RTTNews | Oct 7, 2020 10:06AM EDT

10:05 Wednesday, October 7, 2020 (RTTNews.com) - Shares of Levi Strauss & Co. (LEVI) are climbing more than 9 percent or $1.36 in Wednesday's morning trade at $16.10, after the apparel retailer reported results for the third quarter that beat analysts' expectations.

Tuesday, Levi Strauss reported net income for the third quarter that fell 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, compared to $0.31 per share last year. Analysts polled by Thomson Reuters had a consensus estimate for loss of $0.22 per share.

Third-quarter revenue declined 27 percent to $1.06 billion from $1.45 billion last year, while the Street expected revenues of $822.24 million.

Levi Strauss has traded in a range of $9.09 to $20.70 in the past 52 weeks.

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