RTTNews | Oct 6, 2020 04:52PM EDT

16:52 Tuesday, October 6, 2020 (RTTNews.com) - Shares of Levi Strauss & Co. (LEVI) jumped 10% in the extended trading session on Tuesday after the apparel retailer reported a surprise profit and revenues that trumped Wall Street expectations, driven largely by online sales.

Profit for the third quarter dropped to $27 million or $0.07 per share from $124 million or $0.30 per share last year. Adjusted earnings were $0.08 per share, down from $0.31 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.22 per share.

Third-quarter revenues declined 27% to $1.06 billion from $1.45 billion last year. Analysts had a consensus revenue estimate of $822.24 million.

Revenue decreased largely due to the impacts of the COVID-19 pandemic, including reduced traffic and ongoing closures of company-operated and third-party retail locations for portions of the quarter and in certain markets. However, Levi's e-commerce revenue surged 52 percent.

LEVI closed Tuesday's trading at $14.74, down $0.27 or 1.80%, on the Nasdaq. The stock, however, gained $1.44 or 9.77% in the after-hours trade.

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