Levi Strauss & Co. - LEVI STOCK NEWS

Levi Strauss & Co. has appointed Kenny Mitchell as the new senior vice president and chief marketing officer, effective June 5. Reporting to Michelle Gass, he will focus on enhancing marketing strategies to strengthen consumer engagement and grow market share for the Levi’s® brand. Mitchell brings over 20 years of extensive branding and digital marketing experience from notable companies including Snap and McDonald's. This appointment coincides with significant anniversaries for the brand, including the 150th anniversary of the 501® jean and the company's 170th year of operation. Gass expressed confidence that Mitchell's leadership will promote long-term growth and cultural relevance for the Levi's brand.

Levi Strauss & Co. (NYSE: LEVI) reported a strong Q1 2023, with net revenues of $1.7 billion, marking a 6% increase and 9% growth in constant currency compared to Q1 2022. The growth was fueled by a 12% rise in direct-to-consumer (DTC) sales, which constituted 42% of total revenues. The company reaffirmed its FY 2023 guidance, projecting net revenues between $6.3 billion and $6.4 billion.

Despite the strong revenue growth, net income dropped to $115 million, a 41% decrease year-over-year. Diluted EPS also declined to $0.29, down 17% from the prior year. The gross margin fell to 55.8%, down 360 basis points from Q1 2022, primarily due to increased costs and currency impacts.

Levi Strauss & Co. (NYSE: LEVI) has rescheduled its first-quarter earnings release for the period ending February 26, 2023. The new earnings release date is April 6, 2023, before market opening, followed by a conference call at 6 a.m. Pacific Time / 9 a.m. Eastern Time.

Investors can pre-register for the conference call via a provided link, and a live webcast will also be available. More details on accessing the conference call and future earnings announcements are available on the company’s investor relations website.

Levi Strauss & Co. (NYSE: LEVI) will host a conference call on April 6, 2023, at 2 p.m. PT to discuss its financial results for the first quarter ended February 26, 2023. The call will feature CEO Chip Bergh and CFO Harmit Singh. Participants can pre-register for dial-in details via the provided link. A live webcast will also be available and subsequently archived for one quarter. Levi Strauss reported $6.2 billion in net revenues for 2022, and it operates in over 110 countries with approximately 3,200 retail stores.

Levi Strauss & Co. (NYSE: LEVI) announced the promotion of David Jedrzejek to General Counsel following the retirement of Seth Jaffe, effective June 2. Jaffe, who served for 26 years, played a pivotal role in the company’s turnaround and key initiatives such as the IPO and acquisition of Beyond Yoga. Jedrzejek, a seven-year veteran and former Deputy General Counsel, will oversee the legal department and report to CEO Chip Bergh. Levi Strauss is a leading global jeanswear company, with reported net revenues of $6.2 billion in 2022.

Levi Strauss & Co. (NYSE: LEVI) reported its Q4 and FY 2022 financial results, highlighting a 7% growth in net revenues to $6.2 billion. Q4 diluted EPS was $0.38, while adjusted EPS was $0.34, affected by currency impacts. The company anticipates 2023 revenues to increase by 1.5% to 3% with adjusted EPS guidance of $1.30 to $1.40. Despite a 6% revenue decline in Q4 from the previous year, the direct-to-consumer channel showed growth. The company returned $350 million to shareholders through dividends and repurchases. CEO Chip Bergh expressed confidence in continued brand strength and strategic market positioning.

Levi Strauss & Co. (NYSE: LEVI) has appointed Jason Gowans as the new senior vice president and chief digital officer, effective February 6. Gowans, a former executive at Nordstrom, will lead the company’s digital transformation efforts aimed at enhancing ecommerce and overall digital strategies. Under his leadership, the focus will be on integrating engineering, data, and digital product management to boost direct-to-consumer growth. This appointment supports the company's goal of increasing revenue through improved productivity and loyalty programs, further advancing its digital-first strategy.