Levi Strauss raises sales growth outlook on vaccine rollout hopes, Retail News, ET Retail

Davida Erdahl

Levi Strauss & Co on Thursday elevated its 50 percent-calendar year revenue advancement forecast, banking on COVID-19 vaccine rollouts to spur a return to normalcy, just after the denim maker conquer quarterly sales estimates on a pandemic-led e-commerce enhance. Several apparel suppliers together with Nike Inc and Kohl’s Corp have […]

Levi Strauss & Co on Thursday elevated its 50 percent-calendar year revenue advancement forecast, banking on COVID-19 vaccine rollouts to spur a return to normalcy, just after the denim maker conquer quarterly sales estimates on a pandemic-led e-commerce enhance.

Several apparel suppliers together with Nike Inc and Kohl’s Corp have also expressed identical optimism, even as on the internet sales have boomed in new months. People, wary of stepping out of their properties through the health crisis, have taken to purchasing a lot more applying their cell phones.

“As the vaccine rollout proceeds and buyer pleasure returns, I am a lot more assured than ever that we will arise from the pandemic a stronger business,” Levi Chief Govt Officer Chip Bergh said in a statement.

Levi said a lot more than 40% of its European shops ended up closed as of Thursday, with the rest operating on reduced hrs due to lockdown limitations.

The enterprise elevated its quarterly dividend to six cents for each share from four cents.

The denims maker said it expected its revenue to maximize 24% to 25%, up from a prior array of 18% to 20%, for the initial 50 percent of its fiscal 2021.

Levi also said it expected altered for each-share gain for the interval to be forty one cents to forty two cents. Analysts on regular assume a gain of thirty cents for each share for the initial and 2nd quarter, in accordance to IBES info from Refinitiv.

Web revenue fell about thirteen% to $one.31 billion for the initial quarter finished Feb. 28, but came in previously mentioned analysts’ anticipations of $one.25 billion.

Digital revenue, which features sales from Levi’s wholesale partners, rose about forty one% and a lot more than created up for a drop in bodily store visits due to pandemic.

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