Levi Strauss (LEVI.US) stock jumped nearly 12% during today's session, posted better than expected quarterly results and issued an upbeat annual forecast due to strong demand for its jeans and jackets. Levi Strauss earned an adjusted 41 cents per share, slightly above analysts' projections. Net revenue jumped 22% to $1.69 billion in Q4, beating Wall Street projections of $1.68 billion as consumers continue to refresh their wardrobes after cutting back on apparel spending during the earlier stages of the pandemic, along with higher product pricing.
Jeans maker expects revenue in the region between $6.4 billion and $6.5 billion in the current fiscal year, topping analysts’ estimates of $6.37 billion, according to Refinitiv IBES data.
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Levi Strauss (LEVI.US) has been trading lower since summer 2021, however stock launched today's session with a bullish price gap and at one point gains reached 16%. However buyers failed to uphold momentum and price pulled back below $22.65 level which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in March 2020 which. As long as the price sits below this level, there is a chance that downward move may resume. Source: xStation5
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