Levi Strauss & Co., one of the world’s largest brand-name apparel companies and a global leader in jeanswear, has reported growth in its revenues as it releases financial results for fourth quarter and full year 2017.
The denim brand witnessed a 13 per cent increase in its net revenue to US $ 1,466 million during the fourth quarter. Its full-year revenue increased by 8 per cent to US $ 4,904 million.
The quarter and the full year also recorded a 20 per cent and 15 per cent growth in direct-to-consumer revenues, respectively. Further, net income zoomed 20 per cent to US $ 116 million during the reporting quarter. Operating income for the full year remained US $ 467 million as against US $ 462 million in the prior year.
However, the apparel retailer noted a 3 per cent decline in net income for full-year to US $ 281 million. A US $ 23 million loss on early extinguishment of debt resulted in the drop in income.
Region-wise, Levi’s Americas’ net revenue grew by 7 per due to the strong performance on wholesale and direct-to-consumer channels in the US, Canada and Mexico markets. Its Asia revenue soared by 13 per cent during the fourth quarter of the year.
Interestingly, the company opened 53 new stores in fiscal 2017.
According to Chip Bergh, President and CEO of Levi, the momentum garnered during the fourth quarter has made fiscal 2017 the strongest revenue year for the company in more than a decade. “Right policies and investment made to expand our businesses yielded the desired results for us,” he concluded.