{"id":44356,"date":"2026-04-10T09:59:14","date_gmt":"2026-04-10T09:59:14","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%eb%a6%ac%eb%b0%94%ec%9d%b4-%ec%8a%a4%ed%8a%b8%eb%9d%bc%ec%9a%b0%ec%8a%a4-2026%ed%9a%8c%ea%b3%84%ec%97%b0%eb%8f%84-1%eb%b6%84%ea%b8%b0-%ec%8b%a4%ec%a0%81-%ec%a0%84%eb%a7%9d%ec%b9%98-%ec%83%81\/"},"modified":"2026-04-10T09:59:14","modified_gmt":"2026-04-10T09:59:14","slug":"%eb%a6%ac%eb%b0%94%ec%9d%b4-%ec%8a%a4%ed%8a%b8%eb%9d%bc%ec%9a%b0%ec%8a%a4-2026%ed%9a%8c%ea%b3%84%ec%97%b0%eb%8f%84-1%eb%b6%84%ea%b8%b0-%ec%8b%a4%ec%a0%81-%ec%a0%84%eb%a7%9d%ec%b9%98-%ec%83%81","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%eb%a6%ac%eb%b0%94%ec%9d%b4-%ec%8a%a4%ed%8a%b8%eb%9d%bc%ec%9a%b0%ec%8a%a4-2026%ed%9a%8c%ea%b3%84%ec%97%b0%eb%8f%84-1%eb%b6%84%ea%b8%b0-%ec%8b%a4%ec%a0%81-%ec%a0%84%eb%a7%9d%ec%b9%98-%ec%83%81\/","title":{"rendered":"\ub9ac\ubc14\uc774 \uc2a4\ud2b8\ub77c\uc6b0\uc2a4, 2026\ud68c\uacc4\uc5f0\ub3c4 1\ubd84\uae30 \uc2e4\uc801 \uc804\ub9dd\uce58 \uc0c1\ud68c\u2026EPS\u00b7\ub9e4\ucd9c \uc99d\uac00, DTC \ub9e4\ucd9c \uc804\ub144 \ub300\ube44 16%\u2191"},"content":{"rendered":"<p>\ub9ac\ubc14\uc774\uc2a4 \uc2a4\ud2b8\ub77c\uc6b0\uc2a4(Levi Strauss &#038; Co.)\ub294 2026\ud68c\uacc4\uc5f0\ub3c4 1\ubd84\uae30(\uc870\uc815 \uae30\uc900) \uc8fc\ub2f9\uc21c\uc774\uc775(EPS)\uc774 42\uc13c\ud2b8\ub97c \uae30\ub85d\ud574 \uc2dc\uc7a5 \uc608\uc0c1\uce58(37\uc13c\ud2b8)\ub97c \uc6c3\ub3cc\uc558\uace0, \uc804\ub144 \ub3d9\uae30 38\uc13c\ud2b8 \ub300\ube44 10.5% \ub298\uc5c8\ub2e4. \ub9e4\ucd9c(Net revenues\u00b7\ud658\ubd88\/\ud560\uc778 \ub4f1\uc744 \ubc18\uc601\ud55c \uc21c\ub9e4\ucd9c)\uc740 17\uc5b54000\ub9cc\ub2ec\ub7ec\ub85c \uc608\uc0c1\uce58(16\uc5b55000\ub9cc\ub2ec\ub7ec)\ubcf4\ub2e4 \ub9ce\uc558\uc73c\uba70, \uacf5\uc2dc \uae30\uc900 \uc57d 14%, \uc720\uae30\uc801(organic\u00b7\ud658\uc728\/\uc778\uc218\ud569\ubcd1 \ub4f1 \ube44\uacbd\uc0c1 \uc694\uc778\uc744 \uc81c\uc678\ud55c) \uae30\uc900 9% \uc99d\uac00\ud588\ub2e4.<\/p>\n<p>\uc9c1\uc811\ud310\ub9e4(DTC\u00b7Direct-to-Consumer, \uc790\uc0ac \uc628\ub77c\uc778\ubab0\u00b7\uc9c1\uc601\uc810 \ub4f1 \uc911\uac04 \uc720\ud1b5 \uc5c6\uc774 \uc18c\ube44\uc790\uc5d0\uac8c \uc9c1\uc811 \ud310\ub9e4) \uc21c\ub9e4\ucd9c\uc740 9\uc5b51150\ub9cc\ub2ec\ub7ec\ub85c \uacf5\uc2dc \uae30\uc900 16%, \uc720\uae30\uc801 10% \ub298\uc5c8\ub2e4. \uc9c0\uc5ed\ubcc4 \uc720\uae30\uc801 DTC \uc131\uc7a5\ub960\uc740 \ubbf8\uad6d 10%, \uc720\ub7fd 5%, \uc544\uc2dc\uc544 16%\uc600\ub2e4. \ub3d9\uc77c\uc810\ud3ec \ub9e4\ucd9c(DTC comparable sales\u00b7\uae30\uc874 \ub9e4\uc7a5\uc758 \ub9e4\ucd9c \ubcc0\ud654) \uc740 7% \uc99d\uac00\ud588\uace0, \uc804\uc790\uc0c1\uac70\ub798(e-commerce\u00b7\uc628\ub77c\uc778 \ud310\ub9e4) \ub9e4\ucd9c\uc740 \uacf5\uc2dc \uae30\uc900 21%, \uc720\uae30\uc801 17% \ub298\uc5c8\ub2e4. DTC \ub9e4\ucd9c \ube44\uc911\uc740 \uc804\uccb4 \uc21c\ub9e4\ucd9c\uc758 52%\uc600\ub2e4.<\/p>\n<p>\ub3c4\ub9e4(Wholesale\u00b7\ubc31\ud654\uc810\/\ub9ac\ud14c\uc77c\ub7ec \ub4f1 \uc720\ud1b5 \ucc44\ub110\uc5d0 \uacf5\uae09) \uc21c\ub9e4\ucd9c\uc740 \uacf5\uc2dc \uae30\uc900 12% \uc99d\uac00\ud55c 8\uc5b53100\ub9cc\ub2ec\ub7ec, \uc720\uae30\uc801 \uae30\uc900 8% \uc99d\uac00\ud588\ub2e4. \ube44\uc698\ub4dc \uc694\uac00(Beyond Yoga\u00b7\ub9ac\ubc14\uc774\uc2a4\uac00 \ubcf4\uc720\ud55c \uc560\uc2ac\ub808\uc800 \ube0c\ub79c\ub4dc) \ub9e4\ucd9c\uc740 \uacf5\uc2dc\/\uc720\uae30\uc801 \ubaa8\ub450 23% \uc131\uc7a5\ud588\ub2e4. \uc7ad\uc2a4(Zacks\u00b7\ubbf8\uad6d\uc758 \ud22c\uc790\uc815\ubcf4\/\ub9ac\uc11c\uce58 \uc5c5\uccb4) \ucc44\ub110 \uc608\uc0c1\uce58\ub294 DTC 8\uc5b59000\ub9cc\ub2ec\ub7ec, \ub3c4\ub9e4 7\uc5b55700\ub9cc\ub2ec\ub7ec\uc600\ub2e4.<\/p>\n<p>\uc9c0\uc5ed\ubcc4 \ub9e4\ucd9c\uc740 \ubbf8\uc8fc(Americas)\uc5d0\uc11c \uacf5\uc2dc \uae30\uc900 9%(\uc720\uae30\uc801 7%, \ubbf8\uad6d \uc720\uae30\uc801 +4%), \uc720\ub7fd\uc5d0\uc11c \uacf5\uc2dc \uae30\uc900 24%(\uc720\uae30\uc801 10%), \uc544\uc2dc\uc544\uc5d0\uc11c \uacf5\uc2dc \uae30\uc900 13%(\uc720\uae30\uc801 12%) \uc99d\uac00\ud588\ub2e4. \ub9e4\ucd9c\ucd1d\uc774\uc775(Gross profit\u00b7\ub9e4\ucd9c\uc5d0\uc11c \ub9e4\ucd9c\uc6d0\uac00\ub97c \ube80 \uc774\uc775)\uc740 13.7% \ub298\uc5b4 11\uc5b5\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\uace0, \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960(Gross margin)\uc740 20bp(bp\u00b7\ubca0\uc774\uc2dc\uc2a4\ud3ec\uc778\ud2b8=0.01%\ud3ec\uc778\ud2b8) \ud558\ub77d\ud55c 61.9%\uc600\ub2e4. \uc870\uc815 \ud310\ub9e4\u00b7\uc77c\ubc18\uad00\ub9ac\ube44(SG&#038;A\u00b7Selling, General &#038; Administrative expenses, \uc778\uac74\ube44\/\ub9c8\ucf00\ud305\/\uad00\ub9ac\ube44 \ub4f1)\ub294 15.7% \ub298\uc5b4 8\uc5b56050\ub9cc\ub2ec\ub7ec\uc600\uace0, \ub9e4\ucd9c \ub300\ube44 \ube44\uc911\uc740 49.4%\ub85c 70bp \uc0c1\uc2b9\ud588\ub2e4.<\/p>\n<p>\ud604\uae08 \ubc0f \ud604\uae08\uc131\uc790\uc0b0\uc740 7\uc5b51666\ub9cc\ub2ec\ub7ec, \uc720\ub3d9\uc131(liquidity\u00b7\uac00\uc6a9 \ud604\uae08\uacfc \ubbf8\uc0ac\uc6a9 \uc2e0\uc6a9\ud55c\ub3c4 \ub4f1 \uc989\uc2dc \ub3d9\uc6d0 \uac00\ub2a5\ud55c \uc790\uae08) \uc740 \uc57d 16\uc5b5\ub2ec\ub7ec\uc600\ub2e4. \uc7a5\uae30\ubd80\ucc44\ub294 10\uc5b5\ub2ec\ub7ec, \uc790\ubcf8\ucd1d\uacc4(shareholders\u2019 equity\u00b7\ucd1d\uc790\uc0b0\uc5d0\uc11c \ucd1d\ubd80\ucc44\ub97c \ube80 \uc790\uae30\uc790\ubcf8)\ub294 22\uc5b5\ub2ec\ub7ec\uc600\ub2e4. \uc601\uc5c5\ud65c\ub3d9 \ud604\uae08\ud750\ub984(Operating cash flow\u00b7\ubcf8\uc5c5\uc5d0\uc11c \ucc3d\ucd9c\ub41c \ud604\uae08)\uc740 2\uc5b51150\ub9cc\ub2ec\ub7ec\uc600\uace0, \uc870\uc815 \uc789\uc5ec\ud604\uae08\ud750\ub984(Adjusted free cash flow\u00b7\uc124\ube44\ud22c\uc790 \ub4f1\uc744 \ubc18\uc601\ud55c \uc790\uc720\ub86d\uac8c \uc4f8 \uc218 \uc788\ub294 \ud604\uae08, \uc77c\ud68c\uc131 \uc694\uc778 \uc870\uc815)\uc740 1\uc5b55210\ub9cc\ub2ec\ub7ec\uc600\ub2e4. \uc7ac\uace0(inventories)\ub294 4% \uc99d\uac00\ud588\ub2e4.<\/p>\n<p>\ub9ac\ubc14\uc774\uc2a4\ub294 \uc8fc\uc8fc\ud658\uc6d0\uc73c\ub85c \uc57d 2\uc5b51400\ub9cc\ub2ec\ub7ec\ub97c \uc9d1\ud589\ud574 \uc804\ub144 \ub300\ube44 163% \ub298\uc5c8\ub2e4. \uc5ec\uae30\uc5d0\ub294 \ubc30\ub2f9 5400\ub9cc\ub2ec\ub7ec\uac00 \ud3ec\ud568\ub410\uace0, 2\uc5b5\ub2ec\ub7ec \uaddc\ubaa8\uc758 \uac00\uc18d \uc790\uc0ac\uc8fc \ub9e4\uc785(ASR\u00b7Accelerated Share Repurchase, \uc99d\uad8c\uc0ac\uc640 \uacc4\uc57d\ud574 \uc989\uc2dc \uc0c1\ub2f9 \ubb3c\ub7c9\uc744 \uba3c\uc800 \ub9e4\uc785\u00b7\uc18c\uac01\ud558\uace0 \uc774\ud6c4 \uc815\uc0b0\ud558\ub294 \ubc29\uc2dd)\uc744 \uc2dc\uc791\ud574 \uc57d 800\ub9cc\uc8fc\ub97c \uc18c\uac01\ud588\ub2e4. \uc8fc\ub2f9 14\uc13c\ud2b8 \ubc30\ub2f9(\ucd1d 5400\ub9cc\ub2ec\ub7ec)\uc740 2026\ub144 5\uc6d4 6\uc77c \uc9c0\uae09 \uc608\uc815\uc774\uba70, \uc790\uc0ac\uc8fc \ub9e4\uc785 \uc2b9\uc778 \uc794\uc5ec \ud55c\ub3c4\ub294 2\uc5b54000\ub9cc\ub2ec\ub7ec\ub2e4.<\/p>\n<p>2026\ud68c\uacc4\uc5f0\ub3c4(2026\ub144 11\uc6d4 29\uc77c \uc885\ub8cc) \uac00\uc774\ub358\uc2a4(\uc2e4\uc801 \uc804\ub9dd)\ub294 \ubbf8\uad6d \uad00\uc138(tariffs\u00b7\uc218\uc785\ud488\uc5d0 \ubd80\uacfc\ud558\ub294 \uc138\uae08)\uac00 \uc911\uad6d\uc0b0 30%, \uae30\ud0c0 \uc9c0\uc5ed 20%\ub77c\ub294 \uac00\uc815\uacfc, \ub3c4\ucee4\uc2a4(Dockers\u00b7\uce74\ud0a4\/\uce90\uc8fc\uc5bc \ube0c\ub79c\ub4dc)\ub97c \uc911\ub2e8\uc0ac\uc5c5(discontinued operations\u00b7\ub9e4\uac01\/\uc815\ub9ac\ub85c \uc9c0\uc18d\uc0ac\uc5c5 \uc2e4\uc801\uc5d0\uc11c \ubd84\ub9ac\ud574 \uacf5\uc2dc)\uc73c\ub85c \ubc18\uc601\ud558\ub294 \uc804\uc81c\uc5d0 \uae30\ubc18\ud55c\ub2e4. \ud68c\uc0ac\ub294 \uacf5\uc2dc \uae30\uc900 \ub9e4\ucd9c \uc131\uc7a5\ub960\uc744 5.5~6.5%(\uae30\uc874 5~6%)\ub85c, \uc720\uae30\uc801 \uc131\uc7a5\ub960\uc740 \uc57d 4.5~5.5%(\uae30\uc874 4~5%)\ub85c \uc0c1\ud5a5\ud588\ub2e4. \ub9e4\ucd9c\ucd1d\uc774\uc775\ub960\uc740 \u2018\ubcf4\ud569~\uc18c\ud3ed \uac1c\uc120\u2019, \uc870\uc815 EBIT \ub9c8\uc9c4(Adjusted EBIT margin\u00b7\uc774\uc790\/\uc138\uae08 \ucc28\uac10 \uc804 \uc601\uc5c5\uc774\uc775\ub960, \uc77c\ud68c\uc131 \uc694\uc778 \uc870\uc815) \uc740 \uc57d 12% \ud655\ub300\ub97c \uc81c\uc2dc\ud588\ub2e4. \uc138\uc728(tax rate)\uc740 \uc57d 23%(2%\ud3ec\uc778\ud2b8 \uc0c1\uc2b9)\ub85c, \uc870\uc815 EPS\ub294 1.42~1.48\ub2ec\ub7ec(\uae30\uc874 1.40~1.46\ub2ec\ub7ec)\ub85c \uc0c1\ud5a5\ud588\uc73c\uba70 \uc138\uae08 \uc694\uc778\uc73c\ub85c 0.04\ub2ec\ub7ec\uc758 \uc5ed\ud48d(headwind\u00b7\uc2e4\uc801\uc5d0 \ubd88\ub9ac\ud55c \uc694\uc778)\uc744 \ud3ec\ud568\ud588\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ub9ac\ubc14\uc774\uc2a4, 1Q EPS\u00b7\ub9e4\ucd9c \u2018\uc11c\ud504\ub77c\uc774\uc988\u2019\u2026DTC 52%\ub85c \uace0\uc131\uc7a5, \uc804\uc790\uc0c1\uac70\ub798 \uae09\uc99d. \uc8fc\uc8fc\ud658\uc6d0 163% \ud655\ub300\u00b7\uc790\uc0ac\uc8fc 800\ub9cc\uc8fc \uc18c\uac01. \uc5f0\uac04 \ub9e4\ucd9c\u00b7EPS \uac00\uc774\ub358\uc2a4 \uc0c1\ud5a5.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-44356","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/44356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=44356"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/44356\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=44356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=44356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=44356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}