Levi Strauss & Co posts Q3 FY20 gross sales of $1.06 bn

2020/10 09 05:10

Levi Strauss & Co, a US-based attire firm and chief in denims, posted 27 per cent gross sales decline to $1.06 billion in its third quarter (Q3) FY20 ended on August 23, 2020 in comparison with the gross sales of $1.44 billion in the identical interval earlier fiscal. Firm’s internet earnings dropped from $124 million in Q3 FY19 to $27 million within the reported quarter.

 

“As we proceed to navigate the Covid-19 pandemic and its impression, we’re laser centered on the areas that can drive worth and allow us to emerge stronger on the opposite facet, together with elevating our already iconic model, investing in digitisation, and accelerating our efforts to diversify throughout geographies, product classes and distribution channels, together with doubling down on our fast-growing direct-to-consumer enterprise,” Chip Bergh, president and chief govt officer of Levi Strauss & Co, stated in a press launch.

 

Gross revenue for Q3 FY20 was all the way down to $577 million ($767 million). Promoting, common and administrative (SG&A) bills fell 19 per cent to $484 million ($596 million). Firm reported a pointy decline in its working earnings throughout Q3 FY20 to $92 million ($171 million).

 

Regionally, gross sales in US dropped 29 per cent to $550 million ($771 million), whereas in Europe, gross sales had been down 16 per cent to $390 million ($463 million). Gross sales in Asia plunged 42 per cent to $123 million ($213 million).

 

“We bounced again this quarter, delivering profitability and producing robust money flows,” Harmit Singh, govt vice chairman and chief monetary officer of Levi Strauss & Co, stated. “The power of the Levi’s model is demonstrated in our gross margins, and revenues have been recovering from Covid-19 associated disruptions quicker than anticipated, pushed by e-commerce, worldwide and our ladies’s enterprise, significantly inside Europe and in america.”

Fibre2Fashion Information Desk (JL)

Levi Strauss & Co, a US-based attire firm and chief in denims, posted 27 per cent gross sales decline to $1.06 billion in its third quarter (Q3) FY20 ended on August 23, 2020 in comparison with the gross sales of $1.44 billion in the identical interval earlier fiscal. Firm’s internet earnings dropped from $124 million in Q3 FY19 to $27 million within the reported quarter.




Supply hyperlink

--CopyRights: http://newsrepair.in/index.php/2020/10/09/levi-strauss-co-posts-q3-fy20-gross-sales-of-1-06-bn/

Leave a Reply

Welcome (Toggle)

(required)