Levi Strauss & Co. announced financial results for the fiscal year ended November 28, 2021. “We achieved strong results, including multi-decade record revenues and profitability, delivering an adjusted EBIT margin for the full year of 12.4% despite heightened supply chain challenges and product costs,” said Harmit Singh, chief financial officer of Levi Strauss & Co. “This was the result of the unique strength of our brands and our ability to leverage our pricing power to more than offset inflationary pressures while also reinvesting in our growth. Looking ahead, with the foundational work we have done to advance our growth strategies and improve our structural economics, we are highly confident in our 2022 outlook and our ability to generate even stronger results for our shareholders.”
Financial Highlights for the Full Year:
- Reported net revenues of $5.8 billion up 29% versus FY 2020 and flat to FY 2019
- Gross margin was 58.1%; Adjusted gross margin was 57.9%, up 350 basis points from FY 2020 and 410 basis points from FY 2019
- Operating margin was 11.9%; Adjusted EBIT margin expanded to 12.4%, up from 4.1% in FY 2020 and 10.6% in FY 2019
- Net income was $554 million; Adjusted net income was $601 million, up from $84 million in FY 2020 and $456 million in FY 2019
- Diluted EPS was $1.35; Adjusted diluted EPS was $1.47, up 600% from $0.21 in FY 2020 and 31% from $1.12 in FY 2019
- Adjusted free cash flow was $230 million, up $88 million versus FY 2020 and up $114 million versus FY 2019
- The company repurchased 3.4 million shares for $88.4 million
- A total of $104.4 million in dividends were paid during the year
