Denim retailer Levi Strauss & Co.On Tuesday, the company reported its fiscal first quarter earnings and revenue which exceeded analysts’ expectations. It sold more jeans and T-shirts at higher prices than expected and often delivered directly to customers.

Levi also reiterated its projection for fiscal 2022. This assumes that there is no major increase or decrease in global inflationary pressures. The company also considered any impact from the recent temporary shutdown. suspend business in RussiaThis represents approximately 2% of the company’s total sales.

In a telephone interview, Chip Bergh, CEO of Levi, stated that consumers have yet to trade down for cheaper apparel despite rising prices and other expenses. Even though Levi has increased the price of some products to compensate for other business expenses, Chip Bergh said that consumer demand remains strong.

Bergh confirmed that Levi was keeping a keen eye on consumer demand. This is despite the fact that economists are predicting a recessive recession. The CEO stated that “We aren’t burying our heads in the sand.” The CEO stated, “If you see,” [demand]We will immediately take appropriate actions if you start to feel wobbly.

Although Levi is still a partner with major-box retailers like TargetDepartment stores such as Macy’sThe company uses its website and brick-and mortar stores to market its jeans. Levi can make these transactions more profitable and also build better relationships with its customers. They are able to collect additional insights into their browsing habits. The company stated that 39% of the total quarter sales were direct-to-consumer, up from 38% and 36% in the prior period.

Based on an analysis of Refinitiv analysts, here’s what Levi did over the period ending Feb. 27, compared to Wall Street’s expectations.

• Earnings per share: 46 Cents Adjusted vs. 42 Cents Expected
• Revenue:$1.59 Billion, vs. $1.55 Billions expected

Levi’s net income was $196million, which is 48cs per share. This compares to the net income $143 million (35cs per share) a year ago. The company earned 46 cents per share, which is more than the 42 cents analyst had expected.

The revenue grew 22% from $1.31 billion last year to $1.59 trillion. It exceeded expectations of $1.55 trillion.

Levi claimed that the company suffered roughly $60 million in sales losses due to shortages during the most recent period. The company’s direct-to-consumer global sales rose by 35% compared to the year before, while wholesale revenues increased 15%.

The sales rose 26% in Americas and 13% in Europe. Asia saw a 11% increase year over year.

Levi reiterated its fiscal outlook for 2022. This forecasts revenue growth of between 11% to 13% annually. Analysts project an increase of 11.8%.

The retail chain still expects annual earnings of between $1.50 to $1.56 per share, as opposed with the analysts’ forecast of $1.54.

“The growth in denim is low-double-digital [rate]It is still a far cry from where it was prior to pandemic,” Harmit Singh, Chief Financial Officer of CNBC said. “The world is continuing to become much more casual.”

Singh said, “We have seen March’s demand maintain momentum. That gives us confidence for the remainder of the year.”

Levi has released the complete earnings press release. here.

The story is still in development. Stay tuned for new updates.