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On March 19, 2019, people walk through a Levi Strauss store in New York City, United States. REUTERS/File Photo/Brendan McDermid Reuters, July 8 – On Thursday, Levi Strauss & Co (LEVI.N) raised its fiscal 2021 profit prediction, citing higher demand for its jeans, tops, and jackets from customers returning to their normal routines following COVID-19 vaccinations. In extended trading, the company’s shares rose almost 4% after it posted better-than-expected second-quarter results and hiked its quarterly payout by 2 cents to 8 cents. Customers are abandoning their pajamas and work-at-home lounge wear in favor of outdoor attire, according to peers American Eagle (AEO.N) and Abercrombie & Fitch (ANF.N). In a statement, Chief Financial Officer Harmit Singh said, “Revenues in most areas are rebounding quicker than expected.” For the quarter ended May 30, the corporation achieved record margins by selling more products directly to consumers at full price. Collaborations with luxury companies, like as Valentino, and customers renewing their wardrobes with loose-fit jeans have helped Levi, which is recognized for its Signature and Levi’s 501 jeans, grow in popularity. The parent company of the Denizen and Dockers brands expects adjusted earnings per share of $1.29 to $1.33 for the full year, compared to $1.15 on Wall Street. Levi also expects revenue to increase by 28 percent to 29 percent year over year in the second half of fiscal 2021, surpassing pre-pandemic levels in 2019. According to IBES statistics from Refinitiv, net revenue increased to $1.28 billion in the second quarter from $497.5 million a year earlier, exceeding predictions of $1.21 billion. The company earned 23 cents per share on an adjusted basis, compared to 9 cents expected. Praveen Paramasivam contributed reporting from Bengaluru, and Maju Samuel edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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