Levi Strauss lifted its full-year earnings guidance after a forecast-beating quarter, helping send shares up more than 10 per cent in after-hours trading.
The company raised its forecast for diluted earnings per share to a range of $1.17 to $1.27, up from a prior range of $1.15 to $1.25.
Levi also beat expectations for revenues and adjusted profits in its first quarter, a period during which Michelle Gass took over as chief executive from longtime leader Chip Bergh.
Direct-to-consumer sales — a key component of the company’s strategy — rose 7 per cent in the first quarter, albeit a slowdown from 12 per cent it reported a year ago.
Levi took a $116mn restructuring charge related to its plan to cut 10 to 15 per cent of its workforce, near the midpoint of what it expected to spend.
Read More: World News | Entertainment News | Celeb News
FT
