Levi Strauss Q4 net revenues were $1.6 billion increased 3% on a reported basis and 2% on a constant-currency basis versus Q4 2022.
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DTC (Direct to Consumer) net revenues increased 11% on a reported basis and 10% on a constant-currency basis, driven by broad-based growth in both company-operated mainline and outlet stores and e-commerce.
Net revenues from e-commerce grew 19% on a reported basis and 17% on a constant-currency basis primarily reflecting double-digit growth across regions for the Levi’s brand.
As a percentage of fourth quarter net revenues, DTC comprised 42% of total net revenues as compared to 39% in the fourth quarter of 2022.
Wholesale net revenues declined 2% on a reported basis and 3% on a constant-currency basis, as growth of the Levi’s brands in the U.S. and Asia was offset by a decline in Europe.
In the Americas, net revenues increased 6% on a reported basis and 4% on a constant-currency basis inclusive of 4% growth in the U.S.
DTC net revenues increased 12% on a reported basis and 10% on a constant-currency basis driven by company-operated mainline and outlet stores and e-commerce.
Wholesale net revenues increased 3% on a reported basis and 1% on a constant-currency basis reflecting growth in the U.S. from Levi’s® and Signature. Operating income for the segment increased 50%.
In Europe, net revenues increased 2% on a reported basis and decreased 2% on a constant-currency basis; excluding Russia, net revenues increased 1% on a constant-currency basis.
DTC net revenues increased 12% on a reported basis and 7% on a constant-currency basis, and 10% excluding Russia, driven by company-operated mainline and outlet stores and e-commerce.
Wholesale net revenues decreased 7% on a reported basis and 10% on a constant-currency basis, and 7% excluding Russia, reflecting the cautious order environment among wholesale partners.
Operating income for the segment increased 5% on a reported basis due to higher net revenues and gross margin, partially offset by higher SG&A expenses.
Asia net revenues increased 4% on a reported basis and 7% on a constant-currency basis, reflecting growth across almost all markets, including China. DTC net revenues increased 7% on a reported basis and 11% on a constant-currency basis, driven by strength in company-operated mainline and outlet stores and e-commerce.
Wholesale net revenues increased 1% on a reported basis and 3% on a constant-currency basis.
Operating income for the segment increased 7% due to higher net revenues and gross margin, partially offset by higher SG&A expenses.
Other Brands net revenues decreased 11% on a reported basis and 13% on a constant-currency basis.
Dockers decreased 18% on a reported basis and 20% on a constant-currency basis as growth internationally and in DTC was offset by continued softness in U.S. wholesale. Beyond Yoga® increased 14% on reported and constant-currency bases. ■