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NIKE, INC.

(NKE)
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Levi Strauss raises sales outlook on vaccine hopes, shares jump

04/08/2021 | 04:36pm EDT
FILE PHOTO: Products are displayed at a Levi Strauss store in New York

(Reuters) - Levi Strauss & Co on Thursday raised its half-year revenue growth forecast, banking on COVID-19 vaccine rollouts to spur a return to normalcy, after the denim maker beat estimates for quarterly results on a pandemic-led e-commerce boost.

Shares in the company rose 5% in extended trading, as it also raised its quarterly dividend to 6 cents per share from 4 cents.

Many apparel sellers, including Nike Inc and Kohl's Corp, have also expressed similar optimism about store traffic rebounding to normal levels, even as online sales have boomed amid the health crisis in recent months.

"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," Levi Chief Executive Officer Chip Bergh said.

Levi said more than 40% of its European stores were closed as of Thursday, with the rest operating on reduced hours due to lockdown restrictions.

The jeans maker said it expected its revenue to increase 24% to 25%, up from a prior range of 18% to 20%, for the first half of its fiscal 2021.

Levi also said it expected adjusted per-share profit for the period to be 41 cents to 42 cents. Analysts on average expect a profit of 30 cents per share for the first and second quarter, according to IBES data from Refinitiv.

Net revenue fell about 13% to $1.31 billion for the first quarter ended Feb. 28, but came in above analysts' expectations of $1.25 billion.

Digital revenue, which includes sales from Levi's wholesale partners, rose about 41% and more than made up for a drop in physical store visits due to pandemic.

On an adjusted basis, Levi earned 34 cents per share, above analysts' estimates of 25 cents.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
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Financials (USD)
Sales 2021 43 350 M - -
Net income 2021 5 056 M - -
Net Debt 2021 1 168 M - -
P/E ratio 2021 41,2x
Yield 2021 0,80%
Capitalization 205 B 205 B -
EV / Sales 2021 4,76x
EV / Sales 2022 4,21x
Nbr of Employees 75 400
Free-Float 80,2%
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Mean consensus BUY
Number of Analysts 32
Average target price 163,01 $
Last Close Price 129,90 $
Spread / Highest target 42,4%
Spread / Average Target 25,5%
Spread / Lowest Target -9,16%
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Managers and Directors
NameTitle
John J. Donahoe President, Chief Executive Officer & Director
Matthew Friend Chief Financial Officer & Executive Vice President
Mark G. Parker Executive Chairman
Andrew Campion Chief Operating Officer & Executive Vice President
Ann Miller Secretary, VP, Chief Ethics & Compliance Officer
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