Levi Strauss said revenues grew 8 percent to USD 1.4 billion in the second quarter, with surging sales in the Americas partially offset by a dipping Asia market.
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The U.S. denim purveyor said Asia revenues fell 1 percent to USD 260 million on a reported basis, with sales up 6 percent on a constant-currency basis. This followed 27 percent growth in the prior year on a constant-currency basis, reflecting growth across most markets, said the owner of Levi’s and Beyond Yoga brands.
Elsewhere, Americas sales surged 17 percent, with Europe salee down 2 percent for the quarter ending May 26.
By channel, direct-to-consumer (DTC) revenues increased 8 percent on a reported basis, while wholesale revenues grew 7 percent.
As a result, the San Francisco-based company said net income was USD 18 million, compared to a net loss of USD 2 million in the prior-year quarter
“We delivered another strong quarter driven by the Levi’s brand’s prominence at the centre of culture, a robust pipeline of newness and innovation, and continued momentum in our global direct-to-consumer channel. Our amplified focus on women’s and denim lifestyle is delivering outsized growth and driving meaningful market share gains,” said Michelle Gass, president and CEO of Levi Strauss & Co.
“Our transformational pivot to operating as a DTC-first company is yielding positive results around the world, giving me great confidence that we will achieve accelerated, profitable growth for the rest of the year and beyond.”
Earlier this month, Levi’s opened its largest store globally in India, located in New Delhi’s Pacific Mall in Tagore Garden.