Levi Strauss & Co. (NYSE: LEVI) exceeded analysts' earnings estimates last night, and its stock is defying the market downturn and zipping higher on Thursday afternoon. Sales for the fourth quarter of 2021 grew 22% year over year, with high-margin direct-to-consumer sales rising 25% and lower-margin wholesale sales up 20%. Gross profit margin on those sales increased to 57.8%, and on the bottom line, Levi earned $0.37 per share -- more than twice the GAAP earnings recorded a year ago.