Market newcomer Levi Strauss (LEVI) - Get Report shares were up 1.9% after hours Tuesday after the iconic jean maker reported first-quarter results in its first earnings report after becoming a public company again.
The San Francisco-based company reported net revenue of $1.44 billion in the quarter, yielding earnings of 37 cents per share. Analysts do not have consensus estimates for the company, but the revenue was a 7% increase year over year while the profit of 37 cents per share was ahead of the 5 cents per share it lost a year ago.
Levi's was a public company from 1971 to 1985, when it was taken private. It went public again in March at an offering price of $17 a share and closed on Tuesday at $21.88.
"We delivered our sixth consecutive quarter of double-digit constant-currency revenue growth," said Chip Bergh, president and chief executive officer of Levi Strauss & Co. "Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off."
The company reported gross margins of 54.6% while operating income rose 15% year over year to $201 million.
For the year, the company expects revenue growth in the mid-single digit percentages.