FILE PHOTO: People pass by a Levi Strauss store in New York City, U.S., March 19, 2019. REUTERS/Brendan McDermid/File Photo
July 8, 2021
(Reuters) -Levi Strauss & Co beat quarterly revenue estimates on Thursday as the company benefited from higher demand for its jeans, tops, and jackets from customers returning to their normal routines following COVID-19 vaccinations.
Peers including American Eagle and Abercrombie & Fitch all signaled a lift to sales as customers abandon their pajamas and work-at-home lounge wear for outdoor clothes.
Levi also forecast revenue to grow 28% to 29% from a year earlier in the second half of fiscal 2021. It forecast second-half sales to come in above pre-pandemic levels.
Net revenue rose to $1.28 billion in the second quarter from $497.5 million a year earlier.
Analysts on average had expected revenue of $1.21 billion, according to IBES data from Refinitiv.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)
Source: One America News Network
