Profit revenue

LEVI results: Levi Strauss Q2 2022 earnings, revenue tops expectations

Denim giant Levi Strauss & Co. (NYSE:LEVI) reported better-than-expected earnings and revenue for the second quarter of 2022, reflecting the strength of its brand-driven business model, direct-to-customer sales and its diversified portfolio. The company also reaffirmed its guidance for the full year. The stock made solid gains soon after the announcement.

Adjusted net income increased to $0.29 per share in the May quarter from $0.23 per share a year ago. Analysts had predicted the net result would remain unchanged. Meanwhile, second-quarter unadjusted earnings fell to $49.7 million or $0.12 per share from $64.7 million or $0.16 per share for the corresponding period of 2021.

The company reported net revenue of $1.47 billion for the three-month period, up 15% year-over-year and above Wall Street projections. Global direct-to-consumer net revenue increased 16% year-over-year, reflecting a 23% increase at company-operated stores.

Read management/analyst comments on quarterly reports

“Our brands resonate with consumers across geographies, channels and product categories. By continuing to advance our most impactful growth drivers – being brand-focused, direct-to-consumer-first and diversifying the portfolio, we are well positioned to continue driving growth and creating significant value for all of our stakeholders,” said Chip, CEO of Levi’s Bergh.