Levi Strauss & Co. stock rose in extended trading Thursday after the jeans maker beat Wall Street projections and boosted its full-year guidance. Following a 0.1 percent dip in the normal session to close at $28, Levi Strauss LEVI, -0.14 percent shares soared as much as 5 percent after hours and were last up over 3 percent.
The company earned $64.7 million in the second quarter, or 16 cents per share, compared to a loss of $ 363.5 million, or 91 cents per share, in the previous quarter. Adjusted earnings per share, which remove restructuring charges and other things, were 23 cents a share, compared to a loss of 48 cents a share a year ago. The company’s revenue increased to $1.28 billion from $497.5 million in the previous quarter. FactSet polled analysts, who predicted 9 cents per share on $1.21 billion in revenue. In a statement, Harmit Singh, Levi Strauss’ chief financial officer, said, “Revenues in most areas are rebounding quicker than expected, and we are emerging from the epidemic with sustainable and better structural economics.” “As we look ahead, we’re raising our revenue and profit expectations.” For the second half of fiscal 2021, the business expects adjusted earnings of 72 cents to 76 cents per share, or $1.29 to $1.33 per share for the year. Levi Strauss predicts revenue increase of 28 percent to 29 percent, or $3.13 billion to $3.16 billion, compared to the second half of last year. For the second half of the year, analysts expected earnings of 72 cents per share on $3.03 billion in revenue, and earnings of $1.15 per share for the full year./n
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