Levi's Go Forth Manifesto
14 Jul. 2011
LEVI’S HAS BRIGHTER Q2 RESULTSThings are looking up at Levi Strauss & Co: The San Francisco-based denim and apparel giant powerhouse announced its second quarter 2011 results yesterday, which included a net income of $21 million, compared to a loss of $14 million in the same period last year.
Boosted by sales growth in all regions, the company’s net revenues jumped 12% from $997 million to $1.09 billion. Of the three regions (Americas, Europe and Asia Pacific), the latter showed the biggest growth with Asia Pacific revenues jumping 19% to $213 million compared to $178 million in the second quarter last year. Europe’s rose 17% to $261 million from $240 million while the Americas’ saw a 7% increase, $599 million from $558 million.
Levi’s cited the growth of its company-owned retail network in Europe and Asian countries such as China and India as one of the reasons for the improved performance. “Our top-line improvement demonstrates that our global strategies are working. Around the world, the Levi’s brand is performing well as consumers are responding to our craftsmanship and compelling products,” said John Anderson, President and CEO. He added, “As I retire and turn the reins over to a new CEO on September 1, I am proud of the good momentum we’ve established in the marketplace. The company has creative, experienced leaders in place and exciting initiatives ahead, including the first Levi’s brand global marketing campaign this fall, innovative designs, and the expansion of our new brand, Denizen.”
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