Levi Strauss & Co forecasted fiscal 2021 earnings above market forecasts on Thursday, citing increased demand for its jeans, shirts, and jackets from clients returning to their usual routines following COVID-19 vaccinations.
Levi’s shares rose around 4% in extended trade after the firm reported better-than-expected earnings. For the quarter ending May 30, the firm reported record profitability as it sold more items directly to customers at full price. American Eagle and Abercrombie & Fitch all reported an increase in revenue as buyers switched from pyjamas to outdoor clothing.
The parent company of the Denizen and Dockers brands expects full-year adjusted earnings per share to range between $1.29 and $. In addition, the business expects sales to increase by 28 percent to 29 percent year on year in the second half of fiscal 2021. The business earned 23 cents per share on an adjusted basis, compared to 9 cents expected.