Denim giant Levi Strauss & Co. (NYSE: LEVI) reported better-than-expected earnings and revenues for the second quarter of 2022, reflecting the strength of its brand-led, direct-to-customer business model and diversified portfolio. The company also reaffirmed its full-year guidance. The stock made strong gains soon after the announcement.
Adjusted net income increased to $0.29 per share in the May quarter from $0.23 per share in the year-ago period. Analysts had predicted the bottom line would remain unchanged. Meanwhile, second-quarter unadjusted profit declined to $49.7 million or $0.12 per share from $64.7 million or $0.16 per share in the corresponding period of 2021.
The company reported net revenues of $1.47 billion for the three-month period, which is up 15% year-over-year and above Wall Street’s projection. Global direct-to-consumer net revenues rose 16% year-over-year, reflecting a 23% increase in company-operated stores.
“Our brands are resonating with consumers across geographies, channels, and product categories. By continuing to advance our most impactful growth drivers – being brand-led, direct to the consumer first, and diversifying the portfolio, we are well-positioned to continue to drive growth and create significant value for all our stakeholders,” said Levi’s CEO Chip Bergh.
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