Levi Strauss & Co revenue climbs on Europe, Americas sales flat
Levi Strauss & Co reported on Thursday net revenue growth of 1 percent for the full year and its fourth quarter, ended November 27, 2016.
Gross profit for the fiscal year grew to $2,329 million compared with $2,269 million in 2015. For the three-month-period, gross profit was $659 million compared with $658 million for the same quarter of 2015.
Still, while full-year net income grew 40 percent, fourth quarter net income declined by 5 percent to $143 million compared to $161. Though the company’s direct-to-consumer sales grew due to Levi Strauss’s current retail and ecommerce performance, investments in the same area hurt net income.
For the full year, net revenue grew the most in Europe at 10 percent, due to strong growth of its retail channels. In Asia, net revenues also grew 6 percent, excluding unfavorable currency effects of $18 million. Meanwhile, in the Americas, net revenues remained relatively flat.
"We are pleased to report our fourth consecutive year of profitable constant currency revenue growth behind the strength of the Levi's brand and our global direct-to-consumer business," said Chip Bergh, president and chief executive officer, in a news statement. "Looking ahead, although it remains a very challenging environment, given our diversified portfolio we remain optimistic about our long term prospects for growth."
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