Levi Strauss & Co reported quarterly results

third quarter earnings: “Financial Highlights for the Third Quarter • Reported net revenues of $1.5 billion up 41% versus Q3 2020 and up 3% versus Q3 2019 ◦ Direct-to-Consumer reported net revenues up 34% versus Q3 2020 and up 4% versus Q3 2019 ◦ Global Wholesale reported net revenues up 45% versus Q3 2020 and up 3% versus Q3 2019 ◦ Net revenues through all digital channels grew 10% versus Q3 2020 and 76% versus Q3 2019 ◦ Digital sales represented approximately 20% of total third quarter revenues • Gross margin was 57.6%; Adjusted gross margin was 57.5%, up 390 basis points from Q3 2020 and 450 from Q3 2019 • Operating margin was 14.4% ; Adjusted EBIT margin expanded to a third quarter record of 14.8% , up from 7.9% in Q3 2020 and 12.2% in Q2 2019 • Net income was $193 million; Adjusted net income was $197 million up from $31 million in Q3 2020 and $128 million in Q3 2019 • Diluted EPS was $0.47 ; Adjusted diluted EPS was $0.48 , up from $0.08 in Q3 2020 and $0.31 in Q3 2019 • Adjusted free cash flow for the first nine months of 2021 was $251 million, above prior year Subsequent to Quarter- End: • The company paid back the remaining $200 million balance of its 2025 Notes, returning gross debt back to pre-pandemic levels • The company completed the acquisition of Beyond Yoga , for an aggregate purchase price of approximately $400 million, diversifying the business into the high growth activewear segment • The Board of Directors authorized a $200 million share repurchase program “We delivered a strong quarter with revenue growth versus pre-pandemic 2019 levels, despite a more difficult macro-environment than we expected,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co.” Previous: “Financial Highlights for the Third Quarter • Reported net revenues of $1.5 billion up 41% versus Q3 2020 and up 3% versus Q3 2019 ◦ Direct-to-Consumer reported net revenues up 34% versus Q3 2020 and up 4% versus Q3 2019 ◦ Global Wholesale reported net revenues up 45% versus Q3 2020 and up 3% versus Q3 2019 ◦ Net revenues through all digital channels grew 10% versus Q3 2020 and 76% versus Q3 2019 ◦ Digital sales represented approximately 20% of total third quarter revenues • Gross margin was 57.6%; Adjusted gross margin was 57.5%, up 390 basis points from Q3 2020 and 450 from Q3 2019 • Operating margin was 14.4% ; Adjusted EBIT margin expanded to a third quarter record of 14.8% , up from 7.9% in Q3 2020 and 12.2% in Q2 2019 • Net income was $193 million; Adjusted net income was $197 million up from $31 million in Q3 2020 and $128 million in Q3 2019 • Diluted EPS was $0.47 ; Adjusted diluted EPS was $0.48 , up from $0.08 in Q3 2020 and $0.31 in Q3 2019 • Adjusted free cash flow for the first nine months of 2021 was $251 million, above prior year Subsequent to Quarter- End: • The company paid back the remaining $200 million balance of its 2025 Notes, returning gross debt back to pre-pandemic levels • The company completed the acquisition of Beyond Yoga , for an aggregate purchase price of approximately $400 million, diversifying the business into the high growth activewear segment • The Board of Directors authorized a $200 million share repurchase program “We delivered a strong quarter with revenue growth versus pre-pandemic 2019 levels, despite a more difficult macro-environment than we expected,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co.”