Levi Strauss & Co. Reported Positival First Quarter Earnings and Revenue
Apr 7, 2022 By MarketDepth
Levi Strauss & Co. (NYSE: LEVI) reported positive fiscal first-quarter earnings and revenue on Tuesday after raising its clothing prices and selling directly to consumers for the most part. The company’s shares rose 1.5% during extended trading, following the news.
Revenue Higher Than Anticipated
The denim retailer reported earnings of USD0.46 per share, compared to the expected USD0.42 a share. Revenue amounted to USD1.59 Billion, higher than analysts anticipated USD1.55 Billion. Meanwhile, its net income totaled USD196 million, higher than the previous year’s USD143 million.
“We started the year with strong consumer demand and solid momentum across geographies, channels and categories. Our teams’ disciplined execution of our strategic priorities enabled us to deliver strong top and bottom-line growth as we capitalize on structural tailwinds and successfully manage a dynamic operating environment. The strength of our brands and strategy position us to deliver sustainable growth well into the future.”Chip Bergh, president and chief executive officer of Levi Strauss & Co
According to Bergh, Levi will be monitoring consumer demand closely, amid looming predictions of an upcoming recession. “We don’t have our head in the sand,” the CEO said. “If we see [demand] starting to get wobbly, we will take the appropriate action.”