Levi Strauss & Co Class A (NYSEA:) announced its Q1 results. EPS came in at $0.46 which was better than the consensus estimate ($1.54 billion). Strong growth in all segments of the economy drove a 22% increase in revenue year-over-year to $1.6 billion. This compares to the consensus estimate at $1.54 billion.

Gross margin reached record levels of 59.3%, and adjusted margin rose to 59.4%. After 13.3%, the adjusted EBIT margin was 14.9%.

Reaffirming its 2022 guidance, the company estimated that net revenue would be between $6.4 and $66.5 billion, a growth rate of 11-13 percent, and adjusted diluted earnings in the range $1.50 to $1.56.

Harmit Singh, the CFO stated on the guidance that: “The continuing consumer demand across our portfolio and our proven ability delivering profitable growth give us confidence to reaffirmour our full-year outlook despite any incremental headwinds from ongoing macro problems.”

By Davit Kirakosyan