Levi (LEVI) Stock Gains Nearly 3% Following Q3 Beat

Levi Strauss & Co. (NYSE: LEVI) stock gained 2.7% after-hours Wednesday after reported Q3 results, with EPS coming in at $0.48, beating the consensus estimate of $0.37.

Quarterly revenue grew 41% year-over-year (up 3% vs. Q3/19) to $1.5 billion, slightly higher than the consensus estimate of $1.46 billion.

According to Chip Bergh, President and CEO of Levi Strauss & Co., the company delivered revenue growth over pre-pandemic 2019 levels, despite a worse-than-expected macro-environment.

During the quarter the company (1) returned its gross debt to pre-pandemic levels by paying back the remaining $200 million balance of its 2025 Notes, (2) completed the acquisition of Beyond Yoga for approximately $400 million establishing its position in the fast-growing, high-margin premium activewear market, and (3) authorized a $200 million share repurchase program.

The company provided its Q4 outlook, expecting EPS in the range of $0.38 to $0.40 (vs. Street estimate of $0.39) and net revenue growth of 20-21% year-over-year.

You May Also Be Interested In

• SpaceX Shares Indicated To Open At $155
• Iran deal reopens Strait of Hormuz - Reuters
• Roku Said To Be In Sale Talks, Including Possible Media Tie-up - Bloomberg