In fiscal year (FY) 2022, Levi Strauss & Co. (LS&Co.) delivered another year of strong, profitable growth despite numerous significant challenges such as supply chain disruptions, inflation, recession fears, currency exchange pressures and the war in Ukraine and our decision to suspend operations in Russia.
As CEO Chip Bergh said, “Despite the challenges we faced, the company delivered reported net revenues of $6.2 billion, which was up 7% versus the prior year and represented 12% growth on a constant currency basis. This was the first time in 25 years that the company crossed the $6 billion net revenue mark. Adjusted EBIT for the year was $713 million, which was flat to the prior year, and adjusted diluted earnings per share was $1.50, three cents ahead of a year ago and in line with our original guidance for the year, despite negative impacts of $0.12/share from currency and the suspension of our Russia business, which we offset through cost controls in the second half. In addition, we returned $350 million to our shareholders in dividends and share buybacks, an 84% increase from the prior year.”
Chip continued, “The company’s success is a direct result of our employees’ passion and commitment; our retail, distribution center and corporate teams across the world work in concert to fuel the love and loyalty of our fans. The strategies we presented at our Investor Day — being brand-led, focusing on direct-to-consumer (DTC) first and enhancing our diversified portfolio across geographies and categories — are working, and together they fueled the year’s strong results.”
Read Chip’s full letter in our 2022 Annual Report, which also includes insights into our strategies, our brands and how we lead the year with our values.
