Levi Strauss & Co. shares surge on strong earnings and raised sales outlook

Levi Strauss & Co. shares rose as much as 9% to a record high following the announcement of better-than-expected earnings and an optimistic sales forecast. Despite a 13% net revenue decline in the first quarter of 2021 due to pandemic-related retail closures, the company raised its sales and profit outlook for the second quarter, citing strong demand signals and expectations of economic recovery.

In addition to the earnings report, the company increased its quarterly dividend to $0.06 per share. Financial analysts at UBS have maintained a buy rating, with some predicting further stock growth. Concurrently, institutional activity shows increased interest in the company, with State Street Corp lifting its position in Levi Strauss & Co. shares by 7.6% during the second quarter.