Levi Strauss Co. shares rose in a extended event Wednesday after a jeans association surfaced Wall Street estimates for a entertain and hiked a opinion for a year.
Levi Strauss
LEVI,
-5.13%
shares rose 3% after hours, following a 5.1% dump to tighten a unchanging event during $24.24.
The association reported third-quarter net income of $193.3 million, or 47 cents a share, compared with $27 million, or 7 cents a share, in a year-ago period. Adjusted earnings, that bar restructuring costs and other items, were 48 cents a share, compared with 8 cents a share in a year-ago period.
Revenue rose to $1.5 billion from $1.06 billion in a year-ago quarter.
Analysts surveyed by FactSet had foresee 38 cents a share on income of $1.48 billion.
“We delivered a clever entertain with income expansion contra pre-pandemic 2019 levels, notwithstanding a some-more formidable macro-environment than we expected,” said Chip Bergh, Levi Strauss arch executive, in a statement. “These formula simulate a strength of a Levi brand, improving movement in a direct-to-consumer business and a scale and lively of a supply sequence network where we have executed opposite macro-headwinds unusually well.”
“Looking ahead, we are lifting a opinion opposite revenues and profits,” pronounced Harmit Singh, Levi Strauss arch financial officer, in a statement. “We have taken pricing actions and trust we have pricing energy to lessen inflationary pressures.”
The association expects fourth-quarter practiced benefit of 38 cents to 40 cents a share, and lifted a foresee for a year to between $1.43 to $1.45 a share, adult from a prior operation of $1.29 to $1.33 a share.
Levi Strauss pronounced it expects fourth-quarter income expansion of 20% to 21% compared to final year, or between $1.66 billion to $1.68 billion.
Analysts had estimated fourth-quarter benefit of 40 cents a share on income of $1.69 billion, and benefit of $1.33 a share for a full year.
Levi Strauss also pronounced a house had certified a $200 million share-buyback program. Shares are adult 64% over a past 12 months, compared with a 30% benefit in a SP 500 index
SPX,
+0.41%.
