SAN FRANCISCO (February 8, 2011) – Levi Strauss & Co. (LS&Co.) today announced financial results for the fourth quarter and fiscal year ended November 28, 2010.
Highlights include:
($ millions)
Three Months Ended Nov. 28, 2010
% Change vs. 2009
As Reported
Fiscal Year Ended Nov. 28, 2010
% Change vs. 2009
As Reported
Net revenues
$1,290
7%
$4,411
7%
Net income
$86
28%
$157
3%
The company grew revenues across each geographic region in fiscal year 2010, due to the strength of the Levi’s® brand, an expanded global store network and the acquisitions made in 2009. As a result, full-year net revenues were up 7 percent from the prior year and fourth-quarter net revenues were up 7 percent compared to the same period in the prior year. Full-year net income increased 3 percent over the prior year and fourth-quarter net income increased 28 percent compared to the same period in the prior year.
“In 2010, we made significant progress transforming our business and moving towards sustainable long-term growth,” said John Anderson, president and chief executive officer of Levi Strauss & Co. “We improved our profitability, and across all of our regions we grew revenues. Looking ahead, we remain committed to our strategies to enhance product, engage consumers with innovative brand experiences and expand our global presence.”
– more –
LS&Co. FY 2010 Results/Add Two
February 8, 2011
Fourth Quarter 2010 Highlights
Gross profit in the fourth quarter was $647 million compared with $618 million for the same period in 2009 reflecting the increase in net revenues. Gross margin for the fourth quarter was 50.2 percent of revenues compared with 51.1 percent of revenues in the fourth quarter of 2009.
Selling, general and administrative (SG&A) expenses for the fourth quarter were $528 million compared with $501 million in the same period of 2009. The increase was primarily due to higher selling costs related to additional company-operated retail stores.
Operating income for the fourth quarter was $119 million compared with $118 million for the same period of 2009.
Regional Overview Regional net revenues for the fourth quarter were as follows:
% Increase
Net Revenues
($ millions)
Three Months Ended November 28, 2010
Three Months Ended November 29, 2009
As Reported
Constant Currency
Americas
$772
$720
7%
7%
Europe
$300
$288
4%
11%
Asia Pacific
$218
$201
8%
3% Higher net revenues in the Americas primarily resulted from the Levi’s® retail business and U.S. Dockers® brand. Net revenues in Europe increased due to growth in the company-operated retail network across the region and improvement in the Levi’s® wholesale business. Net revenues in Asia Pacific increased due to the continued expansion of the company’s brand-dedicated retail network in China and India as well as in other emerging markets, while Japan continued to decline.
LS&Co. FY 2010 Results/Add Three
February 8, 2011
"We are pleased that we delivered top-line growth for 2010,” said Blake Jorgensen, chief financial officer of Levi Strauss & Co. “We are committed to driving long-term sustainable growth and we will continue to invest behind our strategies in 2011 as we did in 2010.”
Highlights include:
($ millions)
Three Months Ended Nov. 28, 2010
% Change vs. 2009
As Reported
Fiscal Year Ended Nov. 28, 2010
% Change vs. 2009
As Reported
Net revenues
$1,290
7%
$4,411
7%
Net income
$86
28%
$157
3%
The company grew revenues across each geographic region in fiscal year 2010, due to the strength of the Levi’s® brand, an expanded global store network and the acquisitions made in 2009. As a result, full-year net revenues were up 7 percent from the prior year and fourth-quarter net revenues were up 7 percent compared to the same period in the prior year. Full-year net income increased 3 percent over the prior year and fourth-quarter net income increased 28 percent compared to the same period in the prior year.
“In 2010, we made significant progress transforming our business and moving towards sustainable long-term growth,” said John Anderson, president and chief executive officer of Levi Strauss & Co. “We improved our profitability, and across all of our regions we grew revenues. Looking ahead, we remain committed to our strategies to enhance product, engage consumers with innovative brand experiences and expand our global presence.”
– more –
LS&Co. FY 2010 Results/Add Two
February 8, 2011
Fourth Quarter 2010 Highlights
Gross profit in the fourth quarter was $647 million compared with $618 million for the same period in 2009 reflecting the increase in net revenues. Gross margin for the fourth quarter was 50.2 percent of revenues compared with 51.1 percent of revenues in the fourth quarter of 2009.
Selling, general and administrative (SG&A) expenses for the fourth quarter were $528 million compared with $501 million in the same period of 2009. The increase was primarily due to higher selling costs related to additional company-operated retail stores.
Operating income for the fourth quarter was $119 million compared with $118 million for the same period of 2009.
Regional Overview Regional net revenues for the fourth quarter were as follows:
% Increase
Net Revenues
($ millions)
Three Months Ended November 28, 2010
Three Months Ended November 29, 2009
As Reported
Constant Currency
Americas
$772
$720
7%
7%
Europe
$300
$288
4%
11%
Asia Pacific
$218
$201
8%
3% Higher net revenues in the Americas primarily resulted from the Levi’s® retail business and U.S. Dockers® brand. Net revenues in Europe increased due to growth in the company-operated retail network across the region and improvement in the Levi’s® wholesale business. Net revenues in Asia Pacific increased due to the continued expansion of the company’s brand-dedicated retail network in China and India as well as in other emerging markets, while Japan continued to decline.
LS&Co. FY 2010 Results/Add Three
February 8, 2011
"We are pleased that we delivered top-line growth for 2010,” said Blake Jorgensen, chief financial officer of Levi Strauss & Co. “We are committed to driving long-term sustainable growth and we will continue to invest behind our strategies in 2011 as we did in 2010.”
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