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'Liquidity position will support the business' - Levi Strauss CEO
15 Jul '09
4 min read
• The increase in net revenues in the Americas region primarily reflected lower sales in the second quarter of 2008 due to the shipping issues related to the U.S. ERP system stabilization. This increase was partially offset by declines in net sales in the 2009 period due to the bankruptcy of a significant U.S. customer in the third quarter of last year.
• Net revenues in Europe decreased on a reported basis and were stable excluding the impact of currency. Weaker wholesale performance in the company's mature markets, reflecting the declining retail environment in the region, was offset by sales from new company-operated stores.
• Net revenues in Asia Pacific decreased on both a reported and constant currency basis. Lower net sales in wholesale channels in mature markets reflected the continuing impact of the slowing global economy, particularly in Japan. The decline was partially offset by increased sales from continued retail store expansion in developing markets.
Balance Sheet and Cash Flow
The company ended the second quarter with cash and cash equivalents of $270 million and available liquidity of $233 million under the company's credit facility. Cash provided by operating activities was $159 million for the three-month period, compared with $121 million for the same period in 2008. Net debt at the end of the quarter was $1.6 billion compared to $1.8 billion at the end of the second quarter of 2008.
• Net revenues in Europe decreased on a reported basis and were stable excluding the impact of currency. Weaker wholesale performance in the company's mature markets, reflecting the declining retail environment in the region, was offset by sales from new company-operated stores.
• Net revenues in Asia Pacific decreased on both a reported and constant currency basis. Lower net sales in wholesale channels in mature markets reflected the continuing impact of the slowing global economy, particularly in Japan. The decline was partially offset by increased sales from continued retail store expansion in developing markets.
Balance Sheet and Cash Flow
The company ended the second quarter with cash and cash equivalents of $270 million and available liquidity of $233 million under the company's credit facility. Cash provided by operating activities was $159 million for the three-month period, compared with $121 million for the same period in 2008. Net debt at the end of the quarter was $1.6 billion compared to $1.8 billion at the end of the second quarter of 2008.
Levi Strauss & Co.
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