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Levi Strauss & Co posts Q3 FY20 sales of $1.06 bn
09 Oct 20 2 min read
Levi Strauss & Co, a US-based apparel company and leader in jeans, posted 27 per cent sales decline to $1.06 billion in its third quarter (Q3) FY20 ended on August 23, 2020 compared to the sales of $1.44 billion in the same period previous fiscal. Company’s net income dropped from $124 million in Q3 FY19 to $27 million in the reported quarter.
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“As we continue to navigate the Covid-19 pandemic and its impact, we are laser focused on the areas that will drive value and enable us to emerge stronger on the other side, including elevating our already iconic brand, investing in digitisation, and accelerating our efforts to diversify across geographies, product categories and distribution channels, including doubling down on our fast-growing direct-to-consumer business,” Chip Bergh, president and chief executive officer of Levi Strauss & Co, said in a press release.
Gross profit for Q3 FY20 was down to $577 million ($767 million). Selling, general and administrative (SG&A) expenses fell 19 per cent to $484 million ($596 million). Company reported a sharp decline in its operating income during Q3 FY20 to $92 million ($171 million).
Regionally, sales in US dropped 29 per cent to $550 million ($771 million), while in Europe, sales were down 16 per cent to $390 million ($463 million). Sales in Asia plunged 42 per cent to $123 million ($213 million).
“We bounced back this quarter, delivering profitability and generating strong cash flows,” Harmit Singh, executive vice president and chief financial officer of Levi Strauss & Co, said. “The strength of the Levi’s brand is demonstrated in our gross margins, and revenues have been recovering from Covid-19 related disruptions faster than expected, driven by e-commerce, international and our women’s business, particularly within Europe and in the United States.”
Fibre2Fashion News Desk (JL)
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