Live News: McDonald’s sales growth lags after Covid lockdowns in China

Live News: McDonald’s sales growth lags after Covid lockdowns in China

Levi predicted that net revenues will improve by 11 to 13 per cent in fiscal 2022 to between $6.4bn and $6.5bn, above analysts’ forecast of $6.37bn. It expects adjusted earnings of $1.50 to $1.56 per share, compared with Wall Street’s estimate of $1.53. “Demand is outstripping supply,” Singh said in an interview, adding that Levi has maintained pricing power during a period of elevated cost inflation fuelled by wages, commodities and store rent. Shares rose 1.9 per cent in after-hours trading on Wednesday.

Levi said its revenues took a $50m hit from supply chain constraints during the quarter. That offset a 3 per cent boost from Black Friday sales and the company’s acquisition of the Beyond Yoga brand. Overall, net revenues jumped 22 per cent to $1.7bn in the three months to the end of November, surpassing analysts’ forecast of $1.68bn and the company’s own outlook that sales would grow as much as 21 per cent.

Harmit Singh, chief financial officer, said staffing challenges as well as supply chain bottlenecks kept Levi from meeting all of the demand for its products. Sales have not suffered much from price increases, he said. The San Francisco-based company also got a boost last quarter as more shoppers returned to stores. It reported a 28 per cent increase in net revenues for company-operated stores compared with the same period a year ago.

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