Levi Strauss & Co on Thursday raised its fifty percent-year revenue advancement forecast, banking on COVID-19 vaccine rollouts to spur a return to normalcy, soon after the denim maker defeat quarterly income estimates on a pandemic-led e-commerce increase.

Several apparel shops like Nike Inc and Kohl’s Corp have also expressed related optimism, even as online income have boomed in modern months. Customers, wary of stepping out of their residences through the health disaster, have taken to purchasing far more working with their mobile telephones.

“As the vaccine rollout proceeds and shopper excitement returns, I am far more confident than ever that we will arise from the pandemic a more robust business,” Levi Main Government Officer Chip Bergh said in a statement.

Levi said far more than forty% of its European retailers were closed as of Thursday, with the relaxation working on decreased hrs owing to lockdown restrictions.

The business raised its quarterly dividend to 6 cents for every share from 4 cents.

The jeans maker said it envisioned its revenue to enhance 24% to twenty five%, up from a prior assortment of eighteen% to twenty%, for the initial fifty percent of its fiscal 2021.

Levi also said it envisioned altered for every-share gain for the period of time to be forty one cents to 42 cents. Analysts on common expect a gain of thirty cents for every share for the initial and next quarter, in accordance to IBES data from Refinitiv.

Web revenue fell about 13% to $one.31 billion for the initial quarter ended Feb. 28, but arrived in above analysts’ expectations of $one.twenty five billion.

Electronic revenue, which incorporates income from Levi’s wholesale associates, rose about forty one% and far more than manufactured up for a drop in bodily retailer visits owing to pandemic.