Levi Strauss & Co. (NYSE: LEVI) announced results for the fourth quarter of 2023, reporting a modest increase in revenues reflecting higher sales in company-operated mainline and outlet stores.
The apparel company’s net income declined to $126.8 million or $0.32 per share in the fourth quarter from $150.6 million or $0.38 per share in the prior year period. On an adjusted basis, net income was $179 million or $0.44 per share in Q4, compared to $137 million or $0.34 per share in the corresponding period of 2022.
The company posted net revenues of $1.64 billion for the November quarter, up 3% from $1.59 billion reported in the prior-year quarter. Direct-to-consumer net revenue increased 11%, driven by broad-based growth in both company-operated mainline and outlet stores and e-commerce.
“While 2023 was a challenging year, we ended on a strong note and I am optimistic about the future. I couldn’t be more confident in Michelle as my successor, and together with the rest of our team, they position the company to thrive in its next phase of growth,” said Levi’s CEO Chip Bergh.