/Levi Strauss swings to profit in its first earnings release since IPO

Levi Strauss swings to profit in its first earnings release since IPO

Levi Strauss & Co. CEO Chip Bergh rings the opening bell on New York Stock Exchange (NYSE) during the company's IPO in New York, U.S., March 21, 2019.










Lucas Jackson | Reuters

Levi Strauss & Co. CEO Chip Bergh rings the opening bell on New York Stock Exchange (NYSE) during the company’s IPO in New York, U.S., March 21, 2019.

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.

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.