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Levi Strauss and Co. has reported a 10% increase in retail sales during the twelve weeks to 26 August, as the fashion retailer delivered its fourth consecutive quarter of revenue growth.
Levi’s net revenue for the three-month period was $1.39bn (£1.05bn) up from $1.26bn (£955m) the previous year. The growth was partly driven in Europe which experienced a 17% sales growth to $406m (£308m). The American and Asian markets also reported a 7% and 8% increase respectively.
On a reported basis, direct-to-consumer revenues grew 14% on performance and expansion of the retail network, as well as ecommerce growth. The company had 65 more stores at the end of the third quarter of 2018 than it did when compared with the previous year.
Levi’s also reported that net income increased $40m (£30m) which it attributed to “primarily reflecting lower income taxes, higher operating income and gains on the company’s hedging contracts as compared with losses in the third quarter of 2017”.
Adjusted EBITDA also increase by 10% rising from $147m (£111m) in 2017 to $162m (£122m) in Q3 2018.
Levi Strauss and Co. CEO Chip Bergh, said: “We delivered our fourth consecutive quarter of double-digit revenue growth. This growth was broad-based across virtually every part of our business, including all four brands, men’s, women’s, tops and bottoms, and all regions and channels, with results that put us among the top performers in the industry.”
