People are snapping up jeans as they go out and resume their normal social lives, and that’s boosting demand at Levi Strauss.
Shares of the iconic jeans maker shot up more than 9% in early trading Thursday, one day after Levi reported that its quarterly revenue jumped 41%, beating analysts’ expectations on both the top and bottom lines.
The owner of the Levi’s and Dockers brands is benefitting as shoppers splurge on new apparel, whether they’re returning to the office or school or even going on vacations.
While supply chain issues have dogged many companies, analysts expect Levi to face less pressure. That’s because it doesn’t rely much on Vietnam, where several factories have closed because of the health crisis.
Levi is optimistic about prospects for the key holiday shopping season. It sees its quarterly revenue growing by a fifth.