Adds background, net income
Oct 6 (Reuters) – Levi Strauss & Co LEVI.N on Wednesday beat quarterly revenue estimates, boosted by an uptick in demand for jeans as people resuming their social life spent on a wardrobe refresh.
With schools and offices reopening and people returning to their social life, as cases of coronavirus infections trend down, many are splurging on new apparel. Some, because they gained or shed weight during the lockdowns.
Net income rose to $193.3 million or 47 cents per share in the third quarter ended Aug. 29, from $27 million, or 7 cents per share, a year earlier
Net revenue rose to $1.50 billion from $1.06 billion. Analysts on average had expected revenue of $1.48 billion, according to IBES data from Refinitiv.
Shares of the jeans maker rose 2% after the bell. They have gained about 20% this year.
(Reporting by Reshma Rockie George and Praveen Paramasivam in Bengaluru; Editing by Shinjini Ganguli)
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