Levi Strauss & Co
Levi Strauss & Co net revenue up 15 pc at USD 1.5 billion in Q2
New Delhi/UNI: Driven by growth across all its business segments, American clothing major Levi Strauss & Co on Friday reported 15 percent year-on-year increase in net revenues to $1.5 billion in Q2 FY22.
The company's net income was $50 million while the adjusted net income was $117 million for the second quarter ended May 29, this year up from $93 million in Q2 last fiscal year, as per the official statement.
The statement said gross profit of the company was $855 million in Q2 FY22 as compared to $750 million in the same quarter last fiscal year.
Gross margin was 58 percent of net revenues, as compared to 58.8 percent in the same quarter of the prior year.
"Net revenues through all digital channels represented approximately 20 percent of total second quarter net revenues, up three percent on top of 75 percent growth in the same quarter of the prior year," it said.
President and CEO of Levi Strauss & Co Chip Bergh said that the company's second quarter results demonstrated the power of its strategy which continues to support strong revenue growth and margin expansion.
"Our brands are resonating with consumers across geographies, channels and product categories. By continuing to advance our most impactful growth drivers - being brand-led, direct to consumer first and diversifying the portfolio, we are well-positioned to continue to drive growth and create significant value for all our stakeholders," said Bergh.
Chief Financial Officer of Levi Strauss & Co Harmit Singh said, "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."
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
