Levi Strauss stock skyrockets on surprise quarterly profit, sales

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Levi Strauss & Co. stock jumped more than 12% in the extended session Tuesday after the retailer swung to a surprise quarterly profit and reported quarterly sales well above expectations, thanks to its online sales. Levi Strauss said its finances continued to improve into the current quarter. The company said it earned $27 million, or 7 cents a share, in the third quarter, compared with $124 million, or 30 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $31 million, or 8 cents a share. Sales fell to $1.1 billion from $1.5 billion a year ago. Analysts polled by FactSet had expected a GAAP loss of 30 cents a share on sales of $822 million in the quarter. The company said it was cash-flow positive in the quarter, “reflecting the company’s focus on financial discipline, cost controls, cash and working capital.” Shares of the company had ended the regular trading day down 1.8%.

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