Levi Reports Strong Results For Q2

Levi Strauss & Co. (NYSE:LEVI) traces its roots way back to 1853 when Bavarian immigrant Levi Strauss founded the company to capitalize on the demand for durable pants in San Francisco. The initial success of Levi was mainly driven by the working class, such as railroad workers, miners, and lumberjacks. Over the years, Levi evolved into a leading clothing brand. It is best known around the world for its denim jeans variety.

The company recently announced better-than-expected financial results for the second quarter. Levi reported earnings of 16 cents per share for the quarter ended May 30, compared to a loss of 91 cents per share in the year-ago period. Excluding certain items, its adjusted earnings of 23 cents per share easily topped the consensus forecast of 9 cents per share.

Revenue for the quarter climbed 156 percent to $1.28 billion, exceeding analysts’ average estimate of $1.21 billion. Moreover, digital sales in the quarter jumped 75 percent on a year-over-year basis.

Speaking on the results, CEO Chip Bergh said in a statement, “We generated strong momentum in the second quarter with the accelerated recovery of our revenues and delivered growth across all regions and channels. This was underscored by the strength of our brands and our ability to capitalize on evolving denim trends and a continued shift to casualization.”

Levi also updated its earnings outlook for fiscal 2021. It expects adjusted earnings in the range of $1.29 per share to $1.33 per share for the full year. The guidance was better than the consensus forecast of $1.15 per share.

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