Levi Strauss & Co. - LEVI STOCK NEWS

Sanjeev Mohanty has been appointed to lead commercial operations for Levi Strauss & Co. in the U.S. and Canada, managing the company's largest commercial cluster. Previously, he served as the senior vice president for South Asia, Middle East, and Africa, where he drove significant growth and success. Mohanty brings extensive retail experience from global brands, including Global Fashion Group and Benetton Group. This leadership change aims to enhance operational effectiveness and consumer engagement in the company's largest market.

Levi Strauss & Co. reported third-quarter results with net revenues of $1.5 billion, a 41% increase year-over-year and a 3% increase compared to Q3 2019. Gross margin expanded to 57.6%, and operating margin was 14.4%. Diluted EPS rose to $0.47, up from $0.07 in Q3 2020. Key growth drivers included a 34% increase in Direct-to-Consumer revenues and a 45% rise in Global Wholesale revenues. The company raised its fiscal 2021 outlook and authorized a $200 million share repurchase program, reflecting confidence amidst ongoing COVID-19 challenges.

Levi Strauss & Co. (NYSE: LEVI) will host a conference call on October 6, 2021, at 2 p.m. PT to discuss its third-quarter financial results, ending August 29, 2021. CEO Chip Bergh and CFO Harmit Singh will lead the call. Investors can access the live webcast via this link or dial in at +1.833.693.0541 (US) or +1.661.407.1582 (international). A replay will be available shortly after the event on the investor website. Levi Strauss reported $4.5 billion in net revenues for 2020.

Levi Strauss & Co. (NYSE: LEVI) will redeem its entire $200 million outstanding 5.00% Senior Notes due 2025 on September 30, 2021. The redemption price is set at 101.667% of the principal amount, along with any accrued interest. This strategic move will save the company approximately $10 million annually in interest expenses. The funding for the redemption will come from cash on hand, and the company reports solid liquidity, allowing it to return gross debt levels to pre-pandemic status.

Levi Strauss & Co. (NYSE: LEVI) has announced a purchase agreement to acquire Beyond Yoga, a premium athletic apparel brand, with a transaction expected to close in Q4 2021. This acquisition will enhance LS&Co.'s presence in the activewear segment and support the growth of Beyond Yoga through direct-to-consumer channels and premium partnerships. The deal aims to leverage LS&Co.'s resources to scale Beyond Yoga's global reach. Beyond Yoga has reportedly doubled its revenue and profitability in the past three years, making the acquisition reportedly accretive to LS&Co.'s earnings.

Levi Strauss & Co. reported strong second-quarter results for 2021, with net revenues of $1.3 billion, a 156% increase from last year, exceeding fiscal 2019 levels. The company raised its fiscal year guidance for revenues and EPS, anticipating net revenues to grow by 28-29% compared to the second half of fiscal 2020. E-commerce sales surged by 75%, contributing to a record adjusted gross margin of 58.2%. Net income was $65 million and diluted EPS stood at 0.16, reflecting significant recovery from pandemic lows. The dividend increased from $0.06 to $0.08 per share.

Levi Strauss & Co. (NYSE: LEVI) will hold a conference call on July 8, 2021, at 2:00 PM PT to discuss its financial results for Q2 ended May 30, 2021. The call will feature CEO Chip Bergh and CFO Harmit Singh. Investors can access the live webcast via a provided link or dial in using specific numbers. A replay will be available shortly after the event. Levi Strauss reported net revenues of $4.5 billion in 2020 and operates a significant retail presence worldwide.