Jeans brand Levi Strauss experienced a very good year: turnover grew 8 %, mainly thanks to its fourth quarter. The company even references the strongest year in a decade.
“Investments are paying off”
Levi Strauss’ total turnover reached 4.9 billion dollars (4 billion euro), up 8 % compared to the year before. There was even a 13 % turnover increase in the fourth quarter alone. That same quarter also boosted the company’s net profit, from 96 to 116 million dollars (95 million euro), although its overall profit did drop 3 % to 281 million dollars (230 million euro). That was because of a 23 million dollar (19 million euro) debt payment.
“Our growth and momentum accelerated in Q4 capping the strongest revenue year the company has had in more than a decade," said CEO Chip Bergh. "Our strategies are working and the investments that we’ve made to diversify our business over the past few years are paying off.”
The company’s retail turnover, both online and offline, spiked 15 % in the past year – partially thanks to 53 new stores. European turnover grew 20 %, Asian turnover went up 5 % and Levi Strauss’ largest market, North and South America, posted a 3 % turnover increase.