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Levi’s to open 100 stores in 2019

Levi Strauss & Co., plans to open 100 stores in fiscal 2019. The company already has 70 more stores than during the same time last year. It also plans to roll out an online shop later this year, and a pickup-in-store feature to help boost sales. The company reported a 7 per cent increase in its first-quarter revenues to $1.435 billion for 2019 over the same period last year. Its net income, for the first quarter was $147 million compared to the $19 million net loss reported during the first quarter of the last year.

This was the sixth consecutive quarter of double-digit constant-currency revenue growth. This growth was driven mostly by Levi’s women’s business, which grew by 18 percent. However men’s bottoms, whose sales increased by 6 percent, made up for the largest percentage of revenues. The wholesale business of the company also increased by 8 percent despite continued door closures.

The region that performed the most for the company included the Americas, which encompasses the United States, Canada and Latin America. Revenues in those geographic areas were up 9 percent to $717 million while in Asia revenues inched up 8 percent to $253 million, but revenues rose only 3 percent in Europe, to $465 million.