Levi Strauss & Co reported quarterly results

full year earnings: “Last year, he served as the key architect behind the five-year growth plan laid out at our Investor Day, and his expanded role will enable more direct control to execute against our strategic initiatives." Financial Highlights for the Fourth-Quarter • Reported net revenues of $1.6 billion contracted 6% compared to Q4 2021, but was flat on a constant-currency basis as strong growth in the direct-to-consumer channel offset a decline in wholesale • Gross margin was 55.8%; Adjusted gross margin was 55.8% , 230 basis points below Q4 2021 inclusive of approximately 100 basis points of adverse currency impacts, however 150 basis points above Q4 2019's pre-pandemic level • Operating margin was 8.6% ; Adjusted EBIT margin was 9.0% , compared to 12.0% in Q4 2021 • Net income was $151 million; Adjusted net income was $137 million , versus $170 million in Q4 2021 • Diluted EPS was $0.38; Adjusted diluted EPS was $0.34 , despite a 4 cent adverse currency impact, compared to $0.41 in Q4 2021 • The Company paid a dividend of $0.12 per share, up 47% from prior year; $82 million in capital returned to shareholders Financial Highlights for the Full Year • Reported net revenues of $6.2 billion grew 7% versus FY 2021 and 12% on a constant-currency basis • Gross margin was 57.5%; Adjusted gross margin was 57.6% , 30 basis points below FY 2021 inclusive of approximately 50 basis points of adverse currency impacts, up 380 basis points versus FY 2019 • Operating margin was 10.5%; Adjusted EBIT margin was 11.6% , compared to 12.4% in FY 2021 and 10.6% for FY 2019 • Net income was $569 million; Adjusted net income was $604 million , up from $601 million in FY 2021 • Diluted EPS was $1.41; Adjusted diluted EPS was $1.50 , despite a 12 cent adverse currency impact, and up from $1.47 in FY 2021 • The Company returned $350 million in capital to shareholders, an 84% year-over-year increase , while continuing to reinvest to drive profitable, long-term growth "We achieved strong results in 2022 by focusing on execution and the controllables of the business," said Harmit Singh, chief financial and growth officer of Levi Strauss & Co.” Previous: “Last year, he served as the key architect behind the five-year growth plan laid out at our Investor Day, and his expanded role will enable more direct control to execute against our strategic initiatives." Financial Highlights for the Fourth-Quarter • Reported net revenues of $1.6 billion contracted 6% compared to Q4 2021, but was flat on a constant-currency basis as strong growth in the direct-to-consumer channel offset a decline in wholesale • Gross margin was 55.8%; Adjusted gross margin was 55.8% , 230 basis points below Q4 2021 inclusive of approximately 100 basis points of adverse currency impacts, however 150 basis points above Q4 2019's pre-pandemic level • Operating margin was 8.6% ; Adjusted EBIT margin was 9.0% , compared to 12.0% in Q4 2021 • Net income was $151 million; Adjusted net income was $137 million , versus $170 million in Q4 2021 • Diluted EPS was $0.38; Adjusted diluted EPS was $0.34 , despite a 4 cent adverse currency impact, compared to $0.41 in Q4 2021 • The Company paid a dividend of $0.12 per share, up 47% from prior year; $82 million in capital returned to shareholders Financial Highlights for the Full Year • Reported net revenues of $6.2 billion grew 7% versus FY 2021 and 12% on a constant-currency basis • Gross margin was 57.5%; Adjusted gross margin was 57.6% , 30 basis points below FY 2021 inclusive of approximately 50 basis points of adverse currency impacts, up 380 basis points versus FY 2019 • Operating margin was 10.5%; Adjusted EBIT margin was 11.6% , compared to 12.4% in FY 2021 and 10.6% for FY 2019 • Net income was $569 million; Adjusted net income was $604 million , up from $601 million in FY 2021 • Diluted EPS was $1.41; Adjusted diluted EPS was $1.50 , despite a 12 cent adverse currency impact, and up from $1.47 in FY 2021 • The Company returned $350 million in capital to shareholders, an 84% year-over-year increase , while continuing to reinvest to drive profitable, long-term growth "We achieved strong results in 2022 by focusing on execution and the controllables of the business," said Harmit Singh, chief financial and growth officer of Levi Strauss & Co.”