Levi's brand is performing well in the Americas, Asia
10 Feb '10
4 min read
• Operating income for 2009 was $378 million compared to $525 million in 2008. Nearly half of the decline was related to the impact of currency. Excluding the effects of currency, the balance of the change was due to lower net revenue and operating margin. Cash Flow and Balance Sheet
The company ended the fourth quarter with cash and cash equivalents of $271 million, an increase of $60 million from November 30, 2008. Cash provided by operating activities was $389 million for 2009, compared with $225 million for the same period in 2008, primarily reflecting reduced investment in inventory and lower operating expenses for the year. Net debt was $1.58 billion at the end of fiscal 2009, compared to $1.64 billion at the end of fiscal 2008. During the year, the company reduced long-term debt by $71 million in addition to paying more than $100 million for acquisitions and a $20 million cash dividend to common stockholders.
“We navigated one of the most challenging economic downturns in decades and came out with a stronger liquidity position and lower debt levels than at the end of 2008,” said Blake Jorgensen, chief financial officer. “At the same time, we successfully integrated our strategic acquisitions and generated solid results from those businesses. These were substantial accomplishments in a very tough environment.”
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