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Levi Strauss Lifts Guidance After Q3 Results Beat Estimates; Shares Climb

Stock MarketsOct 06, 2021 04:36PM ET
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© Reuters

By Yasin Ebrahim

Investing.com - Levi Strauss (NYSE:LEVI) (NYSE:LEVI) reported Wednesday third-quarter results that topped Wall Street expectations, and raised its guidance for the full year amid ongoing momentum.

Shares rose more than 2% in after market hours.

The company reported adjusted EPS of 48 cents on revenue of $1.50 billion, topping estimates of 37 cents and $1.48 billion, respectively.

Revenue, which jumped 41%% from the prior-year period, underpinned by improving momentum in its direct-to-consumer business.

The direct-to-consumer segment reported net revenues up 34% versus Q3 2020 and up 4% versus Q3 2019.

Looking ahead the company raised its full-year adjusted diluted EPS was raised to a range of $1.43-to-$1.45 from $1.29-to-$1.33.

Q4 adjusted diluted EPS was expected in a range of 38-to-40 cents on revenue growth of 20% to 21% year-on-year.

Levi also authorized a $200 million share repurchase program.

"We delivered a strong quarter with revenue growth versus pre-pandemic 2019 levels, despite a more difficult macro-environment than we expected,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co.

Levi Strauss Lifts Guidance After Q3 Results Beat Estimates; Shares Climb
 

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