Levi Strauss & Co, a US-based apparel company and leader in jeans, posted 23 per cent sales decline to $4.45 billion during financial year 2020 ended on November 29 compared to the sales of $5.76 billion in the previous year. Company incurred a net loss of $127.14 million during the twelve-month period compared to income of $394.98 million in FY19.
“In this most extraordinary year, I’m proud of the team and our accomplishments in the face of so much adversity. The steps we took on structural costs, cash management, agility and new capabilities helped drive results far ahead of our own expectations and give me great confidence in our future,” Chip Bergh, president and chief executive officer of Levi Strauss & Co, said in a press release.
Gross profit for FY20 dropped to $2.35 billion (FY19: $3.10 billion), while selling, general and administrative (SG&A) expenses were $2.34 billion ($2.53 billion). Company’s operating loss was $85.1 million (operating income: $566.67 million).
“We will double down on elevating our iconic brand, investing in direct engagement with our fans, advancing our fast-growing digital business and further diversifying our portfolio. As we continue to accelerate these strategic focus areas, we will emerge a stronger, more profitable, more agile company,” Bergh said.
