Levi Strauss & Co. Reports 4th-Quarter Financial Results

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Levi Strauss & Co. announced financial results for the fourth quarter. “We had a strong finish to 2021 and I can confidently say that we are a stronger company than ever before. Today’s results reflect robust financial performance, marked by sequential improvement through the year, despite navigating ongoing business disruption from the pandemic. Through it all, we have stayed focused on our future and our momentum continues to accelerate into 2022,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co. “We are well positioned for long-term, sustainable growth – our strong brand equity is driving pricing power, we’re boldly diversifying our business and continuing to expand our high margin DTC business. As good as this past year has been, I am confident the future will be even better.”

Financial Highlights for the Fourth-Quarter:

  • Reported net revenues of $1.7 billion up 22% versus Q4 2020 and up 7% versus Q4 2019
  • Direct-to-Consumer (“DTC”) net revenues up 25% versus Q4 2020 and up 20% versus Q4 2019
  • Company-operated store net revenues up 28% versus Q4 2020 and up 14% versus Q4 2019
  • DTC e-commerce net revenues up 22% versus Q4 2020 and 69% versus Q4 2019
  • Global Wholesale net revenues up 20% versus Q4 2020 and up 1% versus Q4 2019
  • The approximate 3% net revenues benefit from Black Friday and the acquisition of Beyond Yoga was offset by the impact of supply chain constraints, which was approximately $50 million
  • Gross margin was 57.8%; Adjusted gross margin was 58.1%, up 350 basis points from Q4 2020 and 380 basis points from Q4 2019
  • Operating margin was 11.1%; Adjusted EBIT margin expanded to 12.0%, up from 8.2% in Q4 2020 and 9.3% in Q4 2019
  • Net income was $153 million; Adjusted net income was $170 million, up from $81 million in Q4 2020 and $108 million in Q4 2019
  • Diluted EPS was $0.37; Adjusted diluted EPS was $0.41, up 105% from $0.20 in Q4 2020 and 58% from $0.26 in Q4 2019
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