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Shares of the company climbed about 4% in extended trading as it also reported better-than-expected results for the second quarter and increased its quarterly dividend by 2 cents to 8 cents.
Peers including American Eagle (NYSE:AEO) and Abercrombie & Fitch all signaled a lift to sales as customers abandon their pajamas and work-at-home lounge wear for outdoor clothes.
“Revenues in most markets are recovering faster than anticipated,” Chief Financial Officer Harmit Singh said in a statement.
The company posted record margins for the quarter ended May 30, as it sold more products directly to consumers at full prices.
Levi, known for its Signature and Levi’s (NYSE:LEVI) 501 jeans, has also received a boost from collaborations with luxury brands, including Valentino, and from people refreshing their wardrobes with loose-fit jeans.
The parent of Denizen and Dockers brands forecast full-year adjusted earnings per share between $1.29 and $1.33, above Wall Street expectations of $1.15.
Levi also forecast revenue to grow 28% to 29% in the second half of fiscal 2021 from a year earlier and come in above 2019 pre-pandemic levels.
Net revenue rose to $1.28 billion in the second quarter from $497.5 million a year earlier, beating estimates of $1.21 billion, according to IBES data from Refinitiv.
On an adjusted basis, the company earned 23 cents per share, compared with estimates of 9 cents.
