Levi Strauss posts 15% uplift in net revenue
Levi Strauss saw its net revenue climb by 15% to $1.5 billion in its second quarter after global direct-to-consumer sales rose by 16%.
There was also strong growth in company-operated store sales which increased by 23%.
Operating income fell to $76 million from $107 million a year ago following $60 million of charges related to the Russia-Ukraine crisis.
Meanwhile, net income was $50 million compared to $65 million in the same quarter of the prior year, primarily due to the decrease in operating income.
Adjusted net income was $117 million compared to a previous $93 million.
Harmit Singh, chief financial officer of Levi Strauss & Co, said: “We delivered another solid quarter, growing reported net revenues 15% and adjusted EBIT 27%, while returning $80 million in capital to shareholders.
“Although the operating environment remains dynamic, the diversity of our business is providing the resilience and flexibility needed to drive solid financial results in fiscal year 2022, while progressing us on our path to achieve net revenues of $9 to $10 billion and adjusted EBIT margin of 15% by fiscal year 2027.”
