Levi Strauss hikes dividend as second-quarter earnings exceed expectations - 08 iulie 2022

Levi Strauss (US.LEVI) on Thursday reported quarterly revenue and earnings that came in above Wall Street expectations, as the clothing company known for its denim said it benefitted from Americans opting for more relaxed dress codes.

Levi’s revenue of $1.47 billion for the quarter was up 15% from the $1.27 billion the company reported in the year-ago period. Analysts expected $1.43 billion. Sales grew by 17% in the Americas, 3% in Europe and 16% in Asia compared to 2021. Levi’s other brands, Dockers and Beyond Yoga, saw an increase of 56% compared to last year. 

The company’s selling, general and administrative expenses were $779 million in the quarter, higher than the $644 million last year. The company attributed the increase to the conflict in Ukraine.

For the quarter, the company reported a net income of $49.7 million, or 12 cents a share, compared $64.7 million, or 16 cents a share, in the year-ago period. On an adjusted basis, the company said it earned 29 cents a share in the most recent quarter, which was more than the 23 cents per share Wall Street expected.

For the full-year, the company stood by its guidance for revenue to grow 11% to 13% from a year ago. It still expects adjusted earnings of $1.50 to $1.56 per share. 

The company hiked its quarterly dividend to 12 cents a share, up from 10 cents a share.

https://www.cnbc.com/2022/07/07/levi-strauss-hikes-dividend-as-q2-earnings-exceed-expectations.html