Wed, Jun 26, 8:10 PM (73 days ago)
Levi Strauss & Co.’s quarterly report for the period ending May 26, 2024, highlights a 7.8% increase in net revenues compared to the same period in 2023, driven by a 17% rise in the Americas segment, partially offset by declines in Europe and Asia. The company reported a net income of $18.0 million, up from a net loss of $1.6 million in the prior year, primarily due to higher operating income and gross margins. However, restructuring charges related to "Project Fuel" significantly impacted the operating income, which was $21.9 million, up from $9.9 million. Cash flow from operations increased to $548.8 million, attributed to lower inventory spending and a $77.9 million advance payment for a distribution center transition. The company’s liquidity remains strong with $641.4 million in cash and equivalents. Future operations will focus on optimizing the operating model and reducing costs through the ongoing "Project Fuel" initiative.