Resiliency and strength characterized the year for Levi Strauss & Co. This week, we published our 2021 annual report which highlights the initiatives that accelerated our business through a time of change. In a letter to our shareholders, our President and CEO Chip Bergh shared our accomplishments throughout fiscal year 2021, including our financial results, our progress against our strategies and our commitment to making profits through principles. He writes:
“At the beginning of the pandemic, we declared that we would emerge stronger from the COVID-19 crisis. In 2021, we beat all internal plans, delivered revenues ahead of pre-pandemic 2019, and the highest revenues since 1998, while also delivering record adjusted gross margins and adjusted EBIT margins. Our strategic initiatives accelerated the recovery, and our fiscal 2021 performance demonstrates the strength and resilience of our brands and the authentic connections we have with consumers. These results wouldn’t have been possible without dedicated and committed employees in stores, distribution centers and corporate offices working to deliver timeless products and unforgettable experiences to our fans around the world. In the face of unforeseen challenges, we persisted.”
As Chip also shared, this is the strongest the company has been in decades. “I have greater conviction than ever that we are a better, stronger and more sustainable company than we were before the pandemic,” he wrote. “We have a proven strategy and business model, a winning culture and incredible momentum headed into 2022.”
