Levi Strauss & Co. recorded $1.1 billion revenues in Q3, a 27 % decline on a reported basis, according to press release. Revenue was higher than $767 million estimates. Company had reduced traffic and closures of own and third-party retail locations and in certain markets.
- Revenues recovering from pandemic disruptions faster than expected, driven by e-commerce, women’s business, particularly in Europe and U.S.
- Inventory healthy into holiday and company investing in digital transformation, working capital and cost putting company in accelerated path of achieving 12% earnings before interest and tax margin.
- Company’s diluted earnings per share was $0.07 while adjusted earnings per share were $0.08
- An operating margin of 9% while cash from operations rose by $156 million
- Strong e-commerce revenue growth of 52% offset decline while overall global digital revenues grew by 50% compared to same period last year
- Gross margin rose 130 basis points to 54.3% while adjusted gross margin rose 60 basis points to 53.6%
- Net income for Q3 was $27 million and adjusted net income $31 million, a fall from $124 million and $128 million, respectively, in the same quarter prior year.
- Many third-party retail locations, all company-operated doors, and franchises on reduced operation hours.
LEVI stock LEVI: NYSE is up on premarket 10.79%