Levi Strauss Earnings: LEVI Stock Up as Q1 Sales Gain 7%
Levi Strauss (NYSE: LEVI ) announced its first quarterly earnings results since the company launched its IPO late last Month, amassing revenue that gained year-over-year.
The San Francisco, Calif.-based apparel business, perhaps best known for its jeans, posted for its first quarter of fiscal 2019, raking in sales of $1.43 billion , a 7% gain when compared to its year-ago revenue. The company projected sales in the range of $1.42 billion to $1.44 billion for the period, which ended Feb. 24.
Levi Strauss sales via its direct-to-consumer business, including company-owned stores and online channels, increased 10% when compared to the same period in 2018. "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.
The company's net income was $146.6 million for its first quarter, or 37 cents per share, handily topping its year-ago loss of $19 million, or 5 cents per share. Levi Strauss' year-ago loss was affected in large part to a tax charge.
The clothing brand has managed to bolster its business due in part to its decision to expand its product line, which now includes more than men's blue jeans. At Levi Strauss, you can now buy T-shirts, women's apparel and fleeces, among other items.
LEVI stock gained about 3% during regular trading hours, then surged another 0.9% after the bell off the heels of its quarterly earnings figures.
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