On Tuesday, we released our first-quarter financial results, where we saw incredible momentum resulting in profitable growth across nearly every market, channel and category.
This quarter, our reported revenues grew by 22 percent (16 percent in constant currency) and adjusted EBIT grew an impressive 59 percent.
“The momentum and growth trends we saw in the back half of last year not only continued but accelerated in the first quarter,” said Chip Bergh, president and chief executive officer, Levi Strauss & Co. “Our results clearly demonstrate that our strategies are working and that the incremental investments we are making in marketing, direct-to-consumer expansion and our more diversified portfolio are paying off.”
Here are other key takeaways from our results:
We hit on all cylinders in every region.
- We grew by 30 percent in Europe, delivering double-digit revenue growth across every channel and market.
- The Americas region delivered 13 percent growth, the highest in recent history. And our U.S. business grew by 11 percent. Mexico and Canada also continues to perform extraordinarily well for us, with revenue up double-digits this quarter, which was driven by growth in all channels.
- And in Asia, net revenues were up 5 percent, with our wholesale, brick-and-mortar, and ecommerce sales each growing double digits.
Long live Levi’s®. The brand just keeps getting stronger, with 17 percent growth for the quarter, punctuated by investments in advertising and key collaborations like Levi’s® x Nike Air Jordan helping to put us at the center of culture.
Our strategies and investments to diversify our business are paying off. Our total tops business grew by 38 percent this quarter (driven by graphic tees, sweatshirts and hoodies) while the total women’s business grew 29 percent.
Our direct-to-consumer business is stronger than ever. For the eighth consecutive quarter this business saw double-digit growth of 18 percent in Q1.
Our two value brands are so hot right now. Signature by Levi Strauss & Co.™ and Denizen® continued their momentum, collectively growing more than 30 percent. What’s more, the women’s business overtook men’s this quarter, becoming the largest business for each of these brands.
Get more information – read the full press release.