By Yasin Ebrahim

Investing.com – Levi Strauss (NYSE:) (NYSE:LEVIThe company reported Wednesday’s third quarter results, which exceeded Wall Street expectations. It also raised its guidance for next year in the midst of ongoing momentum.

After market hours, shares rose by more than 22%

Company reported 48c on $1.50 Billion in revenue, exceeding estimates of 37c and $1.48 Billion, respectively.

The company’s direct-to consumer business saw a significant increase in revenue, which rose 41%% over the previous-year period.

Net revenues for the direct-to consumer segment increased by 34% and 4% respectively versus Q3 2019

The company’s full-year adjusted, diluted EPS range was increased to $1.43-to-1.45 (from $1.29-to$1.33).

Based on revenue growth between 20% and 21% in Q4, adjusted dilutedEPS for the fourth quarter was forecast at 38 to 40 cents.

Levi also approved a 200 million dollar share repurchase plan.

“We delivered a strong quarter with revenue growth versus pre-pandemic 2019 levels, despite a more difficult macro-environment than we expected,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co.