One of the globally known brand-name apparels topped Q3 2021 earnings and sales expectations
Levi Strauss revealed an adjusted EPS of $0.48 on revenues of $1.5 billion. Earnings per share rose significantly from the $0.08 reported in the year-ago quarter. At the same time, compared to last year’s figures, revenue increased 41%. Both figures came ahead of the 38 cents earnings-per-share and $1.48 billion revenue expected.
The figures were positive, despite the recent setbacks reported in Asia, where the revenue was down 23% due to store closures under COVID-19 lockdowns.
Moreover, Levi announced a $200 million stock buyback program and a $400 million acquisition of yoga apparel brand Beyond Yoga. This way, the first expands its business in the activewear market. According to CFO Harmit Singh, Beyond Yoga will add $100 million in revenue.
For Q4, Levi sees revenue surging 21% to $1.68 billion and an adjusted EPS of 40 cents, raising the full-year outlook to a high of $1.45 earnings per share.
During pre-market trading, Levi stock price was up 4.66%.
Source: finance.yahoo.com, marketwatch.com