Levi Strauss & Co’s direct-to-consumer revenues surged 15 per cent throughout 2017, allowing the company to achieve one of its best revenue gains in a while.
The annual uptick in retail sales was boosted by a 20 per cent spike in the fourth quarter ending November 26, thanks to the opening of 53 directly-operated stores throughout the year and 13 per cent growth in its Asian market.
Meanwhile, the wholesale arm of the US-based fashion company – which operates Levi‘s stores around the UK and trades online – saw growth of 10 per cent for the fourth quarter and a five per cent uptick for the full year.
Wholesale revenues grew 10 percent for the fourth quarter, reflecting higher revenues from the Americas and Europe, and were up 5 percent for the full year, primarily reflecting growth in Europe.
On an overall basis, said net revenue rose 13 per cent for the fourth quarter to $1.3 billion (£1.06 billion) while revenue for the full year increased eight per cent to $4.9 billion (£4 billion).
Although Levi Strauss & Co recorded a 20 per cent surge in net income to $116 million (£94.7 million) in its fourth quarter, one a full-year basis it dipped three per cent to $291 million (£237 million) – partly because of currency losses on soft dollar exchange rates.
“Our growth and momentum accelerated in the fourth quarter, capping the strongest revenue year the company has had in more than a decade,” chief executive and president Chip Bergh said.
“Our strategies are working and the investments that we’ve made to diversify our business over the past few years are paying off, best demonstrated by the strength of the Levi’s brand globally.”