- Levi Strauss (NYSE:LEVI), the iconic denim brand that returned to the public market last month, rallied in pre-market trading on Wednesday after reporting first-quarter earnings the evening prior.
- The report was the company's first since its initial public offering.
- Watch Levi Strauss trade live.
Levi Strauss shares jumped nearly 8% in pre-market trading on Wednesday after the company released first-quarter results the evening prior. The report was the company's first since returning to the public market last month.
Here are the important numbers from Levi's report, compared with the same quarter last year, when the company was still private. Analysts surveyed by Bloomberg did not release earnings expectations.
- Earnings per share: $0.37 versus -$0.05.
- Revenue: $1.44 billion versus $1.34 billion.
"Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off," CEO Chip Bergh said in a release, referring to the Americas, Europe, and Asia.
For its 2019 fiscal year, Levi's expects constant-currency net revenue growth in the mid-single digits and adjusted earnings that are "flat-to-slightly up" compared with a year ago.
Levi's also sees around $190 million to $200 million in capital expenditures, and nearly 100 new company-operated store openings in fiscal 2019.
Levi's debuted on the New York Stock Exchange in late March after a an absence of more than three decades from the public market. The San Francisco-based company first went public in 1971, but was taken private in 1985.
At $717 million, Levi's IPO is the third-largest completed debut in the US this year, behind Lyft (NASDAQ:LYFT) ($2.34 billion) and and Tradeweb ($1.24 billion). All three were oversubscribed, meaning investor demand exceeded the number of shares issued.
Levi's was the second-largest clothing and accessories IPO since at least 2001, according to an IHS Markit analysis. It was also the oldest such company to list on a US exchange since that year.
In its prospectus, Levi's said it planned to use capital raised from the public offering to expand more aggressively into China, India and Brazil.
The company's public debut back in March comes amid a flurry of other public offerings expected this year. Uber is expected to file its S-1 with the Securities and Exchange Commission this month and Pinterest (NYSE:PINS) released its S-1 filing last month.
Levi's debuted at $22.22 a share last month, and closed just under $22 a share on Tuesday afternoon. Its market cap was just under $8.4 billion on Tuesday.
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