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Levi Strauss surpasses second-quarter estimate and raises full-year profit guidance – News

Video Source: YouTube, CNBC TV

July 8 (Reuters)-Levi Strauss & Company returns to normal routine after COVID-19 vaccination Thursday as apparel makers benefit from growing demand for jeans, tops and jackets from customers We forecast profits for 2021 that exceed our market expectations.

The company’s stock rose about 4% in expansion trading as it reported better-than-expected results in the second quarter, increasing its quarterly dividend by 2 to 8 cents.

Companions such as American Eagle and Abercrombie & Fitch all show sales growth as customers abandon their pajamas and telecommuting outdoor clothing loungewear.

“Most markets are recovering faster than expected,” Chief Financial Officer Hermit Singh said in a statement.

The company set a record margin in the quarter ending May 30 as it sold more products directly to consumers at full price.

Known for its signature jeans and Levi’s 501 jeans, Levi’s is backed by collaborations with luxury brands such as Valentino and people refreshing their wardrobe with loose-fitting jeans.

Denizen and the Dockers brand parent company forecasts full-year adjusted earnings per share between $ 1.29 and $ 1.33, above Wall Street’s forecast of $ 1.15.

Levi also forecasts revenues in the second half of 2021 to increase 28% to 29% year-on-year, above pre-pandemic levels in 2019.

According to Refinitiv’s IBES data, second-quarter net sales increased from $ 497.5 million in the year-ago quarter to $ 1.28 billion, above an estimated $ 1.21 billion.

On an adjusted basis, the company earned 23 cents per share, with an estimate of 9 cents.

Reported by Praveen Paramasivam in Bangalore. Edited by Maju Samuel.


Source: Reuters, CNBC TV

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