Levi Strauss (NYSE: LEVI), reported positive second-quarter revenue and earnings last Thursday that surpassed analyst expectations. The news comes as Americans shift towards a more laid-back dress attire.
Furthermore, the retailer hiked its quarterly dividend and reaffirmed its guidance for the year. Shares rose approximately 4% during after-hours trading Thursday.
The American clothing company reported earnings of USD0.29 per share, compared to the expected USD0.23 a share. Revenue amounted to USD1.47 Billion, higher than analysts’ anticipated USD1.43 Billion.
“Our second-quarter results demonstrate the power of our strategy, which continues to support strong revenue growth and margin expansion,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co. “Our brands are resonating with consumers across geographies, channels and product categories. By continuing to advance our most impactful growth drivers – being brand-led, direct to consumer first and diversifying the portfolio, we are well-positioned to continue to drive growth and create significant value for all our stakeholders.”
The company reiterated forecasts for revenue to rise anywhere from 11% to 13% from the previous year. It also expects adjusted earnings of USD1.50 to USD1.56 per share. Meanwhile, it increased its quarterly dividend to USD0.12 per share, from the previous USD0.10 a share.