US clothing firm Levi Strauss’ Q3 net income accelerates to $193 mn

US clothing firm Levi Strauss’ Q3 net income accelerates to $193 mn



Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 41 per cent sales growth to $1.5 billion in the third quarter (Q3) of FY21 ended on August 29, 2021, compared to the sales of $1.0 billion in the same period of previous fiscal. The company’s net income for the quarter escalated to $193.3 million (Q3 FY20: $27.0 million).

 

Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 41 per cent sales growth to $1.5 billion in the third quarter (Q3) of FY21 ended on August 29, 2021, compared to the sales of $1.0 billion in the same period of previous fiscal. The company’s net income for the quarter escalated to $193.3 million (Q3 FY20: $27.0 million).

“These results reflect the strength of the Levi’s brand, improving momentum in our direct-to-consumer business and the scale and agility of our supply chain network where we have executed against macro-headwinds exceptionally well. Our future is bright given our iconic Levi’s brand and the acquisition of Beyond Yoga, which establishes our position in the fast growing, high-margin premium activewear market as we continue to capitalise on global casualisation trends,” Chip Bergh, president and chief executive officer of Levi Strauss & Co, said in a press release.

 

Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 41 per cent sales growth to $1.5 billion in the third quarter (Q3) of FY21 ended on August 29, 2021, compared to the sales of $1.0 billion in the same period of previous fiscal. The company’s net income for the quarter escalated to $193.3 million (Q3 FY20: $27.0 million).

Wholesale revenues for the third quarter surged 45 per cent reflecting strong demand in the US and Europe, while direct-to-consumer (DTC) revenues increased 34 per cent due to increased revenues from our company-operated stores.

 

Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 41 per cent sales growth to $1.5 billion in the third quarter (Q3) of FY21 ended on August 29, 2021, compared to the sales of $1.0 billion in the same period of previous fiscal. The company’s net income for the quarter escalated to $193.3 million (Q3 FY20: $27.0 million).

Gross profit in the three month-period rose to $862.1 million ($577.4 million). Moreover, operating income expanded to $216.3 million ($92.2 million).

 

Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 41 per cent sales growth to $1.5 billion in the third quarter (Q3) of FY21 ended on August 29, 2021, compared to the sales of $1.0 billion in the same period of previous fiscal. The company’s net income for the quarter escalated to $193.3 million (Q3 FY20: $27.0 million).

Regionally, sales from Americas during Q3 FY21 grew 52 per cent to $838 million ($550 million), and Europe recorded 27 per cent jump to $494 million ($390 million). Sales from Asia were up 34 per cent to $165 million ($123 million).

 

Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 41 per cent sales growth to $1.5 billion in the third quarter (Q3) of FY21 ended on August 29, 2021, compared to the sales of $1.0 billion in the same period of previous fiscal. The company’s net income for the quarter escalated to $193.3 million (Q3 FY20: $27.0 million).

“Looking ahead, we are raising our outlook across revenues and profits. We have taken pricing actions and believe we have pricing power to mitigate inflationary pressures. Our third quarter performance combined with our confidence in our outlook also enables us to allocate capital across all of our core priorities: investing in our business; paying down debt; closing an inorganic acquisition; and returning cash to shareholders in the form of dividends and a newly-authorised $200 million share repurchase programme,” Harmit Singh, chief financial officer of Levi Strauss & Co said.

Fibre2Fashion News Desk (JL)





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