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.