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The company reported both top-line and bottom-line growth in its fiscal second quarter (ended May 30, 2021). Its net revenues for the quarter increased 156.5% year-over-year to $1.28 billion, and its net income came in at $64.72 million compared to a $363.55 million loss in the prior-year quarter. Its adjusted EPS in the quarter was $0.23 compared to a $0.48 loss in the year-ago period.
However, eight percent of LEVI’s stores are still closed because of COVID-19 pandemic-related restrictions. The current spread of the delta variant of coronavirus is a major concern, especially in Europe and India, which are among the company’s key markets. LEVI has raised its outlook for the second half of its fiscal year 2021 and expects its adjusted EPS to be between $0.72 and $0.76. But this assumes there will be no significant worsening of the COVID-19 pandemic or dramatic incremental closure of global economies. So, LEVI’s near-term prospects seem uncertain.
