Levi Strauss & Co. - LEVI STOCK NEWS

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.

Levi Strauss & Co. (NYSE: LEVI) announced the participation of CEO Chip Bergh and CFO Harmit Singh in a virtual fireside chat at J.P. Morgan's 7th Annual Retail Round-Up on April 14, 2021, at 1:10 p.m. ET. The event will be accessible via a live webcast, with a replay available until May 14, 2021. The company is a leader in jeanswear, generating $4.5 billion in net revenue for 2020, and distributes products across over 110 countries through retailers and approximately 3,100 stores.

Levi Strauss & Co. reported first-quarter 2021 net revenues of $1,306 million, reflecting a 13% decline year-over-year, largely due to COVID-19 impacts. The company experienced a significant digital revenue growth of approximately 41%, now comprising 26% of total sales. Gross margin rose to a record 58.2%, while SG&A expenses fell 12%. Net income was $143 million, a 7% decrease from the previous year. Despite challenging conditions, Levi raised its fiscal 2021 revenue outlook, anticipating growth of 24-25% compared to the first half of 2020, and adjusted EPS guidance to 41-42 cents.

Levi Strauss & Co. (NYSE: LEVI) will host a conference call on April 8, 2021, at 2:00 PM PT to discuss its financial results for the first quarter ended February 28, 2021. CEO Chip Bergh and CFO Harmit Singh will lead the call. Investors can access the live webcast at here or call in at +1.833.693.0541 in the U.S. A replay will be available after two hours on the company's investor relations site.

In 2020, Levi Strauss reported net revenues of $4.5 billion, marking its position as a global leader in jeanswear.

Levi Strauss & Co. (NYSE: LEVI) announced a leadership transition in its board of directors. Stephen C. Neal will step down as board chair on March 26, 2021, due to retirement age. Robert “Bob” A. Eckert has been appointed as his successor. Neal expressed confidence in Eckert's leadership, while CEO Chip Bergh highlighted Neal's role in the company's turnaround and public offering. Eckert, with over a decade of board experience and a strong background in global companies, is expected to enhance the board's effectiveness.