Levi Strauss said on Wednesday it was considering a sale of its underperforming Dockers brand and forecast fourth-quarter revenue below expectations, sending its shares down 10% in extended trading.

Levi Strauss cut its annual revenue guidance and said it was exploring selling its Dockers fashion line, as Chief Executive Michelle Gass looks to center the company on its namesake brand. Shares (

Dockers, the khakis brand that was once a byword for business casual attire, has been put under a review for a potential sale by owner Levi Strauss. After they were introduced in 1986, Dockers became a mainstay of middle-aged men’s wardrobes. The brand “is credited with inventing Casual Fridays,” Levi Strauss has said.

Key Takeaways Shares of Levi Strauss tumbled in early trading Thursday after the jeans maker announced it may sell its Dockers brand as it delivered mixed third-quarter results.While Levi's adjusted earnings per share of 33 cents beat consensus Wall Street estimates,

US clothing brand Levi Strauss & Co. (LS&Co) is evaluating strategic alternatives for its underperforming Dockers brand after revealing its Q3 net revenues of $1.5bn were flat on a reported basis.