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Levi’s stock soars after the company lifts revenue forecast

The denim maker Levi Strauss & Co (NYSE: LEVI) reported better-than-expected last quarter financial results. The company expects the net revenue will increase 24 to 25 percent in the first half of fiscal 2021.

Levi’s stock soars after the company lifts revenue forecast

The denim maker Levi Strauss & Co (NYSE: LEVI) reported better-than-expected last quarter financial results on Thursday. While during the last quarter the company revenue declined by 13% year-on-year to $1.31 billion but the results beat the Wall Street estimates of $1.25 billion. Levi’s e-commerce sites and online business saw revenues grow by 41% year-on-year in the last quarter.

  • Earnings per share: 0.34 vs. 0.25 expected

  • Revenue: $1.31 billion vs. $1.25 billion expected

"As the vaccine rollout continues and consumer excitement returns, I am more confident than ever that we will emerge from the pandemic a stronger business," Levi’s, CEO Chip Bergh said.

The company expects the net revenue will increase 24 to 25 percent in the first half of fiscal 2021 compared with the same period a year ago but the company did not give specific revenue guidance for the Q2 period.

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Levi’s stock jumped more than 8% in the pre-market trading on Friday and climbed to a fresh session high of $27.30.

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