Levi Strauss sees sales jump 7 percent, all regions up
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.
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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