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'Levi's continues to perform relatively well in tough retail climate' - Mr John
15 Apr '09
4 min read
• Net revenues in Europe decreased on a reported and constant currency basis. Currency contributed approximately $45 million of the decline. The decline was also due to weaker wholesale performance in the company's mature markets, reflecting the slowing retail environment in the region.
• Net revenues in Asia Pacific increased on a reported and constant currency basis. Revenues in the company's developing markets in Asia Pacific continued to grow, driven primarily by brand-dedicated retail store expansion, particularly in China, and increased sales driven by product promotions in the region. Retail performance in the region weakened at the end of the quarter.
Balance Sheet and Cash Flow
The company ended the first quarter with cash and cash equivalents of $186 million and available liquidity of $245 million under the company's credit facility. Inventory was up $18 million compared to the end of last year. Cash provided by operating activities was $10 million for the three-month period, compared with $107 million for the same period in 2008, primarily reflecting lower cash collections. Total debt was $1.8 billion at the end of the quarter compared to $1.9 billion at the end of the first quarter of 2008.
• Net revenues in Asia Pacific increased on a reported and constant currency basis. Revenues in the company's developing markets in Asia Pacific continued to grow, driven primarily by brand-dedicated retail store expansion, particularly in China, and increased sales driven by product promotions in the region. Retail performance in the region weakened at the end of the quarter.
Balance Sheet and Cash Flow
The company ended the first quarter with cash and cash equivalents of $186 million and available liquidity of $245 million under the company's credit facility. Inventory was up $18 million compared to the end of last year. Cash provided by operating activities was $10 million for the three-month period, compared with $107 million for the same period in 2008, primarily reflecting lower cash collections. Total debt was $1.8 billion at the end of the quarter compared to $1.9 billion at the end of the first quarter of 2008.
Levi Strauss & Co.
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