Levi' S Parent Company 2020 Achieved Double-Digit Growth In Net Income In The First Quarter.

Recently, American jeans Group Levi Strauss&Co. released its first quarter financial results for the year ended February 23, 2020. During the reporting period, Levi Strauss net profit was $153 million, an increase of 4.17% over the same period, and operating income of $1 billion 506 million, up 5% over the same period last year. Among them, the outbreak of new crown pneumonia had a negative impact on the net income of the company in the first quarter in Asia, which was about $20 million.

In the face of the 2020 quarter earnings report, President and chief executive officer Chip Bergh said that the diversified strategy of the group showed an advantage in this quarter's earnings report. In the face of the impact of the new crown epidemic, Levi's will continue to take action to ensure that Levi's will continue to be the winner of the industry. A solid and experienced leadership team can not only help Levi's survive the crisis, but also enable Levi's's business to develop continuously.

Levi's has 167 years of history, two world wars, great depression, earthquakes, fires and the 1918 influenza pandemic. Chip Bergh said that the real characteristics of Levi's can be shown in crisis times. As in the past, Levi's will respond to this challenge by taking advantage of its own advantages and seizing opportunities to help long-term development.

Levi Strauss&Co. executive vice president and chief financial officer Harmit Singh said, "significant gross margin growth, lower inventories and higher profits all contributed to strong financial performance in the first quarter of 2020. In the short term, we are reducing costs and capital expenditure while managing inventory and gross margins. We have established a sound balance sheet that can provide us with a large amount of liquidity, which can overcome difficulties in the short term, and can also rise from this strength when the long-term growth algorithm remains unchanged.

Since mid March, in response to the outbreak, Levi's has temporarily closed all stores and franchised stores in the Americas and Europe, as well as most of Asia's stores outside Korea and Japan. Therefore, the adverse impact of Levi's's net income, earnings and cash flows in the second quarter is expected to be significant.