Levi Strauss & Co net revenue up 15% at $1.5 billion in Q2

Levi Strauss & Co on Friday reported 15% year-on-year increase in net revenues to $1.5 billion in the second quarter of financial year 2022 (Q2FY22).

New Delhi, July 8: Driven by growth across all its business segments, American clothing major Levi Strauss & Co on Friday reported 15% year-on-year increase in net revenues to $1.5 billion in the second quarter of financial year 2022 (Q2FY22).

As per the official statement, the company’s net income was $50 million. While adjusted net income was $117 million for the second quarter ended May 29, 2022. Up from $93 million in Q2 2021.

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The statement said gross profit of the company was $855 million in Q2FY22. As compared to $750 million in the same quarter of the prior year. Gross margin was 58. per cent of net revenues. As compared to 58.8 per cent in the same quarter of the prior year.

“Net revenues through all digital channels represented approximately 20 per cent of total second quarter net revenues. Up 3 per cent on top of 75 per cent growth in the same quarter of the prior year”. It said.
Chip Bergh, president and chief executive officer of Levi Strauss & Co said that the company’s second quarter results demonstrated the power of its strategy which continues to support strong revenue growth and margin expansion.

“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 consumer first and diversifying the portfolio. We are well-positioned to continue to drive growth and create significant value for all our stakeholders”. Added Bergh.

Harmit Singh, chief financial officer of Levi Strauss & Co, said. “Although the operating environment remains dynamic. The diversity of our business is providing the resilience. And flexibility needed to drive solid financial results in 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 fiscal year 2027.”