Levi Strauss reports 5% drop in Q4FY16 net income

February 16, 2017 - United States Of America

For the fourth quarter ended November 27, 2016, net income at denim jeans marketer Levi Strauss, dropped five per cent to $96 million as against $101 million in the fourth quarter of the prior fiscal.

Levis said the decline in net income, primarily reflects investments associated with the expansion of its company operated stores network and ecommerce.

Net revenue rose one percent on a reported basis to $1,299 million in the quarter under review and increased two per cent, when excluding $6 million in unfavourable currency translation.

The denim retailer added that on a constant-currency basis, direct-to-consumer sales grew 11 per cent in the reporting quarter, which reflects performance and expansion of the retail network and ecommerce across all regions.

Adjusted EBIT declined thirteen per cent year on year to $146 in the fourth quarter of fiscal 2016, both on a reported basis and also on a constant-currency basis. (AR)