Founded in 1873 in San Francisco, Levi Strauss & Co. (LEVI – Free Report) is a retail company known around the world for its iconic Levi’s denim brand; Dockers, Denizen, and Signature by Levi Strauss & Co. are also under the company’s umbrella. LEVI first went public back in 1971, but had been a private company up until its market return last year.
Q3 Earnings Recap
Last week, Levi’s reported much-better-than-expected third quarter results, and shares surged as much as 14% the day after its earnings release.
Strong e-commerce growth helped propel the retailer last quarter, and led to adjusted free cash flow of $183 million. Digital revenue made up almost 25% of total sales, double what it was in Q3 2019.
Levi’s e-commerce performance also helped to offset substantial declines in revenue and net income.
Gross margin also improved to 54.3% thanks to price increases and a bigger portion of total …