Jean’s maker Levi Strauss & Co. (NYSE: LEVI) reported better-than-expected second-quarter financial results on Thursday. The company net revenue grew by 156% to $1.28 billion in the second quarter compared to the second quarter of 2020 boosted by online sales.
Earnings per share: $.23 vs. $.9 expected
Revenue: $1.28 billion vs. $1.21 billion expected
Levi’s revenues through digital channels increased by 75% in the last quarter and this shows nothing changed much after the pandemic as the people still prefer their orders delivered at their doorsteps.
Levi Strauss hiked its quarterly dividend by 33.3% to $0.08 per share for the third quarter and the company expects full-year earnings in the range of $1.29 to $1.33 per share.
“We generated strong momentum in the second quarter with accelerated recovery of our revenue and growth across all regions and channels,” Levi Strauss CEO, Chip Bergh said. “As we move into the second half of 2021, we look forward to our strategic priorities of leading with our enduring brand, accelerating our direct-to-consumer connections and diversifying across categories, channels,” Bergh added.
Levi’s stock jumped almost 4% in pre-market trading on Friday after the company posted stronger-than-expected earnings results.