04:25 AM EDT, 04/04/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Levi Strauss (LEVI) shares jumped 8.5% in premarket activity on Thursday after the denim jeans manufacturer's fiscal Q1 adjusted earnings and sales beat market expectations.

The company reported fiscal Q1 adjusted earnings late Wednesday of $0.26 per diluted share, down from $0.34 a year earlier.

Analysts polled by Capital IQ expected $0.21.

Net revenue for the quarter ended Feb. 25 was $1.56 billion, down from $1.69 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.55 billion.

For fiscal 2024, the apparel company updated its guidance for adjusted EPS to between $1.17 and $1.27, compared with the previous guidance of $1.15 to $1.25. Net revenue growth was reaffirmed at 1% to 3% year-over-year. Analysts surveyed by Capital IQ expect normalized EPS of $1.21 and revenue of $6.33 billion.

The company kept its quarterly dividend at $0.12 per share, payable on May 23 to shareholders of record on May 9.

Price: 20.25, Change: +1.59, Percent Change: +8.52