Interviews
News Flash
Levi's brand grows worldwide
15 Apr '10
4 min read
• Net revenues improved in Europe, benefiting from the impact of currency, the acquisition of the footwear and accessory business during 2009, and expansion of the company-operated retail network across the region. Revenue gains were partly offset by continued lower sales in the wholesale channel, reflecting the continued difficult retail environment across the region.
• Net revenues in Asia Pacific increased on a reported basis and decreased on a constant currency basis. Growth in the company's developing markets in the region – driven by brand-dedicated retail store expansion – was more than offset by lower revenue performance in several mature markets.
Cash Flow and Balance Sheet
The company ended the first quarter with cash and cash equivalents of $315 million, an increase of $45 million from November 29, 2009. Cash provided by operating activities was $76 million, compared with $10 million for the same period in 2009, primarily reflecting the company's operating results and focus on inventory management. Net debt was $1.51 billion at the end of the quarter, down from $1.58 billion at the end of 2009.
“With net revenues up, improved gross margins and growth at the bottom line, we are delivering solid performance across the key financial metrics,” said Blake Jorgensen, chief financial officer. “Our strong cash flow and improved liquidity position enable us to continue to invest behind our strategic growth initiatives and position the company for profitable growth when economic conditions improve.”
• Net revenues in Asia Pacific increased on a reported basis and decreased on a constant currency basis. Growth in the company's developing markets in the region – driven by brand-dedicated retail store expansion – was more than offset by lower revenue performance in several mature markets.
Cash Flow and Balance Sheet
The company ended the first quarter with cash and cash equivalents of $315 million, an increase of $45 million from November 29, 2009. Cash provided by operating activities was $76 million, compared with $10 million for the same period in 2009, primarily reflecting the company's operating results and focus on inventory management. Net debt was $1.51 billion at the end of the quarter, down from $1.58 billion at the end of 2009.
“With net revenues up, improved gross margins and growth at the bottom line, we are delivering solid performance across the key financial metrics,” said Blake Jorgensen, chief financial officer. “Our strong cash flow and improved liquidity position enable us to continue to invest behind our strategic growth initiatives and position the company for profitable growth when economic conditions improve.”
Levi Strauss & Co
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
