Shares of Levi Strauss & Co. (LEVI) are gaining over 18% on Thursday morning after the company reported a first-quarter profit that trumped Street view, and also lifted its outlook for the full year.
LEVI is currently trading at $22.08, up $3.42 or 18.30%, on the Nasdaq. The stock opened its trading at $18.65 after closing Wednesday at $18.66. The stock opened its trading at $12.41 and $22.17 in the past 52-week period.
The company reported a loss of $11 million or $0.03 per share for the first quarter, compared to profit of $115 million or $0.29 per share in the same period last year.
Adjusted earnings for the quarter was $103 million or $0.26 per share for the period. Analysts expected earnings of $0.21 per share.
Revenues for the quarter dropped to $1.56 billion from $1.69 billion last year.
Looking forward to the first quarter, the company expects full-year earnings of $1.17 to $1.27 per share, compared to previous estimate of $1.15 to $1.25 billion.
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