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HomeBusiness NewsRetail NewsLevi Strauss & Co. Reported Second-Quarter 2022 Financial Results

Levi Strauss & Co. Reported Second-Quarter 2022 Financial Results

Levi Strauss & Co. Reported Second-Quarter 2022 Financial ResultsLevi Strauss & Co. has recently announced financial results for the second quarter ended May 29, 2022. 

“Our second-quarter results demonstrate the power of our strategy, which continues to support strong revenue growth and margin expansion,” said Chip Bergh, president, and chief executive officer of Levi Strauss & Co. “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 the consumer first, and diversifying the portfolio, we are well-positioned to continue to drive growth and create significant value for all our stakeholders.”

“We delivered another solid quarter, growing reported net revenues 15% and adjusted EBIT 27% while returning $80 million in capital to shareholders,” said Harmit Singh, the chief financial officer of Levi Strauss & Co. “Although the operating environment remains dynamic, the diversity of our business is providing the resilience and flexibility needed to drive solid financial results in the 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 the fiscal year 2027.” Highlights include: Three Months Ended increases.

 Financial Highlights for the Second-Quarter

  • Reported net revenues of $1.5 billion up 15%, and up 20% on a constant-currency basis, versus Q2 2021 driven by growth across all business segments 
  • Global Direct-to-Consumer reported net revenues up 16% versus Q2 2021 reflecting a 23% increase in company-operated stores 
  • Global Wholesale reported net revenues up 15% versus Q2 2021
  • Net revenues through all digital channels represented approximately 20% of total second-quarter net revenues, up 3% on top of 75% growth in the same quarter of the prior year 
  • Gross margin was 58.1%; Adjusted gross margin was 58.2%, flat from Q2 2021 
  • Operating margin was 5.2%; Adjusted EBIT margin was a Q2 record 9.9%, up from 9.0% in Q2 2021 
  • Net income was $50 million; Adjusted net income was $117 million, up from $93 million in Q2 2021 
  • Russia-Ukraine charges of $60 million ($0.15 per diluted share) related to the crisis, primarily full impairment of store assets, PP&E, and goodwill 
  • Diluted EPS was $0.12; Adjusted diluted EPS was $0.29, up from $0.23 in Q2 2021

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