Levi Strauss & Co, the renowned US clothing giant, saw a huge jump in its Asia sales, as it increased by 10 per cent, further witnessing a surge of 30 per cent in the operating income.
The increase was for the period of 3 months up to 26 August 2018.
The operating income for its Europe region saw a rise of 25 per cent while sales increased by 17 per cent, which was better than the company’s US region.
US saw an increase of only 4 per cent in the operating income and 9 per cent in sales.
Thus, among all its geographical regions, Levi Strauss & Co Asia turned out to be the best performer despite a US $ 4 million adverse change in currency y-o-y.
Chip Bergh, President and CEO, Levi Strauss & Co, said the growth of the company was across all its business divisions, regions and channels.
He added that with 11 per cent sales growth worldwide, it was the fourth successive quarter of double-digit sales growth for the company.
Notably, Levi Strauss & Co’s gross margin worldwide was 53.2 per cent of net revenues for the same quarter while it was 51.8 per cent for the same period in 2017. The rise could be attributed to achieving more direct-to-consumer sales.