Shares of Levi Strauss plummeted Wednesday . The iconic blue jeans maker and retailer spent too much on its initial public offering in March, costing it $29 million, eating into profits despite growth across brands and regions.
But Levi warned that sales growth would slow in the second half of the year due to weakness in its wholesale business. It also has a problem with its calendar - the company's fiscal year ends five days before Black Friday, one of the busiest shopping days of the year and it won"t count those sales in this years earnings.
Levi shares had risen nearly 40 percent since its March IPO, but Wednesday, they dropped more than 11 percent.