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Levi Strauss Q4 net income up 20 per cent

Levi Strauss increased 13 per cent in Q4 on a reported basis and 11 per cent in favorable currency translation. For the full year, revenue went up eight per cent, and seven per cent in constant currency. Q4 net income grew 20 per cent primarily reflecting higher ebit and lower taxes due to additional net foreign tax credits as well as the favorable impact of foreign operations as compared to 2016.

Adjusted ebit grew seven per cent in the fourth quarter reflecting higher revenues and gross margins. For the full year, adjusted ebit was flat, as higher revenues and gross margins were offset by higher costs related to the expansion of the company's direct-to-consumer business, increased advertising investments and higher compensation expense reflecting stronger company performance.

Direct-to-consumer revenues grew 20 per cent for the fourth quarter and 15 per cent for the full year on performance and expansion of the retail network, as well as e-commerce growth. The company had 53 more company-operated stores at the end of fiscal 2017 than it did at the end of fiscal 2016.

Wholesale reported revenues grew 10 per cent for the fourth quarter, reflecting higher revenues from the Americas and Europe, and five per cent for the full year primarily reflecting growth in Europe.