Levi Strauss & Co. has announced financial results for the second quarter ended May 26, 2019. The company’s second quarter net revenues grew 5% on a reported basis and 9% on a constant-currency basis, excluding $44 million in unfavourable currency effects.
The company’s direct-to-consumer business grew reported revenues by 9% in the second quarter, primarily due to performance and expansion of the retail network and e-commerce growth. The company had 78 more company-operated stores at the end of the second quarter of 2019 than it did a year prior. The company’s wholesale business grew reported revenues by 3%, reflecting growth in all the regions.
“Our second quarter and first half results reflect the continued strength of our diversified business model as we delivered broad-based growth across all brands, regions and key product categories despite a challenging retail and macroeconomic environment,” said Chip Bergh, president and CEO of Levi Strauss & Co. “For both periods, the Levi’s brand grew in all three regions across men’s, women’s, tops and bottoms and maintained its position at the centre of culture through iconic products and consumer experiences.”