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Decline in fiscal-first-quarter profit, Levi Strauss & Co
13 Apr '11
4 min read
Net revenues in Europe increased due to the expansion and improved performance of the company-operated retail network and higher sales to franchised stores. The sales growth reflected the success of the Levi's Curve ID collection for women.
Net revenues in Asia Pacific increased primarily due to the continued expansion of the company's brand-dedicated retail network in China and India, as well as other emerging markets.
Cash Flow and Balance Sheet
At February 27, 2011, cash and cash equivalents were $249 million, complemented by $298 million available under the company's revolving credit facility. Cash provided by operating activities was $46 million, compared with $76 million for the same period in 2010, reflecting the company's inventory build and an increased contribution to its pension plans. During the first quarter of 2011, the company paid a $20 million dividend; in 2010, the company's dividend payment of $20 million was made in the second quarter. Net debt at the end of the first quarter of 2011 was $1.63 billion, compared to $1.59 billion at the end of 2010.
“We're pleased with the progress we made in the first quarter towards driving long-term growth,” said Blake Jorgensen, chief financial officer. “Looking ahead, we're focused on investing behind our strategic initiatives, as we navigate challenging conditions for the apparel industry.”
Net revenues in Asia Pacific increased primarily due to the continued expansion of the company's brand-dedicated retail network in China and India, as well as other emerging markets.
Cash Flow and Balance Sheet
At February 27, 2011, cash and cash equivalents were $249 million, complemented by $298 million available under the company's revolving credit facility. Cash provided by operating activities was $46 million, compared with $76 million for the same period in 2010, reflecting the company's inventory build and an increased contribution to its pension plans. During the first quarter of 2011, the company paid a $20 million dividend; in 2010, the company's dividend payment of $20 million was made in the second quarter. Net debt at the end of the first quarter of 2011 was $1.63 billion, compared to $1.59 billion at the end of 2010.
“We're pleased with the progress we made in the first quarter towards driving long-term growth,” said Blake Jorgensen, chief financial officer. “Looking ahead, we're focused on investing behind our strategic initiatives, as we navigate challenging conditions for the apparel industry.”
Levi Strauss & Co
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