Global denim major Levi Strauss & Co. reported “strong” and “profitable” growth for the fourth quarter and fiscal year ended November 27, 2022.
The company reported net revenues of $6.2 billion which rose 7% in fiscal 2022 compared to FY 2021 and 12% on a constant-currency basis. Net income was $569 million while adjusted net income was $604 million, compared to $601 million in FY 2021. Gross margin stood at 57.5% while adjusted gross margin was 57.6%, and operating margin was 10.5%.
“In 2022, we delivered strong, profitable growth as well as significant market share expansion, demonstrating the enduring strength of our brands, the diversity of our business and our team’s focused execution of our strategic plan,” said Chip Bergh, President and CEO of Levi Strauss & Co.
However, the company witnessed a 2% drop in direct-to-consumer (DTC) net revenues during the fourth quarter of 2022 compared to the same period in 2021. Having said that DTC net revenues excluding Russia were up 10% on a constant-currency basis, driven by the Americas, Asia and Europe.
In another development the company has named Jason Gowans as the Senior Vice President and Chief Digital Officer effective February 6. Gowans will spearhead the company’s digital efforts for e-commerce and digital go-to-market strategy integrating engineering, data, AI and digital product management.
“Additionally, I am excited to announce that Harmit Singh’s role has expanded to Chief Financial and Growth Officer, effective immediately. Harmit has been a trusted partner and an integral part of this company for the past ten years. Last year, he served as the key architect behind the five-year growth plan laid out at our Investor Day, and his expanded role will enable more direct control to execute against our strategic initiatives,” Bergh added.
Looking ahead, Levi Strauss & Co. expects net revenues between $6.3 billion and $6.4 billion in fiscal 2023.
“We continue to make progress against our strategic priorities, positioning us for further success in 2023. We remain the category leader in denim globally, making consistent market share gains year-over-year,” Bergh concluded.
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