Direct-to-consumer focus will drive growth, Levi Strauss & Co says
Denim brand Levi Strauss & Co has reported revenues of a little under $1.6 billion for the first quarter of its current financial year, the three months ending on February 25, 2024. This represents a fall of 8% compared to the same quarter a year earlier.
Sales of Levi’s products were flat in Asia, remaining at around $290 million, but there were declines of 11% in the Americas and of 7% in Europe, where revenues were $736 million and $423 million, respectively.
The group’s other clothing brands, Dockers, Beyond Yoga, Signature and Denizen, combined to contribute $109 million to the total for the quarter, a fall of 10% year on year.
Commenting on the results, Michelle Gass, who took over as Levi Strauss & Co chief executive at the end of January, said the figures were above expectations. She said the group’s direct-to-consumer sales were up and that “efforts to stabilise” its wholesale business were delivering results.
She explained that an emphasis on direct-to-consumer will be the platform for “our next phase of sustainable profitable growth”.
The group sells its products in more than 110 countries worldwide through a combination of 3,200 brand-dedicated stores and shop-in-shops, as well as through retail partners and e-commerce sites.
