Levi Strauss stock up after retailer’s Q2 earnings top views, online sales rise

Levi Strauss & Co. shares rose more than 3% in the extended session Thursday after the retailer reported second-quarter earnings above Wall Street expectations, thanks in part to online sales. Levi Strauss said it earned $50 million, or 12 cents a share, compared with $65 million, or 23 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 29 cents a share. The results included charges of around $60 million related to the war in Ukraine. Revenue rose 15% to $1.5 billion, Levi Strauss said, with digital sales up about 20%. FactSet consensus called for earnings of 23 cents a share on sales of $1.4 billion. “Although the operating environment remains dynamic, the diversity of our business is providing the resilience and flexibility needed to drive solid financial results in fiscal-year 2022,” Chief Financial Officer Harmit Singh said in a statement. Levi Strass is “progressing” on its path to achieve net revenue of between $9 billion and $10 billion and adjusted EBIT margin of 15% by fiscal year 2027, he said. The stock ended the regular trading session up 3.9%.

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