On Tuesday, we released our second-quarter financial results which showed strong year-to-date revenue growth for the company. Here are five takeaways:
- Our second-quarter revenue grew by 6 percent and our year-to-date revenue by 5 percent* based on broad-based growth across regions and channels. Based on our strong performance, we’ve raised our revenue growth guidance for the year.
- Women’s has become a $1 billion business for us. Specifically, it grew by 24 percent this past quarter alone. That marks the eighth consecutive quarter of growth since we relaunched our women’s line in 2015.
- Europe is hot. Revenue was up 20 percent this quarter, making it our strongest region for growth. All European markets grew, delivering double-digit revenue growth in men’s, women’s and across all channels. Women’s alone in Europe increased by a whopping 46 percent this quarter, and tops sales overall jumped up by 48 percent.
- Tops are top. Overall, tops has proven to be big business for us, up 39 percent from last year. This business was the largest driver of our year-over-year increase in total units sold. In particular, our Levi’s® Batwing T-shirt continues to be a runaway success, with more than 3 million sold worldwide in the first half of this year. To put that into context, in Europe — in our retail network alone — we sold one white Batwing tee every 17 seconds during an average week this quarter. Fun fact – this year marks the 50thanniversary of the Batwing logo.
- Our direct-to-consumer business is resonating. Our strong execution in retail and ecommerce drove our direct-to-consumer business, which expanded by 13 percent in reported dollars in the second quarter.
As Chip Bergh, president and chief executive officer of Levi Strauss & Co., put it, “Our business is more diversified than ever before, driven by disciplined execution of our long-term growth strategies, and investments in product innovation and the consumer shopping experience. Our strong year-to-date growth reinforces the benefits of a more balanced portfolio as our women’s, tops, direct-to-consumer and international businesses delivered solid results, despite a slight decline in the U.S. wholesale business.”
Read the full press-release at levistrauss.com.