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Levi has benefited from price increases aimed at mitigating the impact of supply chain disruptions, inventory shortages and inflationary pressures. The company has also been selling its products at full-price, boosting its margins.
The trend for high-rise jeans and loose-fitting clothes has accelerated as people attend more social events, boosting sales in companies such as Levi and Wrangler.
The company’s revenue rose 21.8% to $1.59 billion in the first quarter ended Feb. 27, compared with analysts’ average estimate of $1.55 billion, according to IBES data from Refinitiv.
Levi net income for the quarter ended Feb. 27 rose to $195.8 million, or 48 cents per share, from $142.5 million, or 35 cents per share, a year earlier.
