Levi Strauss: Buyback and guidance improve the outlook, but tariff benefits cloud earnings quality

Levi Strauss plans a $100 million accelerated share repurchase and a 16-cent dividend while issuing a stronger outlook and highlighting channel performance. Tariff refunds materially inflated quarterly margins and EPS; direct-to-consumer weakness, normalized profitability, liquidity, and sustainable cash returns remain unresolved.