Levi Strauss Edges Up After Hours Following Q3 Adjusted-Earnings Beat
Shares of jeans maker Levi Strauss (LEVI) - Get Levi Strauss & Co. Class A Report edged higher after hours Tuesday as the company reported net income per share fell 9% and adjusted earnings were stronger than expected.
For the quarter ended Aug. 25 the San Francisco company earned 30 cents a share against 33 cents in the year-earlier quarter. Shares outstanding rose almost 6% to 413.6 million.
Adjusted EPS were 31 cents per share against 34 cents a year earlier. Analysts surveyed by FactSet were looking for adjusted earnings of 28 cents a share.
Revenue rose 3.8% to $1.45 billion. Analysts polled by FactSet were expecting $1.44 billion.
Strength in the Europe and Asia regions helped drive the quarter. European revenue jumped 14% year over year and Asian revenue climbed 9%.
TheStreet Recommends
CEO Chip Bergh in a statement cited "strategies to diversify to faster-growing high-opportunity, high-gross-margin businesses" as factors in the results.
Revenue in the Americas business segment fell 3%.
For the year, the company expects revenue to increase 5.5% to 6% on a constant-currency basis.
In Q4 "we again expect strong performance in international, direct-to-consumer, women's and tops, and improved comparisons for U.S. wholesale," Bergh said.
Levi's shares were trading 0.2% higher after hours. They closed off 4.1% at $18.96 in the regular session.
