Salem Radio Network News Tuesday, July 27, 2021

Business

Levi Strauss beats quarterly revenue estimates on rebound in apparel demand

(Reuters) -Levi Strauss & Co beat quarterly revenue estimates on Thursday as the company benefited from higher demand for its jeans, tops, and jackets from customers returning to their normal routines following COVID-19 vaccinations.

Peers including American Eagle and Abercrombie & Fitch all signaled a lift to sales as customers abandon their pajamas and work-at-home lounge wear for outdoor clothes.

Levi also forecast revenue to grow 28% to 29% from a year earlier in the second half of fiscal 2021. It forecast second-half sales to come in above pre-pandemic levels.

Net revenue rose to $1.28 billion in the second quarter from $497.5 million a year earlier.

Analysts on average had expected revenue of $1.21 billion, according to IBES data from Refinitiv.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)

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