The ongoing consumer demand led to Levi Strauss reaffirmed expectations for fiscal 2022, with net revenue forecast to grow 11 to 13% as compared to 2021, to $6.4 billion to $6.5 billion, with adjusted diluted earnings per share (EPS) projected to be $1.50 to $1.56.
“We achieved excellent financial results in the first quarter, driving strong double-digit revenue growth and record gross margin enabling us to deliver adjusted EBIT margin of 14.9 percent,” said Harmit Singh, chief financial officer of the denim giant. “
Cash and cash equivalents at the end of the quarter of $678 million and short-term investments of $99 million were complemented by $837 million available under the company’s revolving credit facility, resulting in a total liquidity position of approximately $1.6 billion. Net debt was $248 million.