Levi Strauss & Co. has been on a roll lately, reporting its fourth consecutive quarter of double-digit revenue growth.
Levi Strauss & Co. has been on a roll lately, reporting its fourth consecutive quarter of double-digit revenue growth.
In a conference call about the San Francisco clothing company’s third-quarter earnings, company executives noted that business grew for all four of the company’s brands and in all categories.
“Our strategy to diversify the business continued with strong results,” said Chip Bergh, Levi’s president and chief executive. “Globally, we are selling a T-shirt every second, and we have done so for the last two years.”
Levi’s net income for the third quarter ending Aug. 26 grew 45 percent to $130 million while its revenues inched up 10 percent to $1.4 billion. Net income growth came from primarily lower income taxes, higher operating income and gains on the company’s hedging contracts compared with losses in the third quarter of 2017.
The strongest market for Levi’s was the Americas, where revenues rose 7 percent to $793 million. Direct-to-consumer business in the Americas was up 13 percent.
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Source: Levi’s Sees Solid Revenue Growth in the Third Quarter | California Apparel News