This week, we reported our first quarter earnings results since going public – and business is thriving.
First quarter net revenues grew 7 percent on a reported basis and 11 percent on a constant-currency basis.
“We delivered our sixth consecutive quarter of double-digit constant-currency revenue growth,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co. “Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off.”
Key takeaways include (all in constant currency and versus prior year unless stated otherwise):
- Our revenues grew in every one of our geographic regions. And revenues grew by double digits – our Americas and Europe regions grew by 10 percent while Asia grew by 14 percent. And within each region, every channel and nearly every market grew.
- All four of our brands grew. This includes Dockers®, up by 13 percent this quarter (off a low base), as well as our Signature and Denizen® brands which collectively delivered 22 percent growth. The Levi’s® brand grew by 10 percent. Our namesake brand continues to build on its momentum through new collaborations like the Peanuts collections as well as new favorite fits like our high rise for women and tapered fits for men.
- Women’s and tops remain our fastest growing categories. Our strategy to diversify our product portfolio and expand for more continues to pay off. Tops revenues were up a whopping 28 percent, driven primarily by sweatshirt and Trucker jacket sales. And Women’s revenues grew by 18 percent, marking the 15th consecutive quarter of growth in this category and the ninth consecutive quarter of double-digit growth.
- Our direct-to-consumer business is strong. Our direct-to-consumer business, which includes our own brick-and-mortar stores and our ecommerce channels, is thriving. Globally, we grew by 14 percent in this space, and it’s the 12th consecutive quarter we’ve grown by double digits.
- Wholesale continues to be a strong growth driver for us. Retail industry doors may be continuing to close, but showed growth in the category, growing our global wholesale business by 8 percent this past quarter.
Find the full press release here.