Levi
Levi's
 

09 Oct. 2009

LEVI’S Q3 REVENUE SLIPS

Globally, Levi Strauss & Co.’s net revenue for the third quarter of 2009 fell 6% to $1.04 billion compared with the previous year. Total operating income for the quarter decreased 32% to $98 million, primarily due to the negative impact of currency exchange rates.

On the company’s investor call yesterday, CEO John Anderson said: “Overall, it was a productive quarter in light of the tough market conditions. We remained focused on building our brands and have taken advantage of opportunities to strengthen the business.”

As part of these results, Levi Strauss Europe, Middle East and North Africa (LSEMA) posted Q3 2009 net revenues of $266 million. Revenues remained relatively stable in constant currency compared to the same period the previous year (-2%), although the negative impact of currency exchange rates led to reported results down 13%. While sales of the Levi’s brand declined in the wholesale channel compared to the same quarter last year, these were partially offset by sales in the company’s growing number of retail stores.

“We continued to drive our investment in the European business, with the summer acquisition of our long-time footwear and accessories licensee, DC company, the September opening of our biggest European store in Rome and the successful conversion to full ownership of our joint venture in Russia,” said Armin Broger, President Levi Strauss Europe, Middle East and North Africa. “Together, these initiatives have allowed us to diversify our business, our product offering and our market presence, and put us in a strong position to grow as the economy improves,” he added.

—Melanie Gropler

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