Levi Strauss boosts outlook despite falling sales
The company’s stocks finished 2.29% higher on Thursday while gaining more than 9% in after-hours trading
Stocks impacted: Levi Strauss & Co. (LEVI)
Levi Strauss & Co. reported a double-digit sales decline for its fiscal first quarter. Sales fell 13% to $1.3 billion, mostly on lower foot traffic and ongoing closures for the company and third-party stores. Net revenue fell about 13% to $1.31 billion for the first quarter ended February 28. At the same time, the company raised its dividend and its guidance, citing the continued rollout of COVID-19 vaccines. In particular, the maker clothing raised its fiscal first-half 2021 reported net revenues outlook to 24% to 25% growth versus the first half of 2020. It raised its first-half adjusted earnings-per-share estimate to 41 cents to 42 cents. Levi said more than 40% of its European stores were closed as of Thursday. Levi Strauss stocks finished 2.29% higher on Thursday while gaining more than 9% in after-hours trading.
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