Today, we announced financial results for the first quarter ending February 28, 2021.
Net revenues of $1.3 billion declined 13% on a reported and 16% on a constant-currency basis compared to the same period in the prior year. The decrease was primarily due to the impacts of the COVID-19 pandemic, including reduced traffic and ongoing closures of company-operated and third- party retail locations for portions of the quarter in certain markets. Additionally, the first quarter of fiscal 2021 did not include the benefit of a Black Friday, as compared to the first quarter of fiscal 2020, which adversely impacted the year-over-year net revenues comparison by approximately three percentage points.
“We’ve started the year strong, beating our internal expectations even as we are lapping a particularly good quarter in the prior year,” said Chip Bergh, chief executive officer of Levi Strauss & Co. “Our strong results this quarter were driven by faster-than-expected recovery in our business from our relentless focus on the priorities that are driving outsized performance. We continue to lean into our strategies – leading with our brands, investing in direct-to-consumer and diversifying our business – while still operating prudently to manage the ongoing uncertainty, especially in Europe. As the vaccine rollout continues and consumer excitement returns, I am more confident than ever that we will emerge from the pandemic a stronger business and drive sustainable, profitable growth.”
Here are some key highlights from our first-quarter results. For the full results, read the press release.