Levi Strauss & Co. designs, markets, and sells jeans, casual and dress pants, tops, shorts, skirts, jackets, footwear, and related accessories for men, women, and children worldwide. The company sells its products under the Levi's, Dockers, Signature by Levi Strauss & Co., and Denizen brands; and also licenses its Levi's and Dockers trademarks for various product categories, including footwear, belts, wallets and bags, outerwear, sweaters, dress shirts, kids wear, sleepwear, and hosiery, as well as licenses its Signature by Levi Strauss & Co. and Denizen trademarks in various markets for various product categories. It sells its products in approximately 110 countries through a network of cha...
1155 Battery Street
San Francisco, CA 94111
Founded in 1853
Hampshire Group Reaches License Agreement with Levi Strauss & Co
Jul 11 16
Hampshire Group, Limited announced that the company has reached an agreement with its primary licensor, Levi Strauss & Co., and its senior secured lender with respect to its licenses to produce Dockers® brand clothing. Hampshire will transition the Dockers® licenses back to Levi Strauss & Co. along with related product development, production processes and sourcing relationships, and liquidate its receivables and other assets with the goal of paying off its outstanding indebtedness with its lender. The lender agreed to fund the company’s completion of identified purchase orders. The company expects the transition process to be completed by early October 2016.
Levi Strauss & Co. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended May 29, 2016
Jul 11 16
Levi Strauss & Co. reported unaudited consolidated earnings results for the second quarter and six months ended May 29, 2016. For the quarter, net revenues were $1,011,587,000 against $1,012,180,000 a year ago. Operating income was $58,038,000 against $47,615,000 a year ago, reflecting lower charges related to the company’s productivity initiative. Income before income taxes was $41,922,000 against $19,339,000 a year ago. Net income attributable to the company was $30,725,000 against $11,691,000 a year ago. Adjusted EBIT was $62.8 million against $63.3 million for the same period a year ago. Net revenues were flat on a reported basis and grew 1% excluding $14 million in unfavorable currency translation effects. Higher revenues primarily reflected increased constant-currency direct-to-consumer sales, which grew low double-digits for the second quarter, on performance and expansion of the retail network as well as ecommerce growth. Constant-currency wholesale revenues declined low single-digits for the quarter. Second-quarter net income grew 163% primarily reflecting a decline in charges related to the company’s productivity initiative and a debt extinguishment loss recorded in the prior year. second quarter adjusted EBIT was roughly flat to prior year, as an improvement in gross margin and higher constant-currency revenues were offset primarily by increased investment in the company's direct-to-consumer channel and advertising.
For the six months, net revenues were $2,068,087,000 against $2,067,255,000 a year ago. Operating income was $174,625,000 against $155,060,000 a year ago. Income before income taxes was $141,388,000 against $77,444,000 a year ago. Net income attributable to the company was $96,561,000 against $50,083,000 a year ago. Net cash provided by operating activities was $103,304,000 against $102,564,000 a year ago. Purchases of property, plant and equipment was $47,231,000 against $43,163,000 a year ago. Free cash flow was $13.0 million against $8.0 million a year ago. Net debt as on May 29, 2016, was $806.8 million.
Levi Strauss Seeks Acquisitions
Jul 11 16
Levi Strauss & Co. is seeking acquisitions. Chip Bergh, President and Chief Executive Officer of Levi's, said, "I think first we do have it and you can see it in our business around the world. We have some markets where our tops business is almost as big as our bottoms business, so we've got the portfolio. Could we be helped by a tuck-in acquisition? I would not say no. There could be the right kind of opportunity down the road for us that could help us accelerate our business either on tops or on women's, which is also a significant opportunity for us. We are underdeveloped on our women's business relative to most brands as well. So I wouldn't rule it out, if that's what you are really looking for."