Casual denim trend, higher prices fuel Levi's upbeat forecast

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Levi Strauss & Co forecast annual sales and profit above analysts' estimates after topping quarterly results on Wednesday, bolstered by higher prices and strong demand for its jeans and jackets, sending its shares up 8% after the bell.

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Products are displayed at a Levi Strauss store in New York, U.S., March 19, 2019. REUTERS/Shannon Stapleton/File Photoforecast annual sales and profit above analysts' estimates after topping quarterly results on Wednesday, bolstered by higher prices and strong demand for its jeans and jackets, sending its shares up 8% after the bell.

The Signature and Levi's 501 jeans maker said it expects revenue between $6.4 billion and $6.5 billion in fiscal year 2022, compared with analysts' estimates of $6.37 billion, according to Refinitiv IBES data.The robust demand has, however, coincided with increased production and shipping costs, forcing companies to raise prices to offset the inflationary pressures.

Lower promotions, more full-price selling and the reopening of its European and Asian markets also lifted the Denizen brand owner's sales in the reported quarter.

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