Bolstered by higher prices and strong demand for jeans and jackets, Levi Strauss & Co forecast annual sales and profit above analysts' estimates. According to Refinitiv IBES data, the Levi's 501 jeans maker expects revenues to rise between $6.4 billion and $6.5 billion in fiscal year 2022, compared with analysts' estimates of $6.37 billion.

The denim company plans to raise prices further in 2022 as demand outstripped supply in the quarter due to supply chain snarls, adds Chip Berg, CEO. Lower promotions, more full-price selling and reopening of European and Asian markets also lifted the Denizen brand’s sales in the fourth quarter.

Compared to pre-pandemic levels, it’s net revenues from Asia remained flat in the three months ended November 28, recovering from a 23 per cent slump reported in the third quarter.

Net revenues of the company rose by 22 per cent to $1.69 billion in the fourth quarter, edging past analysts' estimate of $1.68 billion.