People buy jeans again – level 3
14-10-2021 07:00
Levi Strauss beat revenue and profit estimates, boosted by an uptick in demand for jeans from people getting new clothes for their wardrobes amid the easing of health restrictions.
Shares of the iconic jeans maker shot up more than 9% on Thursday, one day after the company reported that its revenues jumped by 41%. While supply issues have hurt many companies, analysts expect Levi Strauss to face less pressure because it doesn’t rely much on Vietnam where several factories closed because of the health crisis.
Levi Strauss was a German-born American businessman who started the first company to make blue jeans. His business Levi Strauss & Co. began in 1853 in San Francisco, California. He went into business with one of his customers, and the two men created the new style of work pants in 1873.
Difficult words: revenue and profit estimates (guesses at how much money a business can make), uptick (an upward trend), share (a part of a company which you can buy).
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