New Delhi/UNI: Driven by growth across all of its business segments, US apparel giant Levi Strauss & Co on Friday reported a 15% year-on-year increase in net revenue to $1.5 billion in the second quarter of FY22.
The company’s net profit was $50 million while adjusted net profit was $117 million for the second quarter ended May 29, this year compared to $93 million in the second quarter last year, according to the official press release.
The statement said the company’s gross profit was $855 million in the second quarter of FY22, compared to $750 million in the same quarter a year earlier.
Gross margin was 58% of net revenues, compared to 58.8% in the same quarter a year earlier.
“Net revenue through all digital channels represented approximately 20% of total net revenue in the second quarter, up 3% from growth of 75% in the same quarter a year earlier,” he said. declared.
Levi Strauss & Co President and CEO Chip Bergh said the company’s second quarter results demonstrated the power of its strategy which continues to support strong revenue growth and margin expansion.
“Our brands resonate with consumers across all geographies, channels and product categories. By continuing to advance our most impactful growth drivers: being brand-led, consumer-first and diversifying the portfolio, we are well-positioned to continue driving growth and creating meaningful value for all of our stakeholders,” Bergh said.
Levi Strauss & Co’s Chief Financial Officer, Harmit Singh, said, “While the operating environment remains dynamic, the diversity of our businesses provides the resilience and flexibility needed to deliver strong financial results in fiscal year 2022. , while moving us forward on the path to achievement. net revenues of $9-10 billion and an adjusted EBIT margin of 15% by FY2027.”