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Levi Strauss' Q3 revenues decline in Asia Pacific

10
Oct '12
Regional Overview

- Net revenues in the Americas included higher sales from company’s Levi’s brand retail stores, but declined overall primarily reflecting the company’s decision to license the Levi’s brand boys business.

- In Europe, economic challenges continue in most markets.  The year-over-year constant-currency trend reflects the order fulfillment issues tied to the July 2011 implementation of an enterprise resource planning system in the region.   Net revenues from company-operated retail grew, reflecting price increases and an expanded network of stores.

- Revenues declined in Asia Pacific on both a reported and constant currency basis, reflecting a decline in wholesale revenues, including franchisee revenues, due to the economic slowdown in the region, particularly in India. Additionally, the company’s decision to phase out the Denizen brand in Asia further reduced revenues.

Cash Flow and Balance Sheet

As of August 26, 2012, cash and cash equivalents were approximately $315 million, and $478 million was available under the company’s revolving credit facility.   Cash provided by operating activities during the nine-month period in 2012 was $416 million, compared with $17 million for the same period in 2011, reflecting the company’s lower purchases and lower cost of inventory, as well as lower operating expenses. Net debt was $1.4 billion as compared to $1.8 billion at the end of 2011.

Levi Strauss & Co. is one of the world’s largest brand-name apparel companies and a global leader in jeanswear.  The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi’s, Dockers, Signature by Levi Strauss & Co, and Denizen brands.

Levi Strauss & Co


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