Levi Strauss has increased its revenue growth outlook. Credit: Brecht Bug / Flickr.

American clothing company Levi Strauss has increased its revenue growth outlook for the first half of this year to between 24% and 25% from last year.

The announcement was made in its financial results report for the first quarter, which ended on 28 February. The company’s growth estimate for the last quarter of last year was from 18% to 20%.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The company said that the first half outlook includes its reported growth estimate of around 140% for the second quarter. It also aims to deliver another $0.07 to $0.08 of adjusted earnings per share (EPS) in the second quarter.

In the first quarter, Levi Strauss reported net revenues of $1.3bn, down by 13% due to the impacts of the Covid-19 pandemic and ongoing closures of company-operated and third-party retail locations.

Levi Strauss CEO Chip Bergh said: “Our strong results this quarter were driven by a faster-than-expected recovery in our business from our relentless focus on the priorities that are driving outsized performance.

“We continue to lean into our strategies of leading with our brands, investing in direct-to-consumer and diversifying our business, while still operating prudently to manage the ongoing uncertainty, especially in Europe.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“As the vaccine rollout continues and consumer excitement returns, I am more confident than ever that we will emerge from the pandemic a stronger business and drive sustainable, profitable growth.”

In an interview with CNBC, Bergh said the company plans to capitalise on commercial vacancies.

He said: “That represents a huge opportunity, especially with the commercial real estate tsunami that is happening right now.”

In July, Levi Strauss decided to cut 700 jobs, equivalent to around 15% of its staff, to generate annualised savings of $100m.