Denim retailer and manufacturer Levi Strauss & Co has recorded increases quarterly and yearly net revenue and income for the fourth year in a row.
The US-based company, which operates Levi‘s stores around the UK and trades online, said its net revenues grew one per cent on a reported basis in its fourth quarter, or two per cent excluding $6 million (£4.82 million) in unfavourable currency translation.
For Levi Strauss & Co‘s full year, reported revenue grew one per cent, or three per cent excluding $77 million (£61.79 million) unfavourable currency translation.
However, fourth quarter net income went down by five per cent but the full year net income went up by 40 per cent, which reflected higher gross margins.
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Meanwhile, on a constant-currency basis, direct-to-consumer sales grew 11 per cent for the fourth quarter and 12 per cent for the full year, which the company said reflected performance and expansion of the Levi‘s retail network and ecommerce across all regions, including the UK.
“We are pleased to report our fourth consecutive year of profitable constant currency revenue growth behind the strength of the Levi’s brand and our global direct-to-consumer business,” Levi Strauss & Co president and chief executive Chip Bergh said in a statement.
“Looking ahead, although it remains a very challenging environment, given our diversified portfolio we remain optimistic about our long term prospects for growth.”
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