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Levi Strauss Stock Jumps as Earnings Growth Impresses

The company's first earnings report since IPO last month sent stock up 7 percent to over $23 a piece, nearly a record high.
Levi's jeans | Source: Shutterstock
By
  • Bloomberg

SAN FRANCISCO, United States — Levi Strauss & Co gained 7 percent in early trading Wednesday after its first earnings report as a public company showed revenue grew near the high end of the company's expectations, helped by categories outside its main denim lines and in Asia.

Shares climbed above $23 a piece as of 6:45 am in New York, approaching last week’s highs. The stock has climbed 29 percent since its debut last month. Levi's on Tuesday said revenue grew 7 percent compared with the year-ago period, helped by 28 percent growth in tops. Sales in the Americas rose 9 percent, while Asia rose 8 percent and Europe added 3 percent.

Analysts have yet to start coverage or provide estimates for Levi's, which re-entered the stock market on March 20. The investment community was unusually quiet on Tuesday’s earnings call, raising no questions during the Q&A session and prompting laughs from the company executives on the call.

By Courtney Dentch with assistance from Sebastian Silva; editors: Chris Nagi, Steven Fromm.

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