuel pricing laws.
The inspections have resulted in 29 expiation notices being issued to service stations, with nearly $20,000 in fines handed out for failing to correctly report fuel prices or list fuel as unavailable when it was not. A further 24 warning letters have also been issued to retailers found to be non-compliant during the ongoing enforcement effort.
Under South Australia’s real-time fuel pricing scheme, retailers are required to update a central database within 30 minutes whenever prices change or fuel becomes unavailable at the pump. That information is then made publicly available through a range of free fuel price comparison apps, allowing motorists to check prices across nearby service stations before deciding where to fill up.
Consumer and Business Affairs Minister Michael Brown said the timing of the reminder was particularly important given the return of the full fuel excise. “With the fuel excise now back at its usual level, make sure you are getting the best priced fuel by using the fuel watch apps,” Brown said. He added that the government remains committed to holding non-compliant retailers accountable. “The Malinauskas Government is cracking down on petrol stations who fail to comply with our real-time petrol price monitoring and South Australians can save more than $100 a year on fuel through our Fuel Watch initiative.”
Wednesday’s update builds on a series of earlier enforcement actions the state government has taken throughout 2026 as part of its broader crackdown on fuel pricing compliance. An April compliance blitz saw more than 500 inspections carried out across the state, resulting in nine service stations fined nearly $8,000 at the time, with a further 11 sites placed under investigation. Those fined in that earlier round included stations across both regional and metropolitan areas, among them Coober Pedy, Bordertown, Strathalbyn, Renmark, Berri, Karoonda, Goodwood and Park Holme. At the time, Brown said the government was taking a “zero-tolerance approach” to non-compliance, adding that the government intended to “name and shame those who fail to meet their obligations.”
A separate compliance blitz conducted ahead of a long weekend in early June saw more than 200 additional inspections carried out across Adelaide, the West Coast, Eyre Peninsula, Yorke Peninsula, the Riverland and the Limestone Coast. Cumulatively, since the Middle East conflict began earlier this year, Consumer and Business Services has investigated nearly 400 complaints and conducted around 800 service station inspections, resulting in 22 fines totaling more than $12,000 and 18 written warnings, according to figures the government released in early June, ahead of the more recent enforcement figures announced this week.
To strengthen its enforcement capabilities, the South Australian government has passed new legislation significantly increasing penalties for non-compliant fuel retailers. The Fair Trading (Fuel Pricing Information Penalties) Amendment Bill became the first law to pass through the state’s Parliament this session, with the changes set to take effect later this month. Under the new penalty structure, on-the-spot expiation fines for breaches will jump from $550 to $5,000 per offense, while the maximum penalty a court can impose will double from $10,000 to $20,000. Premier Peter Malinauskas said at the time the legislation passed that petrol stations failing to comply “will face the consequences,” which now include penalties of up to $20,000 per offense.
The government has also committed additional resources to enforcement, funding an extra 100 inspections per month as part of a $1.2 million election commitment, with recruitment currently underway for additional Consumer and Business Services inspectors to expand the program’s reach across the state. Brown reiterated that the increased enforcement reflects a campaign promise made ahead of the government’s election. “The government is delivering on our election commitment to make sure petrol stations do the right thing by South Australian motorists with higher penalties and more inspections across the state,” Brown said.
According to the Royal Automobile Association of South Australia, motorists who consistently use real-time fuel pricing apps to compare prices before filling up can save an average of $117 a year based on typical fuel consumption patterns. Extrapolated across the broader South Australian driving population, those individual savings are estimated to total approximately $58 million annually if more drivers made consistent use of the available pricing tools.
Drivers looking to take advantage of the real-time pricing scheme can compare fuel prices using a range of free apps, including the RAA app, which provides both pricing and availability information, along with Petrol Spy, Motor Mouth, SA Bowser: Should I Fuel? and ServoTrack, all of which are available for download through the App Store or Google Play.
With the fuel excise back at its full rate and global oil prices remaining volatile amid ongoing tensions in the Middle East, South Australian officials have continued to emphasize that accurate, real-time price reporting plays a critical role in helping motorists manage rising transportation costs. As the state’s compliance program continues to expand, with tougher penalties set to take effect later this month, officials say they expect the threat of significantly higher fines to further deter non-compliant behavior among the state’s fuel retailers, while consumer advocates continue to encourage drivers to make regular use of the available comparison tools to secure the best possible prices at the pump.
Business
US stocks today: Dow falls 500 points after Trump says Iran deal is ‘over’
Speaking at a NATO summit in Turkey, Trump said he had no interest in further talks with Iran and warned that Washington would likely carry out additional strikes on Wednesday night.
Trump’s comments marked the latest setback in the back-and-forth talks that have swung between threats of escalation and hopes for diplomacy, leaving investors wrong-footed by several false starts toward a peace deal.
“Duration is the key here. How long does this go on?” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle. “If we see damage to Iranian infrastructure, the market may have to respond more seriously to that because there’s likely Iranian retaliation.” AI heavyweights Microsoft, Amazon and Alphabet each fell, weighing on the S&P 500. Broadcom gained after Apple said it plans to spend more than $30 billion as part of a chip-supply agreement reached earlier this week with the chipmaker.
“Any time you get an announcement from Apple about using your equipment, it’s pretty positive — especially when you have 2.5 billion Apple devices in people’s hands around the globe,” said Art Hogan, chief market strategist at B. Riley Wealth. Nvidia rose after the Information reported that China plans to allow its top AI firms to buy a limited number of the company’s H200 chips.
According to preliminary data, the S&P 500 lost 22.57 points, or 0.30%, to end at 7,481.28 points, while the Nasdaq Composite gained 52.52 points, or 0.19%, to 25,868.29. The Dow Jones Industrial Average fell 592.43 points, or 1.12%, to 52,332.72.
Oil prices jumped following Trump’s remarks, with Brent crude futures settling up 5.2%. Treasury yields also rose as the selloff spread to bonds.The latest escalation in the conflict threatened to unsettle the equities rally that has carried the benchmark S&P 500 up about 9% so far this year, despite sharp declines after the Mideast war started.
A renewed jump in oil prices could revive inflation concerns and further complicate the Federal Reserve’s path. Energy price-sensitive travel stocks fell as higher oil prices stoked concerns over fuel costs and demand. United Airlines and Delta Air Lines both lost ground.
Cruise operators also slipped, with Carnival and Norwegian Cruise Line both down.
The International Monetary Fund on Wednesday once again lowered its 2026 global growth forecast to 3%, warning of ongoing risks posed by the war in the Middle East.
Inflation worries mounted at the U.S. central bank’s meeting last month, as officials followed Federal Reserve Chairman Kevin Warsh’s lead to a more stripped-down policy statement, minutes of the session showed on Wednesday.
Traders project a likely rate hike by the Fed’s December meeting, according to CME’s Fedwatch.
Business
Premium Chauffeur and Airport Transfers in Boston and Los Angeles
For executives and frequent business travelers, transportation is more than a way to get from one location to another. It is an important part of the overall travel experience that influences productivity, comfort, and professionalism.
In major business destinations such as Boston and Los Angeles, premium transportation services help travelers navigate busy schedules while maintaining a high standard of service.
Whether arriving at Boston Logan International Airport for a corporate conference or attending executive meetings across Southern California, reliable chauffeur-driven transportation can make business travel significantly more efficient. Professional airport transfers and executive car services provide the consistency and convenience that modern professionals require.
Why Luxury Transportation Matters for Business Travel
Corporate travelers often face demanding itineraries that include airport transfers, client meetings, networking events, and multiple appointments throughout the day. Transportation delays or unreliable service can create unnecessary stress and disrupt carefully planned schedules.
Luxury transportation services address these challenges by offering experienced chauffeurs, executive-class vehicles, and dependable scheduling. Rather than worrying about navigation, parking, or transportation availability, travelers can focus entirely on their professional responsibilities.
For organizations hosting clients or visiting executives, premium transportation also reinforces a positive and professional brand image.
Boston Airport Car Service for Executive Arrivals
Boston remains one of America’s leading centers for finance, healthcare, education, technology, and biotechnology. Thousands of executives travel through Boston Logan International Airport every year to attend meetings, conferences, and industry events.
A professional Boston airport car service provides seamless transportation between the airport, hotels, business districts, and corporate offices. Pre-arranged transportation helps eliminate uncertainty while ensuring timely arrivals and departures.
Many business travelers choose Detailed Drivers Boston because executive transportation requires reliability, professionalism, and attention to detail. Experienced chauffeurs understand local traffic patterns and can help travelers move efficiently throughout the city.
For visitors unfamiliar with Boston, premium airport transportation offers both convenience and peace of mind.
LA Chauffeur Service for Corporate Mobility
Los Angeles presents unique transportation challenges due to its size, traffic conditions, and diverse business districts. Executives frequently travel between airports, production studios, technology hubs, corporate headquarters, and event venues located throughout the region.
A professional LA chauffeur service provides a practical solution for managing these travel demands. Dedicated chauffeurs allow executives to remain productive while traveling, turning commute time into valuable working time.
Many organizations trust Detailed Drivers Los Angeles because professional transportation providers understand the expectations of executive travelers. From punctual pickups to personalized service, chauffeur-driven transportation supports both efficiency and comfort.
For executives meeting clients or attending important corporate functions, luxury transportation also contributes to a polished and professional appearance.
Key Benefits of Premium Chauffeur Services
Greater Productivity
Travelers can focus on emails, presentations, conference calls, and meeting preparation while in transit.
Reliable Scheduling
Professional transportation services prioritize punctuality and efficient route planning.
Comfort and Privacy
Executive vehicles provide a comfortable environment suitable for confidential conversations and focused work.
Enhanced Corporate Image
Premium transportation creates a strong impression during client visits and executive engagements.
Planning Transportation for Multi-City Business Travel
As business travel becomes increasingly interconnected, many executives travel between multiple cities during a single trip. Coordinating reliable transportation in each destination can improve efficiency and reduce travel-related stress.
Professionals researching regional travel solutions may also find resources such as best NYC to boston car services useful when comparing transportation options for business travel between major metropolitan markets.
Evaluating transportation solutions in advance helps organizations create more effective travel strategies.
Choosing the Right Transportation Partner
When selecting a transportation provider, business travelers should consider factors such as reliability, chauffeur experience, fleet quality, customer support, and scheduling flexibility. Providers that specialize in executive transportation are often best equipped to meet the expectations of corporate clients.
A trusted transportation partner can become an important extension of a company’s broader travel management strategy.
Conclusion
Luxury transportation plays a vital role in successful business travel. Whether utilizing a Boston airport car service for efficient airport transfers or arranging an LA chauffeur service for executive mobility throughout Southern California, professionals benefit from transportation solutions designed around reliability, comfort, and professionalism.
By incorporating premium transportation into their travel plans, executives can improve productivity, maintain schedules, and create a seamless experience from arrival to departure.
Business
IBM Shares Decline 1.64 Percent as Tech Sector Faces AI Valuation Concerns and Market Rotation
Shares of International Business Machines Corp. fell more than 1.6 percent Tuesday, closing at $301.10 as broader technology sector pressures and profit-taking weighed on the stock amid ongoing debates about artificial intelligence investment returns and enterprise spending trends.
The decline of $5.03 per share marked a modest pullback for the blue-chip technology company, which has navigated a complex environment of AI opportunities, legacy system modernization challenges and macroeconomic uncertainty. IBM’s performance reflected mixed investor sentiment across the sector, where enthusiasm for generative AI capabilities has at times clashed with questions over near-term monetization and competitive dynamics.
IBM has positioned itself as a leader in hybrid cloud, enterprise AI through its Watsonx platform and quantum computing initiatives. Recent announcements highlighted continued innovation, including new compact z17 and LinuxONE systems designed to address data center space and cost constraints, as well as advancements in quantum research collaborations.
Despite these developments, the stock faced headwinds Tuesday. Market participants cited broader rotation away from some technology names, valuation concerns in the AI space and sector-wide caution following recent volatility in chipmakers and software providers. IBM’s shares have experienced periods of strength tied to its software and infrastructure growth but remain sensitive to shifts in enterprise IT spending.
Analysts have pointed to IBM’s stable business model, anchored by recurring revenue from software, consulting and infrastructure, as a source of resilience. The company’s focus on mission-critical systems for large enterprises provides a moat, though emerging AI tools capable of accelerating legacy code modernization have raised questions about long-term demand for certain services.
IBM’s latest financial performance showed solid execution in key areas. Software and infrastructure segments have delivered growth, supported by hybrid cloud adoption and AI-related offerings. However, some observers noted moderating momentum in parts of the business amid competitive pressures and cautious client spending in an uncertain economic backdrop.
The company’s dividend remains attractive to income-focused investors, contributing to its appeal as a defensive technology play. With a consistent payout history, IBM continues to draw long-term holders even as growth-oriented investors debate its positioning relative to pure-play AI companies.
Tuesday’s trading volume was in line with recent averages, suggesting the move was part of normal market mechanics rather than a reaction to company-specific news. IBM shares have traded within a 52-week range that reflects both optimism around its strategic initiatives and periodic concerns over execution and competition.
Broader market context played a role. Technology stocks showed uneven performance as investors assessed the sustainability of AI-related capital expenditures. While leaders in semiconductors and cloud computing posted mixed results, concerns about high valuations and return timelines rippled through the sector.
IBM has responded to the evolving landscape with significant investments in emerging technologies. Its commitment to quantum computing, including partnerships with national laboratories and healthcare organizations, aims to establish leadership in a field with potential long-term transformative impact. Recent milestones include computations related to fusion materials, underscoring progress in practical applications.
Enterprise clients continue to prioritize modernization of critical infrastructure, where IBM’s expertise in secure, reliable systems provides differentiation. The company’s Red Hat acquisition has strengthened its hybrid cloud capabilities, enabling organizations to balance on-premises and public cloud environments while addressing security and compliance needs.
Challenges persist in the consulting and services segments, where AI tools promise to automate tasks traditionally handled by human experts. IBM is adapting by integrating AI across its offerings, but the pace of disruption remains a focal point for investors evaluating future growth trajectories.
Wall Street analysts maintain a range of views on IBM. Some highlight its valuation as reasonable given stable cash flows and dividend yield, while others call for clearer evidence of AI-driven acceleration in revenue and margins. Consensus price targets reflect a mix of optimism and measured expectations.
Looking forward, IBM’s upcoming earnings and strategic updates will be closely watched. Investors seek signs of sustained momentum in high-margin software, successful integration of AI capabilities and progress on quantum and infrastructure innovations. Macroeconomic factors, including interest rates and corporate budgets, will also influence performance.
The session’s decline comes after periods of strength for IBM, during which the stock benefited from its reputation for reliability amid broader market volatility. As one of the original members of the Dow Jones Industrial Average, IBM often serves as a proxy for mature technology leadership in an industry dominated by younger, high-growth names.
Market strategists note that rotations between growth and value stocks can create short-term pressure on established players like IBM even when fundamentals remain sound. The company’s diversified revenue streams provide a buffer compared with more concentrated peers.
In the competitive landscape, IBM continues to face pressure from hyperscale cloud providers and specialized AI firms. However, its emphasis on enterprise-grade solutions, security and regulatory compliance positions it favorably for clients in finance, healthcare and government sectors where trust and reliability are paramount.
Tuesday’s close leaves IBM shares in a consolidation phase within their yearly range. Technical indicators suggest potential support levels near recent lows, with resistance tied to prior highs achieved during periods of positive sentiment around AI and cloud initiatives.
As the technology sector navigates the intersection of innovation and valuation realities, IBM’s path reflects the broader challenges and opportunities facing established technology giants. Its ability to translate research breakthroughs and strategic investments into consistent growth will determine whether it can outperform in an increasingly AI-centric market.
Business
Form 4 Kodiak Gas Services Inc For: 8 July

Form 4 Kodiak Gas Services Inc For: 8 July
Business
Levi Strauss (LEVI) Q2 2026 earnings
A view of Levi Strauss & Co. headquarters on July 8, 2026 in San Francisco, California.
Heather Diehl | Getty Images
Levi Strauss beat Wall Street’s quarterly expectations on the top and bottom lines on Wednesday, leading the retailer to increase its guidance and its dividend.
The denim maker is now expecting full-year adjusted earnings per share to be between $1.46 and $1.52, up from a prior range of between $1.42 and $1.48. At the high end, that’s ahead of expectations of $1.50 per share, according to LSEG.
Levi also raised its top line outlook and is now expecting full-year sales to rise between 7% and 7.5%, compared to a prior range of between 5.5% and 6.5%. That’s ahead of expectations of 6.6%, according to LSEG. About half of that growth is expected to come from higher prices and the other half is expected to come from unit sales, said finance chief Harmit Singh.
Here’s how Levi did in its second fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:
- Earnings per share: 28 cents adjusted vs. 24 cents expected
- Revenue: $1.56 billion vs. $1.52 billion expected
Despite the results, Levi’s shares dropped more than 5% in extended trading.
The company’s reported net income for the three-month period that ended May 31 was $87.3 million, or 22 cents per share, compared with $67 million, or 17 cents per share, a year earlier.
Sales rose to $1.56 billion, up about 8% from $1.45 billion a year earlier.
In an interview with CNBC, CEO Michelle Gass said the company’s core consumer is proving to be resilient – even in the face of higher gas prices. She said about two-thirds of the quarter’s sales growth came from units – not just higher prices – giving the company the confidence to raise guidance and its dividend.
“Our demand remains healthy,” said Gass. “We’re seeing strength across our key segments of consumers, so we have our core Levi’s, but we’re also seeing strength in signature, as well as our new premium blue tab.”
-
Fashion5 days agoWeekend Open Thread: High Hopes
-
NewsBeat4 days agoTaylor Swift and Travis Kelce wedding staffer hilariously struggles to keep her cool while checking in megastars
-
Fashion2 days agoOpen Thread: What Great Books Have You Read Recently?
-
Politics5 days agoThe House | “Reframing the debate from a binary discussion of winners and losers”: Yuan Yang reviews ‘We Are Not Machines’
-
Crypto World5 days agoStandard Chartered Secures MiCA License as ESMA Adds 37 New Crypto Firms
-
News Videos2 days agoWhats Hidden Inside This Cash Register? #treasure #reselling #money
-
Tech2 days agoAnthropic’s new “J-lens” reveals a silent workspace inside Claude that mirrors a leading theory of consciousness
-
Business2 days agoAXT Shares Jump Nearly 14% as Semiconductor Materials Maker Rebounds on AI-Linked Indium Phosphide Demand
-
Crypto World7 days agoBinance stock trading tops $1B in first month after launch
-
Crypto World2 days agoSK hynix (000660.KS) Stock Dips as $28B Nasdaq ADR Offering Drives AI Memory Expansion
-
Crypto World7 days agoAlibaba-affiliate Ant Group enters the humanoid robot market with 12 deals
-
Crypto World3 days agoSouth Africa proposes crypto tax guidance under existing rules
-
News Videos2 days agoBest Time to Enter Small Caps Right Now? Another Bull Run? | Financially Free
-
Tech3 days agoLenovo laptops are now shipping with YMTC SSDs, a sign of Chinese NAND entering the mainstream
-
Business7 days agoMeta Platforms Stock Jumps 7% Today as Bloomberg Reports Company Plans to Enter the Cloud Business
-
Crypto World5 days agoESMA Expands Crypto Register by 37 Firms Following MiCA Transition Period
-
NewsBeat7 days agoNew exhibition reflects five decades of movement between island of Ireland and GB
-
Business6 days agoWhat a 10 Percent Drop Means for Buyers, Sellers and Renters
-
Crypto World6 days agoBinance Re-Enters Philippines As EU MiCA Rules Restrict Access
-
News Videos2 days agoAvoid entering in FOMO #bitcoin #cryptocurrency #trading #scalping

You must be logged in to post a comment Login