Shares of Levi Strauss & Co. slid after hours on Wednesday after the jeans maker tempered its full-year sales forecast, even as management said its core Levi’s brand was leading the way toward improvement and called out potential gains from its new partnership with Beyoncé.

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 (