Levi Strauss posted its fiscal second quarter earnings that exceeded analysts’ expectations. The denim behemoth also topped revenue estimates.
For the quarter ending ending May 29, Levi’s adjusted earnings came in at 29 cents per share, well above the 23 cents expected by analysts polled by Refinitiv.
Revenue rose +15% from the year-ago quarter to $1.47 billion, beating analysts’ expectations of $1.43 billion.
According to the company, the quarter’s revenue growth was bolstered by both stronger direct-to-consumer and wholesale sales. Online revenue climbed +3% globally, while accounting for 20% of sales in the quarter.
Compared to last year, sales in the Americas rose +17%, that in Europe climbed +3%, while Asia saw +16% growth.
For the full-year, Levi Strauss reaffirmed its outlook for revenue growth of 11% to 13%, and adjusted earnings of $1.50 to $1.56 per share.
The company increased its quarterly dividend to 12 cents a share, up from 10 cents a share.