FILE PHOTO: Products are displayed at a Levi Strauss store in New York, U.S., March 19, 2019. REUTERS/Shannon Stapleton/File Photo
January 26, 2022
(Reuters) -Levi Strauss & Co forecast full-year sales above Wall Street estimates on Wednesday after topping quarterly revenue expectations, as the denim maker benefits from strong demand for its jeans and jackets with more people stepping out of their homes.
Easing COVID-19 curbs and a resurgence in retro fashion styles such as high-rise and loose-fitting jeans have lifted demand for Levi denims, with people refreshing their wardrobe with casual outdoor clothing after more than a year of staying indoors.
The Denizen brand owner also benefited from selling its products at full price and cutting down on promotions, while it experienced little disruption from the Omicron coronavirus variant in the reported quarter ended Nov. 28.
The denim maker said it expects revenue to rise 11%-13% to between $6.4 billion and $6.5 billion in fiscal year 2022. Analysts were expecting revenue of $6.37 billion, according to Refinitiv IBES data.
Net revenue rose to $1.69 billion in the fourth quarter ended Nov. 28 from $1.39 billion a year earlier, edging past analysts’ estimate of $1.68 billion.
(Reporting by Deborah Sophia in Bengaluru;Editing by Vinay Dwivedi)
Source: One America News Network
