Levi Strauss caps 'strongest revenue year in a decade' in 2017
today Feb 8, 2018
Levi Strauss continued on its upward trajectory in the fourth quarter, announcing on Wednesday full year revenue growth of 8 percent (7 percent in constant currency) hitting $4.9 billion.
"Our growth and momentum accelerated in Q4 capping the strongest revenue year the company has had in more than a decade," said Chip Bergh, president and chief executive officer, in a news statement.
"Our strategies are working and the investments that we’ve made to diversify our business over the past few years are paying off, best demonstrated by the strength of the Levi’s brand globally."
For the fiscal year ended November 26, 2017, net revenues grew the most in Europe reaching $1.3 billion, up 19 percent compared to the same period last year. In Asia, net revenues grew 5 percent to $818 million, primarily reflecting direct-to-consumer expansion and performance, while in the Americas, the group's leading market, revenues grew 3 percent reaching $2.8 billion.
The net revenue growth reflects both strong results among direct-to-consumer sales and wholesale.
Still, due to unfavourable exchange rate adjustments and debt refinancing activities this year, Levi Strauss's full-year net income was down 3 percent.
Meanwhile, in its fourth quarter, net revenues grew 13 percent on a reported basis. Similarly to full year results, net revenues grew the most in the European market climbing 21 percent to $374 million. In Asia, net revenues grew 13 percent to $237 million, and in the Americas 7 percent to $855.
The company had 53 more company-operated stores at the end of fiscal 2017 than it did at the end of fiscal 2016.
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