US clothing firm Levi Strauss & Co Q2 FY21 sales escalate to $1.27 bn

09 Jul '21

2 min read

Pic: Levi Strauss & Co

Levi Strauss & Co, a US-based apparel company and leader in jeans, has reported 156 per cent sales growth to $1.27 billion in second quarter (Q2) of FY21 ended on May 30, 2021, compared to the sales of $498 million in the corresponding period of previous fiscal. The company’s net income for the quarter improved to $64.7 million (Q2 FY20: loss $363.5 million).

“We generated strong momentum in the second quarter with the accelerated recovery of our revenues and delivered growth across all regions and channels. This was underscored by the strength of our brands and our ability to capitalise on evolving denim trends and a continued shift to casualisation,” Chip Bergh, president and chief executive officer of Levi Strauss & Co, said in a press release.

Levi’s Strauss & Co’s e-commerce sales were up 42 per cent, contributing 23 per cent to the total sales. While, gross profit for Q2 FY21 jumped to $750.2 million ($169.6 million). The company’s operating income for the three-month period $106.4 million (loss: $448.2 million).

Sales from Americas region surged 153 per cent to $715.1 million ($282.7 million) driven by Levi’s & Signature, while sales in Europe escalated 183 per cent to $365.4 million ($129.0 million). Moreover, sales from Asia during Q2 FY21 grew 128 per cent to $195.5 million ($8.8 million).

“As we move into the second half of 2021, we are focused on emerging stronger with our strategic priorities of leading with our enduring brand, accelerating our direct-to-consumer connections, and diversifying across categories, channels and geographies,” Bergh added.

Fibre2Fashion News Desk (JL)

More Levi Strauss & Co News... More Apparel/Garments News - United States Of America...