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Shares of Levi Strauss & Co. rose in extended trading Tuesday after the world’s biggest jeans seller reported its first quarterly earnings since its initial public offering on the New York Stock Exchange last month.
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For the first quarter, Levi said it swung to earnings of $146.6 million, or 37 cents per share, from a loss of $19 million or 5 cents a share, a year ago. The year ago period included a tax-related charge.
Revenue rose 7% to $1.44 billion from the prior period. It was up 11% on a constant currency basis.
There weren’t any estimates from Wall Street analysts for this quarter.
“Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off,” said Chip Bergh, its president and CEO in a press release.
Levi reiterated its previous forecast, saying it expects revenue for the full year to rise by a mid-single digit percentage rate.
Levi Strauss went public a second time on March 21, 2019 in order to give its owners a chance to cash out on some of their holdings. The 166-year old company first went public in 1971, but has been a private company for the last 34 years.
Blue jeans giant Levi Strauss & Co. began trading at $22.22 a share, after having priced its initial public offering at $17 a share the night prior. The stock surged more than 30% on its first day of trading.
Levi closed at $21.88 on Tuesday. The stock is up more than 25 percent since its first day of trading on the New York Stock Exchange.