Most apparel brands and retail chains are struggling really bad in this harsh consumer environment. $LEVI is a very welcome exemption, IMHO. Results are mild, that is true, but it is still in the positive field.

Still, the brand is iconic, valuation is attractive and long-term fundamentals are there. We are never sure how retail will be in a few years ahead, but strong brands will sell, no matter how. Right now, the bets are in DTC growth, where most of the successful brands are working, but $LEVI can win in many different scenarios.

Long-term fundamentals are strong, results right now are holding well, and the market is viewing the company like other inferior brands, with lesser results.