Levi Strauss Lifts Guidance After Q3 Results Beat Estimates; Shares Climb

By Yasin Ebrahim

Investing.com – Levi Strauss (NYSE:) (NYSE:LEVI) reported Wednesday third-quarter outcomes that topped Wall Road expectations, and raised its steerage for the total yr amid ongoing momentum.

Shares rose greater than 2% in after market hours.

The corporate reported of 48 cents on income of $1.50 billion, topping estimates of 37 cents and $1.48 billion, respectively.

Income, which jumped 41%% from the prior-year interval, underpinned by bettering momentum in its direct-to-consumer enterprise.

The direct-to-consumer section reported internet revenues up 34% versus Q3 2020 and up 4% versus Q3 2019.

Wanting forward the corporate raised its full-year adjusted diluted EPS was raised to a spread of $1.43-to-$1.45 from $1.29-to-$1.33.

This fall adjusted diluted EPS was anticipated in a spread of 38-to-40 cents on income progress of 20% to 21% year-on-year.

Levi additionally approved a $200 million share repurchase program.

“We delivered a powerful quarter with income progress versus pre-pandemic 2019 ranges, regardless of a tougher macro-environment than we anticipated,” stated Chip Bergh, president and chief govt officer of Levi Strauss & Co.