San Francisco-based denim manufacturer and retailer Levi Strauss & Co has reported its financial results for the first quarter of 2017, which ended on February 26.
Net revenues grew four percent on a reported basis, while direct-to-consumer revenues grew 10 percent on performance and expansion of the retail network, as well as e-commerce growth. Wholesale revenues grew two percent primarily reflecting growth in Europe.
On the down side, net income and Adjusted EBIT declined nine and 11 percent, respectively, in the first quarter, primarily reflecting lower gross margins. However, president and CEO Chip Bergh said he was pleased with the company’s overall performance.
“We were able to deliver these solid results despite a declining U.S. wholesale business, because of the breadth of our portfolio,” said Bergh. “Specifically, we grew in all three regions, with particularly outstanding results in Europe; double digit growth in our direct-to-consumer business; and double digit growth on women’s and tops.”