Apr 10, 2019
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Levi Strauss sees sales jump 7 percent, all regions up

Apr 10, 2019

Levi Strauss posted a 7 percent jump in quarterly revenue on Tuesday, as the U.S. jeans maker recorded increased sales across all channels and all regions, particularly in the Americas and Asia.

The company's net revenue rose to $1.43 billion in the first quarter ended Feb. 24 from $1.34 billion, a year ago - Levi Strauss

In constant-currencies, revenues lifted 11 percent, said the company.

"We delivered our sixth consecutive quarter of double-digit constant-currency revenue growth," said Chip Bergh, president and chief executive officer of Levi Strauss & Co.

"Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off." 

The company's net revenue rose to $1.43 billion in the first quarter ended February 24 from $1.34 billion, a year ago. Levi had previously estimated revenue to be between $1.42 billion and $1.44 billion.

Reported net revenues related to the company's direct-to-consumer business grew 10 percent, primarily due to performance and expansion of the retail network as well as e-commerce growth. ​The company said it had 70 more company-operated stores at the end of the first quarter than the same time last year.

Likewise, the company's wholesale sales grew 5 percent, reflecting growth in all regions.

By region, net revenues grew 9 percent in the Americas, reflecting higher revenues across both wholesale and direct-to-consumer channels across the region. 

In Europe, net revenues grew 3 percent, while net revenues grew 8 percent in Asia, the latter surging on strong performances across traditional wholesale, franchisee and direct-to-consumer channels. 

Levi said net income attributable to the company was $146.6 million, or 37 cents per share, in the quarter, compared to a loss of $19 million, or 5 cents per share, a year earlier, when the company incurred a tax related charge.

The first-quarter earnings report was the first update for the iconic jeans company since its IPO debut late last month.

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