Retail Trade

Levis Strauss Profit Soars

Levis Strauss Profit Soars

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.

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