On Tuesday, we released our third-quarter financial results, once again showing strong and balanced growth for the company.
“We are pleased with our progress this quarter and year-to-date. Our strategies are working and, despite the challenging retail environment, we are achieving profitable growth,” said Chip Bergh, president and chief executive officer, Levi Strauss & Co.
Here are five takeaways:
- Our third-quarter revenue grew by 7 percent, driven by many of the same trends we’ve seen for the past several quarters, including strong performance in our Europe and direct-to-consumer businesses, which are helping to offset the challenges in U.S. wholesale.
- Europe lives in Levi’s®. Once again, the region pulled off an impressive third quarter performance, up 23 percent with growth across all markets and channels. From experimenting with T-shirt customization in London to showing up in force at more than 35 summer festivals this season, the Europe team is delivering an unmatched brand experience.
- Women’s does double-digit business. Driven by denim skinny fits and tops such as our iconic Levi’s® Trucker jacket, the women’s business delivered its ninth quarter of double-digit growth, up 27 percent from last year. Women’s now represents more than a billion dollars annually in business and has grown almost 40 percent since we introduced the new women’s line in 2015.
- The U.S. embraces Denizen® by Levi’s® and Signature by Levi Strauss & Co.™ brands. Combined, these two brands are delivering big time in the value market, generating 34 percent growth this quarter.
- Our direct-to-consumer efforts are working. We continue to benefit from the expansion of our direct-to-consumer business, with retail store sales up 16 percent and our ecommerce channels posting an impressive 22 percent increase. This past month, the Levi’s® brand also successfully launched its new Virtual Stylist feature designed specifically with the consumer’s optimal shopping experience in mind.
Read the full earnings press release.