Markets News

Levi Strauss beats quarterly revenue estimates on online boost

Oct 6 (Reuters) - Levi Strauss & Co posted better-than-expected quarterly revenue on Tuesday as consumers stuck at home during the COVID-19 pandemic shopped more on the denim maker’s website and app.

Levi said its margin-driving e-commerce revenue grew 52% in the quarter, helped by the introduction of curbside pickup at its stores.

Net income attributable to San Francisco, California-based Levi dropped to about $27 million, or 7 cents per share, in the third quarter ended Aug. 23, from $124.5 million, or 30 cents per share, a year earlier.

Levi said net revenue fell to $1.06 billion from $1.45 billion. Analysts were expecting revenue of $822.3 million, according to IBES data from Refinitiv. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)