Welcome to our dedicated page for Levi Strauss & news (Ticker: LEVI), a resource for investors and traders seeking the latest updates and insights on Levi Strauss & stock.
Levi Strauss & Co. reports news around its global apparel business, which designs and markets jeans, casual wear and related accessories under the Levi's®, Levi Strauss Signature™ and Beyond Yoga® brands. Company updates commonly cover quarterly results, direct-to-consumer growth, regional and channel performance, product-category trends and guidance tied to its denim lifestyle strategy.
Recurring announcements also include capital returns through dividends and share repurchase programs, investor conference participation, leadership and board transitions, and portfolio actions such as the completed sale of the Dockers® brand. The company sells through chain retailers, department stores, online sites and its retail stores and shop-in-shops in markets worldwide.
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Levi Strauss & Co. has appointed Kenny Mitchell as the new senior vice president and chief marketing officer, effective June 5. Reporting to Michelle Gass, he will focus on enhancing marketing strategies to strengthen consumer engagement and grow market share for the Levi’s® brand. Mitchell brings over 20 years of extensive branding and digital marketing experience from notable companies including Snap and McDonald's. This appointment coincides with significant anniversaries for the brand, including the 150th anniversary of the 501® jean and the company's 170th year of operation. Gass expressed confidence that Mitchell's leadership will promote long-term growth and cultural relevance for the Levi's brand.
Levi Strauss & Co. (NYSE: LEVI) reported a strong Q1 2023, with net revenues of $1.7 billion, marking a 6% increase and 9% growth in constant currency compared to Q1 2022. The growth was fueled by a 12% rise in direct-to-consumer (DTC) sales, which constituted 42% of total revenues. The company reaffirmed its FY 2023 guidance, projecting net revenues between $6.3 billion and $6.4 billion.
Despite the strong revenue growth, net income dropped to $115 million, a 41% decrease year-over-year. Diluted EPS also declined to $0.29, down 17% from the prior year. The gross margin fell to 55.8%, down 360 basis points from Q1 2022, primarily due to increased costs and currency impacts.