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Levi Strauss Raises Sales Growth Outlook for Vaccine Deployment Hope-SABC News

Levi Strauss & Company took advantage of the COVID-19 vaccine deployment to return to normal on Thursday after denim makers exceeded their quarterly sales estimates due to an increase in pandemic-led e-commerce for half a year Raised the earnings growth forecast.

Several apparel retailers, including Nike Inc and Kohl’s Corp, have shown similar optimism despite the surge in online sales in recent months. Consumers who are wary of leaving home during a health crisis are now shopping on their mobile phones.

“We are confident that the pandemic will create a stronger business as the vaccine continues to roll and consumer excitement returns,” Levi’s CEO Chipberg said in a statement. I will.

As of Thursday, more than 40% of European stores were closed, and the rest were shortened due to blockade restrictions, according to Levi.

The company raised its quarterly dividend from 4 cents to 6 cents per share.

Jeans makers said they expect sales in the first half of 2021 to increase by 24% to 25% from the previous 18% to 20% range.

Levi also said he expects adjusted earnings per share for this period to be between 41 and 42 cents. According to Refinitiv’s IBES data, analysts expect earnings per share in the first and second quarters to average 30 cents.

First-quarter net sales, which ended on February 28, fell about 13% to $ 1.31 billion, surpassing analysts’ expectations of $ 1.25 billion.

Digital revenue, including sales from Levi’s wholesale partners, increased by approximately 41%, more than offsetting the pandemic’s decline in physical store visits.

Levi Strauss Raises Sales Growth Outlook for Vaccine Deployment Hope-SABC News

Source link Levi Strauss Raises Sales Growth Outlook for Vaccine Deployment Hope-SABC News

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