US denim giant Levi Strauss & Co has witnessed its second quarter sales and profits beat all forecasts made by analysts.
The retailer has attributed the good numbers to the strong demand in the US and China.
With the country gradually returning back to normalcy, shoppers are rushing to stores and malls and stocking up jeans in new sizes and styles.
The fashion retailer saw its year-on-year net revenue jump by a whopping 156 per cent to US $ 1.3 billion for the quarter that ended 30 May 2021. Compared to 2019, sales fell by 3 per cent.
However, the retailer is optimistic of exceeding pre-pandemic sales numbers in Q3. Notably, Levi Strauss & Co hadn’t previously expected this to happen until Q4.
Impressed by the numbers, the retailer is geared up and has raised its full year 2021 outlook for net revenue and earnings per share.
Stating that the retailer had generated strong momentum in Q2 with accelerated recovery of its revenues, Chip Bergh, President and CEO, Levi Strauss & Co, said “As we move into the second half of 2021, we are focused on emerging stronger with our strategic priorities of leading with our enduring brand, accelerating our direct-to-consumer connections, and diversifying across categories, channels and geographies.”
The American clothing stalwart was founded in 1853 and produces much more than just jeans, including full lines of shirts, jackets, sweaters, underwear, socks, fashion accessories, shoes, dresses, skirts and leather products.
