Levi Strauss & Co. reported its third-quarter 2024 financial results on October 2, which led to a significant decline in its stock price. The company's shares fell approximately 11% in premarket trading on Thursday following a subdued sales forecast for the holiday quarter. Despite launching a new campaign with Beyoncé, the denim maker is facing weak demand from retailers as consumers cut back on spending. This has resulted in a tepid revenue forecast for the upcoming quarter. The stock was priced for a move of 9.5% into the earnings release and had a valuation of 15x, the highest since Covid.