Q2 Net Revenues Declined 9%, in Line With
Guidance; Continued Strength in DTC & International
Operating & Adj. EBIT Margin as Expected Led by Gross
Margin, Aided by Mix Shift Diluted Loss Per Share of $(0.00)
and Adjusted Diluted EPS of $0.04 15 Pt Inventory
Improvement vs Q1, Inventory Expected Below Prior Year by
Year-End Free Cash Flow Trends Positive The Company
Lowers FY Adj. Diluted EPS Guidance to $1.10-$1.20 From
$1.30-$1.40
Levi Strauss & Co. (NYSE: LEVI) today announced financial
results for the second quarter ended May 28, 2023.
"Our strong Q2 DTC and international results in a challenging
environment demonstrate the resilience of our business model and
the health of the Levi’s® brand globally," said Chip Bergh,
president and chief executive officer of Levi Strauss & Co.
"While U.S. wholesale remains pressured, we are pursuing
initiatives to stabilize this business and drive market share
gains. We are confident in our ability to navigate near-term
headwinds and remain as optimistic as ever about the company’s
future."
"We achieved our Q2 expectations across key metrics, including
significant progress on inventory, and the implementation of our
U.S. ERP," said Harmit Singh, chief financial and growth officer
of Levi Strauss & Co. "While we are adjusting our full year
outlook, we expect H2 revenues up mid-single-digits and a
low-double-digit adjusted EBIT margin as strong growth in our large
DTC and International businesses continue. As wholesale stabilizes
and COGS improve, our business model is uniquely positioned to
generate significant financial leverage beyond 2023."
Financial Highlights
- Net Revenues of $1.3 billion decreased 9% on reported
and constant-currency bases versus Q2 2022. Net revenues related to
the planned shift in wholesale shipments from Q2 to Q1 primarily
due to the U.S. ERP implementation negatively impacted Q2 by
approximately $100 million or 7% of net revenues.
- DTC net revenues increased 13% on a reported basis and
14% on a constant-currency basis, driven by broad-based growth in
both company-operated mainline and outlet stores and e-commerce.
E-commerce increased 20% on a reported basis and 21% on a
constant-currency basis reflecting double-digit growth across all
segments.
- Wholesale net revenues decreased 22% on reported and
constant-currency bases as strong growth in Asia and Latin America
was offset by declines in North America and Europe. Adjusting for
the shift in wholesale shipments from Q2 into Q1, global wholesale
net revenues were down low-double-digits on top of nearly 20%
constant-currency growth in the prior year. Global wholesale net
revenues in the first half were up low-single-digits versus
2019.
- In the Americas, net revenues decreased 22% on reported
and constant-currency bases. DTC net revenues increased 6% driven
by strong performances in our company-operated mainline stores and
e-commerce. Wholesale net revenues decreased 33%, largely driven by
the aforementioned shift in wholesale shipments, as well as softer
performance in the U.S.
- In Europe, net revenues decreased 2% on reported and
constant-currency bases; excluding Russia, net revenues increased
1% on a constant-currency basis. DTC net revenues increased 7% on a
reported basis and 6% on a constant-currency basis, and 14%
excluding Russia, driven by strength in company-operated stores and
e-commerce. Wholesale net revenues decreased 10% on reported and
constant-currency bases, reflecting the cautious order environment
among wholesale partners.
- Asia net revenues increased 18% on a reported basis and
27% on a constant-currency basis, reflecting growth across almost
all markets, including strong growth in China. DTC net revenues
rose 30% on a reported basis and 41% on a constant-currency basis,
driven by strength in our company-operated mainline and outlet
stores and e-commerce. Wholesale net revenues increased 5% on a
reported basis and 13% on a constant-currency basis.
- For Other Brands, Dockers® and Beyond Yoga® combined,
net revenues decreased 1% on a reported basis and 2% on a
constant-currency basis. Beyond Yoga® rose 28% on reported and
constant-currency bases. Dockers® declined 9% on a reported basis
and 10% on a constant-currency basis as strong growth
internationally and in DTC was offset by U.S. wholesale. In H1,
Other Brands net revenues increased 11%, reflecting Dockers net
revenues growth of 8% and Beyond Yoga up 19%.
Net Revenues
Operating Income
Three Months Ended
% Increase (Decrease)
Three Months Ended
% Increase (Decrease)
($ millions)
May 28, 2023
May 29, 2022
As Reported
Constant Currency
May 28, 2023
May 29, 2022
As Reported
Constant Currency
Americas
$
609
$
776
(22
)%
(22
)%
$
53
$
159
(66
)%
(67
)%
Europe
$
361
$
367
(2
)%
(2
)%
$
55
$
67
(18
)%
(20
)%
Asia
$
262
$
222
18
%
27
%
$
32
$
19
68
%
98
%
Other Brands
$
105
$
106
(1
)%
(2
)%
$
(2
)
$
4
(150
)%
(150
)%
- Operating margin declined 450 basis points to 0.7% from
5.2% in Q2 2022. Adjusted EBIT margin declined 750 basis points to
2.4% from 9.9% last year as gross margin expansion was offset by
SG&A deleverage on lower net revenues and higher marketing and
DTC expenses.
- Gross margin was up 60 basis points to 58.7% from 58.1%
in Q2 2022. Adjusted gross margin was up 50 basis points to
58.7% from 58.2% last year. Gross margin and Adjusted gross margin
expansion were driven primarily by favorable channel and geographic
mix, price increases, lower air freight expenses, and favorable
currency exchange. These benefits were partially offset by the
impact of lower full-price sales and higher product costs.
- Selling, general and administrative (SG&A) expenses
were $774 million compared to $779 million in Q2 2022. Adjusted
SG&A was $753 million compared to $711 million last year,
reflecting higher planned advertising and promotion to support the
501®’s 150th anniversary campaign, and higher expenses to support
DTC expansion.
- Interest and other expenses, which include foreign
exchange losses, was a $17 million expense compared to a net gain
of $2 million in Q2 2022.
- The effective tax rate was 78.4% compared to 36.1% in Q2
2022; the year-to-date effective tax rate of 14.3% is in line with
full year expectations of low-to-mid teens.
- Net loss was $2 million compared to net income of $50
million in Q2 2022. Adjusted net income was $15 million compared to
$117 million in Q2 2022.
- Diluted loss per share was $(0.00) compared to diluted
earnings per share of $0.12 in Q2 2022. Adjusted diluted
earnings per share was $0.04 compared to $0.29 in Q2 2022.
Three Months Ended
Decrease
As Reported
Decrease
Constant
Currency
Six Months Ended
Decrease
As Reported
Increase (Decrease)
Constant
Currency
($ millions, except per-share amounts)
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
Net revenues
$
1,337
$
1,471
(9
)%
(9
)%
$
3,026
$
3,063
(1
)%
—
%
Net (loss) income
$
(2
)
$
50
(103
)%
(103
)%
$
113
$
246
(54
)%
(53
)%
Adjusted net income
$
15
$
117
(87
)%
(88
)%
$
150
$
306
(51
)%
(51
)%
Adjusted EBIT
$
32
$
145
(78
)%
(79
)%
$
217
$
383
(43
)%
(43
)%
Diluted (loss) earnings per share
$
(0.00
)
$
0.12
(12
)¢
(13
)¢
$
0.28
$
0.61
(33
)¢
(31
)¢
Adjusted diluted earnings per share
$
0.04
$
0.29
(25
)¢
(26
)¢
$
0.37
$
0.75
(38
)¢
(38
)¢
Additional information regarding Adjusted gross margin, Adjusted
SG&A, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income,
Adjusted diluted earnings per share, as well as amounts presented
on a constant-currency basis, all of which are non-GAAP financial
measures, is provided at the end of this press release.
Balance Sheet Review as of May 28, 2023
- Cash and cash equivalents were $472 million, while total
liquidity was approximately $1.3 billion.
- The company’s leverage ratio was 1.6 as compared to 1.1
at the end of Q2 2022.
- Total inventories increased 18% on a dollar basis and 8%
on a unit basis over prior year. The 15 points of sequential
improvement on a dollar basis relative to Q1 was primarily
attributable to reducing receipts and the implementation of the US
ERP. Core product represents more than two-thirds of total
inventories. We continue to expect sequential improvement,
achieving inventory levels below prior year levels by year end.
Improvement in inventory contributed to adjusted free cash flow
turning positive in Q2, to $211 million.
Additional information regarding leverage ratio, which is a
non-GAAP financial measure, is provided at the end of this press
release.
Shareholder Returns
- The company returned approximately $48 million to shareholders
in the second quarter, in dividends representing $0.12 per share,
up 20% from Q2 2022.
- The company did not repurchase any shares in the quarter. At
quarter end, the company had $680 million remaining under its
current share repurchase authorization, which has no expiration
date.
- The company declared a dividend of $0.12 per share, totaling
approximately $48 million. The dividend is payable in cash on
August 17, 2023 to the holders of record of Class A common stock
and Class B common stock at the close of business August 4,
2023.
Fiscal 2023 Guidance
- Reported net revenues are now expected to grow between 1.5% to
2.5% year-over-year vs. prior expectations of 1.5% to 3%.
- Adjusted diluted EPS is now expected between $1.10 to $1.20 vs.
$1.30 to $1.40 previously.
- More details will be provided during the earnings conference
call.
- This outlook also assumes no significant worsening of
macro-economic pressures on the consumer, inflationary pressures,
supply chain disruptions, or currency impacts.
Investor Conference Call
To access the conference call, please pre-register on
https://register.vevent.com/register/BI250d36c05f2147e4948eb3a8b947c777
and you will receive confirmation with dial-in details. A live
webcast of the event can be accessed on
https://edge.media-server.com/mmc/p/svkxvctw.
A replay of the webcast will be available on
http://investors.levistrauss.com starting approximately two hours
after the event and archived on the site for one quarter.
About Levi Strauss & Co.
Levi Strauss & Co. is one of the world's largest brand-name
apparel companies and a global leader in jeanswear. The company
designs and markets jeans, casual wear and related accessories for
men, women and children under the Levi's®, Dockers®, Signature by
Levi Strauss & Co.™, Denizen® and Beyond Yoga® brands. Its
products are sold in more than 110 countries worldwide through a
combination of chain retailers, department stores, online sites,
and a global footprint of approximately 3,200 brand-dedicated
stores and shop-in-shops. Levi Strauss & Co.'s reported 2022
net revenues were $6.2 billion. For more information, go to
http://levistrauss.com, and for financial news and announcements go
to http://investors.levistrauss.com.
Forward Looking Statements
This press release and related conference call contain, in
addition to historical information, forward-looking statements,
including statements related to: future financial results,
including the company's expectations for the full fiscal year 2023
net revenues, adjusted diluted earnings per share and effective tax
rate; inflationary pressures; fluctuations in foreign currency
exchange rates; global economic conditions; supply chain
constraints and disruptions; future dividend payments; future share
repurchases; performance of our wholesale and DTC businesses;
future inventory levels and our ability to execute against our
long-term business strategies. The company has based these
forward-looking statements on its current assumptions, expectations
and projections about future events. Words such as, but not limited
to, “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,”
“estimate,” “expect,” “project” and similar expressions are used to
identify forward-looking statements, although not all
forward-looking statements contain these words. These
forward-looking statements are necessarily estimates reflecting the
best judgment of senior management and involve a number of risks
and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
Investors should consider the information contained in the
company's filings with the U.S. Securities and Exchange Commission
(SEC), including its Annual Report on Form 10-K for fiscal year
2022 and its Quarterly Reports on Form 10-Q for the quarter ended
May 28, 2023, especially in the “Management's Discussion and
Analysis of Financial Condition and Results of Operations” and
“Risk Factors” sections. Other unknown or unpredictable factors
also could have material adverse effects on future results,
performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this press release and related conference call may not
occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated
or, if no date is stated, as of the date of this press release and
related conference call. The company is not under any obligation
and does not intend to update or revise any of the forward-looking
statements contained in this press release and related conference
call to reflect circumstances existing after the date of this press
release and related conference call or to reflect the occurrence of
future events, even if such circumstances or future events make it
clear that any expected results expressed or implied by those
forward-looking statements will not be realized.
Non-GAAP Financial Measures
The company reports its financial results in accordance with
generally accepted accounting principles in the United States
(GAAP) and the rules of the SEC. To supplement its financial
statements prepared and presented in accordance with GAAP, the
company uses certain non-GAAP financial measures, such as Adjusted
gross profit, Adjusted gross margin, Adjusted SG&A, Adjusted
SG&A margin, Adjusted EBIT (both reported and on a
constant-currency basis), Adjusted EBIT margin (both reported and
on a constant-currency basis), Adjusted EBITDA, Adjusted net income
(both reported and on a constant-currency basis), Adjusted net
income margin, Adjusted diluted earnings per share (both reported
and on a constant-currency basis), constant-currency net revenues,
net debt, leverage ratio, Adjusted free cash flow and return on
invested capital to provide investors with additional useful
information about its financial performance, to enhance the overall
understanding of its past performance and future prospects and to
allow for greater transparency with respect to important metrics
used by management for financial and operating decision-making. The
company presents these non-GAAP financial measures to assist
investors in seeing its financial performance from management's
view and because it believes they provide an additional tool for
investors to use in computing the company's core financial
performance over multiple periods with other companies in its
industry. The tables found below present Adjusted gross profit,
Adjusted gross margin, Adjusted SG&A, Adjusted EBIT (both
reported and on a constant-currency basis), Adjusted EBIT margin
(both reported and on a constant-currency basis), Adjusted net
income (both reported and on a constant-currency basis), Adjusted
net income margin (both reported and on a constant-currency basis),
Adjusted diluted earnings per share (both reported and on a
constant-currency basis), constant-currency net revenues, net debt,
leverage ratio, Adjusted free cash flow, and return on invested
capital, and corresponding reconciliations of these non-GAAP
financial measures to the most directly comparable financial
measures calculated in accordance with GAAP. Non-GAAP financial
measures have limitations in their usefulness to investors because
they have no standardized meaning prescribed by GAAP and are not
prepared under any comprehensive set of accounting rules or
principles. Certain items that may be excluded or included in
non-GAAP financial measures may be significant items that could
impact the company’s financial position, results of operations and
cash flows and should therefore be considered in assessing the
company’s actual financial condition and performance. Non-GAAP
financial measures are subject to inherent limitations as they
reflect the exercise of judgment by management in determining how
they are formulated. Some specific limitations include but are not
limited to, the fact that such non-GAAP financial measures: (a) do
not reflect cash outlays for capital expenditures, contractual
commitments or liabilities including pension obligations,
post-retirement health benefit obligations and income tax
liabilities; (b) do not reflect changes in, or cash requirements
for, working capital requirements; and (c) do not reflect the
interest expense, or the cash requirements necessary to service
interest or principal payments, on indebtedness. In addition,
non-GAAP financial measures may be calculated differently from, and
therefore may not be directly comparable to, similarly titled
measures used by other companies. As a result, non-GAAP financial
measures should be viewed as supplementing, and not as an
alternative or substitute for, the company's financial results
prepared in accordance with GAAP. The company urges investors to
review the reconciliation of these non-GAAP financial measures to
the most directly comparable GAAP financial measures included in
this press release, and not to rely on any single financial measure
to evaluate its business. See “RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES” below for reconciliation to the most comparable
GAAP financial measures. A reconciliation of non-GAAP forward
looking information to the corresponding GAAP measures cannot be
provided without unreasonable efforts due to the challenge in
quantifying various items including but not limited to, the effects
of foreign currency fluctuations, taxes, and any future
restructuring, restructuring-related, severance and other
charges.
Constant-currency
The company reports certain operating results on a
constant-currency basis in order to facilitate period-to-period
comparisons of its results without regard to the impact of
fluctuating foreign currency exchange rates. The term foreign
currency exchange rates refers to the exchange rates used to
translate the company's operating results for all countries where
the functional currency is not the U.S. Dollar into U.S. Dollars.
Because the company is a global company, foreign currency exchange
rates used for translation may have a significant effect on its
reported results. In general, the company's financial results are
affected positively by a weaker U.S. Dollar and are affected
negatively by a stronger U.S. Dollar as compared to the foreign
currencies in which it conducts its business. References to
operating results on a constant-currency basis mean operating
results without the impact of foreign currency exchange rate
fluctuations.
The company believes disclosure of constant-currency results is
helpful to investors because it facilitates period-to-period
comparisons of its results by increasing the transparency of the
underlying performance by excluding the impact of fluctuating
foreign currency exchange rates. However, constant-currency results
are non-GAAP financial measures and are not meant to be considered
as an alternative or substitute for comparable measures prepared in
accordance with GAAP. Constant-currency results have no
standardized meaning prescribed by GAAP, are not prepared under any
comprehensive set of accounting rules or principles and should be
read in conjunction with the company's consolidated financial
statements prepared in accordance with GAAP. Constant-currency
results have limitations in their usefulness to investors and may
be calculated differently from, and therefore may not be directly
comparable to, similarly titled measures used by other
companies.
The company calculates constant-currency amounts by translating
local currency amounts in the prior-year period at actual foreign
exchange rates for the current period. Constant-currency results do
not eliminate the transaction currency impact, which primarily
include the realized and unrealized gains and losses recognized
from the measurement and remeasurement of purchases and sales of
products in a currency other than the functional currency.
Additionally, gross margin is impacted by gains and losses related
to the procurement of inventory, primarily products sourced in EUR
and USD, by the company's global sourcing organization on behalf of
its foreign subsidiaries.
Source: Levi Strauss & Co. Investor Relations
LEVI STRAUSS & CO. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
May 28, 2023
November 27,
2022
(Dollars in millions)
ASSETS
Current Assets:
Cash and cash equivalents
$
471.6
$
429.6
Short-term investments in marketable
securities
—
70.6
Trade receivables, net
560.7
697.0
Inventories
1,313.5
1,416.8
Other current assets
198.4
213.9
Total current assets
2,544.2
2,827.9
Property, plant and equipment, net
660.4
622.8
Goodwill
373.2
365.7
Other intangible assets, net
284.8
286.7
Deferred tax assets, net
668.6
625.0
Operating lease right-of-use assets,
net
977.8
970.0
Other non-current assets
382.8
339.7
Total assets
$
5,891.8
$
6,037.8
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Short-term debt
136.4
11.7
Accounts payable
464.2
657.2
Accrued salaries, wages and employee
benefits
190.3
246.7
Accrued sales returns and allowances
170.2
180.0
Short-term operating lease liabilities
237.4
235.7
Other accrued liabilities
599.9
650.3
Total current liabilities
1,798.4
1,981.6
Long-term debt
1,000.2
984.5
Long-term operating lease liabilities
856.3
859.1
Long-term employee related benefits and
other liabilities
299.2
308.9
Total liabilities
3,954.1
4,134.1
Commitments and contingencies
Stockholders’ Equity:
Common stock — $0.001 par value;
1,200,000,000 Class A shares authorized, 99,295,195 shares and
96,028,351 shares issued and outstanding as of May 28, 2023 and
November 27, 2022, respectively; and 422,000,000 Class B shares
authorized, 297,365,829 shares and 297,703,442 shares issued and
outstanding, as of May 28, 2023 and November 27, 2022,
respectively
0.4
0.4
Additional paid-in capital
649.9
625.6
Accumulated other comprehensive loss
(421.7
)
(421.7
)
Retained earnings
1,709.1
1,699.4
Total stockholders’ equity
1,937.7
1,903.7
Total liabilities and stockholders’
equity
$
5,891.8
$
6,037.8
The notes accompanying the
consolidated financial statements in the company's Form 10-Q for
the second quarter of fiscal 2023 are an integral part of these
consolidated financial statements.
LEVI STRAUSS & CO. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Dollars in millions, except
per share amounts) (Unaudited)
Net revenues
$
1,336.8
$
1,471.1
$
3,025.7
$
3,062.7
Cost of goods sold
552.6
616.1
1,299.2
1,264.1
Gross profit
784.2
855.0
1,726.5
1,798.6
Selling, general and administrative
expenses
774.3
778.8
1,559.2
1,488.2
Operating income
9.9
76.2
167.3
310.4
Interest expense
(13.2
)
(4.4
)
(23.9
)
(8.6
)
Other (expense) income, net
(3.9
)
6.0
(11.4
)
21.9
(Loss) income before income taxes
(7.2
)
77.8
132.0
323.7
Income tax (benefit) expense
(5.6
)
28.1
18.9
78.1
Net (loss) income
$
(1.6
)
$
49.7
$
113.1
$
245.6
(Loss) earnings per common share
attributable to common stockholders:
Basic
$
(0.00
)
$
0.13
$
0.29
$
0.62
Diluted
$
(0.00
)
$
0.12
$
0.28
$
0.61
Weighted-average common shares
outstanding:
Basic
397,455,261
397,882,576
396,671,862
398,650,665
Diluted
397,455,261
403,782,416
401,141,666
405,852,351
The notes accompanying the
consolidated financial statements in the company's Form 10-Q for
the second quarter of fiscal 2023 are an integral part of these
consolidated financial statements.
LEVI STRAUSS & CO. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Six Months Ended
May 28, 2023
May 29, 2022
(Dollars in millions)
(Unaudited)
Cash Flows from Operating
Activities:
Net income
$
113.1
$
245.6
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
79.4
77.7
Property, plant, equipment, right-of-use
asset, goodwill impairments, and early lease terminations, net
14.9
54.7
Stock-based compensation
38.4
30.7
(Benefit from) provision for deferred
income taxes
(36.5
)
17.4
Other, net
(11.3
)
9.8
Net change in operating assets and
liabilities
(72.6
)
(290.0
)
Net cash provided by operating
activities
125.4
145.9
Cash Flows from Investing
Activities:
Purchases of property, plant and
equipment
(186.6
)
(120.5
)
Proceeds (payments) on settlement of
forward foreign exchange contracts not designated for hedge
accounting
34.3
(9.1
)
Payments to acquire short-term
investments
—
(44.6
)
Proceeds from sale, maturity and
collection of short-term investments
70.8
39.0
Net cash used for investing activities
(81.5
)
(135.2
)
Cash Flows from Financing
Activities:
Proceeds from senior revolving credit
facility
200.0
—
Repayments of senior revolving credit
facility
(75.0
)
—
Repurchase of common stock
(8.1
)
(114.2
)
Dividends to stockholders
(95.2
)
(79.5
)
Other financing activities, net
(15.8
)
(23.4
)
Net cash provided by (used for) financing
activities
5.9
(217.1
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
(7.8
)
(2.0
)
Net increase (decrease) in cash and cash
equivalents and restricted cash
42.0
(208.4
)
Beginning cash and cash equivalents, and
restricted cash
430.0
810.6
Ending cash and cash equivalents, and
restricted cash
472.0
602.2
Less: Ending restricted cash
(0.4
)
(0.3
)
Ending cash and cash
equivalents
$
471.6
$
601.9
Noncash Investing Activity:
Property, plant and equipment acquired and
not yet paid at end of period
$
39.9
$
47.2
Supplemental disclosure of cash flow
information:
Cash paid for income taxes during the
period, net of refunds
40.5
56.8
The notes accompanying the
consolidated financial statements in the company's Form 10-Q for
the second quarter of fiscal 2023 are an integral part of these
consolidated financial statements.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
FOR THE SECOND QUARTER OF
2023
The following information relates to
non-GAAP financial measures, and should be read in conjunction with
the investor call held on July 6, 2023, discussing the company’s
financial condition and results of operations as of and for the
quarter and year ended May 28, 2023.
We define the following non-GAAP measures
as follows:
Most comparable GAAP measure
Non-GAAP measure
Non-GAAP measure definition
Gross profit
Adjusted gross profit
Gross profit excluding COVID-19 and
acquisition related inventory costs
Gross margin
Adjusted gross margin
Adjusted gross profit as a percentage of
net revenues
Selling, general and administration
("SG&A") expenses
Adjusted SG&A
SG&A expenses excluding changes in
fair value on cash-settled stock-based compensation, COVID-19
related charges, acquisition and integration related charges,
impairment charges and early termination gains, net and
restructuring and restructuring related charges, severance and
other, net.
SG&A margin
Adjusted SG&A margin
Adjusted SG&A as a percentage of net
revenues
Net (loss) income
Adjusted EBIT
Net (loss) income excluding income tax
(benefit) expense, interest expense, other expense (income), net,
loss on early extinguishment of debt, impact of changes in fair
value on cash-settled stock-based compensation, COVID-19 related
inventory costs and other charges, acquisition and integration
related charges, impairment charges and early termination gains,
net, and restructuring and restructuring related charges, severance
and other, net.
Net (loss) income margin
Adjusted EBIT margin
Adjusted EBIT as a percentage of net
revenues.
Net (loss) income
Adjusted EBITDA
Adjusted EBIT excluding depreciation and
amortization expense
Net (loss) income
Adjusted net income
Net (loss) income excluding charges
related to the impact of changes in fair value on cash-settled
stock-based compensation, COVID-19 related inventory costs and
other charges, acquisition and integration related charges,
impairment charges and early termination gains, net, restructuring
and restructuring related charges, severance and other, net, and
re-measurement of our deferred tax assets and liabilities based on
the lower rates as a result of the Tax Cuts and Jobs Act ("Tax
Act"), adjusted to give effect to the income tax impact of such
adjustments.
Net (loss) income margin
Adjusted net income margin
Adjusted net income as a percentage of net
revenues
Diluted (loss) earnings per share
Adjusted diluted earnings per share
Adjusted net income per weighted-average
number of diluted common shares outstanding
Adjusted Gross Profit:
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Dollars in millions)
(Unaudited)
Most comparable GAAP measure:
Gross profit
$
784.2
$
855.0
$
1,726.5
$
1,798.6
Non-GAAP measure:
Gross profit
$
784.2
$
855.0
$
1,726.5
$
1,798.6
COVID-19 related inventory costs
—
1.4
—
1.4
Acquisition related charges(1)
—
—
—
2.0
Adjusted gross profit
$
784.2
$
856.4
$
1,726.5
$
1,802.0
Gross margin
58.7
%
58.1
%
57.1
%
58.7
%
Adjusted gross margin
58.7
%
58.2
%
57.1
%
58.8
%
_____________
(1)
Acquisition related charges
include the inventory markup above historical carrying value
associated with the Beyond Yoga acquisition.
Adjusted SG&A:
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Dollars in millions)
(Unaudited)
Most comparable GAAP measure:
Selling, general and administrative
expenses
$
774.3
$
778.8
$
1,559.2
$
1,488.2
Non-GAAP measure:
Selling, general and administrative
expenses
$
774.3
$
778.8
$
1,559.2
$
1,488.2
Impact of changes in fair value on
cash-settled stock-based compensation
—
—
—
(0.6
)
COVID-19 related charges
—
(3.9
)
—
(3.9
)
Acquisition and integration related
charges
(1.3
)
(1.1
)
(2.5
)
(3.1
)
Impairment charges and early termination
gains, net(1)
(0.1
)
(51.1
)
(14.9
)
(51.1
)
Restructuring and restructuring related
charges, severance and other, net(2)
(20.2
)
(11.7
)
(32.1
)
(10.7
)
Adjusted SG&A
$
752.7
$
711.0
$
1,509.7
$
1,418.8
SG&A margin
57.9
%
52.9
%
51.5
%
48.6
%
Adjusted SG&A margin
56.3
%
48.3
%
49.9
%
46.3
%
_____________
(1)
For the six-month period ended
May 28, 2023, impairment charges primarily include $18.8 million of
capitalized internal-use software as a result of the decision to
discontinue certain technology projects, net of a $3.9 million gain
on the early termination of store leases related to the
Russia-Ukraine crisis.
For the three-month and six-month
periods ended May 29, 2022, impairment charges include $4.1 million
of property, plant and equipment, $11.6 million of goodwill and
$35.4 million of certain store right-of-use assets related to the
Russia-Ukraine crisis.
(2)
For the three-month and six-month
periods ended May 28, 2023, restructuring and restructuring related
charges, severance, and other, net primarily relates to
restructuring charges and other executive severance and separation
charges. Costs associated with the wind-down of the Russia business
and other transaction and deal related costs are also included.
For the three-month and six-month
periods ended May 29, 2022, restructuring and restructuring related
charges, severance and other, net includes $9.3 million of charges
related to the Russia-Ukraine crisis. Other, net includes
transaction and deal related costs.
Adjusted EBIT and Adjusted EBITDA:
The following table presents a reconciliation of net income, the
most directly comparable financial measure calculated in accordance
with GAAP, to Adjusted EBIT and Adjusted EBITDA for each of the
periods presented.
Three Months Ended
Six Months Ended
Twelve Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Dollars in millions)
(Unaudited)
Most comparable GAAP measure:
Net (loss) income
$
(1.6
)
$
49.7
$
113.1
$
245.6
$
436.6
$
591.9
Non-GAAP measure:
Net (loss) income
$
(1.6
)
$
49.7
$
113.1
$
245.6
$
436.6
$
591.9
Income tax (benefit) expense
(5.6
)
28.1
18.9
78.1
21.3
101.6
Interest expense
13.2
4.4
23.9
8.6
41.0
38.3
Other expense (income), net
3.9
(6.0
)
11.4
(21.9
)
4.5
(25.0
)
Loss on early extinguishment of debt
—
—
—
—
—
6.2
Impact of changes in fair value on
cash-settled stock-based compensation
—
—
—
0.6
—
2.3
COVID-19 related inventory costs and other
charges
—
5.3
—
5.3
—
16.9
Acquisition and integration related
charges(1)
1.3
1.1
2.5
5.1
5.4
12.8
Impairment charges and early termination
gains, net(2)
0.1
51.1
14.9
51.1
(3.0
)
51.1
Restructuring and restructuring related
charges, severance and other, net(3)
20.2
11.7
32.1
10.7
40.8
11.4
Adjusted EBIT
$
31.5
$
145.4
$
216.8
$
383.2
$
546.6
$
807.5
Depreciation and amortization(4)
38.7
37.6
77.2
75.5
156.2
147.8
Adjusted EBITDA
$
70.2
$
183.0
$
294.0
$
458.7
$
702.8
$
955.3
Net (loss) income margin
(0.1
)%
3.4
%
3.7
%
8.0
%
Adjusted EBIT margin
2.4
%
9.9
%
7.2
%
12.5
%
_____________
(1)
Acquisition and integration
related charges includes the inventory markup above historical
carrying value, as well as SG&A expenses associated with the
Beyond Yoga acquisition, including acquisition-related compensation
subject to the continued employment of certain Beyond Yoga®
employees.
(2)
For the six-month period ended
May 28, 2023, impairment charges primarily include $18.8 million of
capitalized internal-use software as a result of the decision to
discontinue certain technology projects, net of a $3.9 million gain
on the early termination of store leases related to the
Russia-Ukraine crisis.
For the three-month and six-month
periods ended May 29, 2022, impairment charges include $4.1 million
of property, plant and equipment, $11.6 million of goodwill and
$35.4 million of certain store right-of-use assets related to the
Russia-Ukraine crisis.
(3)
For the three-month and six-month
periods ended May 28, 2023, restructuring and restructuring related
charges, severance, and other, net primarily relates to
restructuring charges and other executive severance and separation
charges. Costs associated with the wind-down of the Russia business
and other transaction and deal related costs are also included.
For the three-month and six-month
periods ended May 29, 2022, restructuring and restructuring related
charges, severance and other, net includes $9.3 million of charges
related to the Russia-Ukraine crisis. Other, net includes
transaction and deal related costs.
(4)
Depreciation and amortization
amount net of amortization included in Restructuring and
restructuring related charges, severance and other, net.
Adjusted Net Income:
Three Months Ended
Six Months Ended
Twelve Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Dollars in millions, except
per share amounts)
(Unaudited)
Most comparable GAAP measure:
Net (loss) income
$
(1.6
)
$
49.7
$
113.1
$
245.6
$
436.6
$
591.9
Non-GAAP measure:
Net (loss) income
$
(1.6
)
$
49.7
$
113.1
$
245.6
$
436.6
$
591.9
Impact of changes in fair value on
cash-settled stock-based compensation
—
—
—
0.6
—
2.3
Loss on early extinguishment of debt
—
—
—
—
—
6.2
COVID-19 related inventory costs and other
charges, net(1)
—
5.3
—
(7.2
)
—
4.4
Acquisition and integration related
costs(2)
1.3
1.1
2.5
5.1
5.4
12.8
Impairment charges and early termination
gains, net(3)
0.1
51.1
14.9
51.1
(3.0
)
51.1
Unrealized gains on marketable
securities
—
—
—
—
(19.9
)
—
Restructuring and restructuring related
charges, severance and other, net(4)
20.2
11.7
32.1
10.7
40.8
11.4
Tax impact of adjustments(5)
(4.8
)
(2.2
)
(12.6
)
—
(11.9
)
(7.0
)
Adjusted net income
$
15.2
$
116.7
$
150.0
$
305.9
$
448.0
$
673.1
Net (loss) income margin
(0.1
)%
3.4
%
3.7
%
8.0
%
Adjusted net income margin
1.1
%
7.9
%
5.0
%
10.0
%
_____________
(1)
Represents costs incurred in
connection with COVID-19. For the six-month period ended May 29,
2022, the net reduction primarily reflects a payment received from
the German government as reimbursement for COVID-19 losses incurred
in prior years.
(2)
Acquisition and integration
related charges includes the inventory markup above historical
carrying value, as well as SG&A expenses associated with the
Beyond Yoga acquisition.
(3)
For the six-month period ended
May 28, 2023, impairment charges primarily include $18.8 million of
capitalized internal-use software as a result of the decision to
discontinue certain technology projects, net of a $3.9 million gain
on the early termination of store leases related to the
Russia-Ukraine crisis.
For the three-month and six-month
periods ended May 29, 2022, impairment charges include $4.1 million
of property, plant and equipment, $11.6 million of goodwill and
$35.4 million of certain store right-of-use assets related to the
Russia-Ukraine crisis.
(4)
For the three-month and six-month
periods ended May 28, 2023, restructuring and restructuring related
charges, severance, and other, net primarily relates to
restructuring charges and other executive severance and separation
charges. Costs associated with the wind-down of the Russia business
and other transaction and deal related costs are also included.
For the three-month and six-month
periods ended May 29, 2022, restructuring and restructuring related
charges, severance and other, net includes $9.3 million of charges
related to the Russia-Ukraine crisis. Other, net includes
transaction and deal related costs.
(5)
Tax impact calculated using the
annual effective tax rate, excluding discrete costs and benefits.
Charges associated with the Russia-Ukraine crisis are
non-deductible and therefore have not been tax effected.
Adjusted Diluted Earnings per
Share:
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Unaudited)
Most comparable GAAP measure:
Diluted (loss) earnings per share
$
(0.00
)
$
0.12
$
0.28
$
0.61
Non-GAAP measure:
Diluted (loss) earnings per share
$
(0.00
)
$
0.12
$
0.28
$
0.61
COVID-19 related inventory costs and other
charges, net(1)
—
0.01
—
(0.02
)
Acquisition and integration related
costs(2)
—
—
0.01
0.01
Impairment charges and early termination
gains, net(3)
—
0.13
0.03
0.13
Restructuring and restructuring related
charges, severance and other, net(4)
0.05
0.04
0.08
0.02
Tax impact of adjustments(5)
(0.01
)
(0.01
)
(0.03
)
—
Adjusted diluted earnings per
share
$
0.04
$
0.29
$
0.37
$
0.75
_____________
(1)
Represents costs incurred in
connection with COVID-19. For the six-month period ended May 29,
2022, the net reduction primarily reflects a payment received from
the German government as reimbursement for COVID-19 losses incurred
in prior years.
(2)
Acquisition and integration
related charges includes the inventory markup above historical
carrying value, as well as SG&A expenses associated with the
Beyond Yoga acquisition.
(3)
For the six-month period ended
May 28, 2023, impairment charges primarily include $18.8 million of
capitalized internal-use software as a result of the decision to
discontinue certain technology projects, net of a $3.9 million gain
on the early termination of store leases related to the
Russia-Ukraine crisis.
For the three-month and six-month
periods ended May 29, 2022, impairment charges include $4.1 million
of property, plant and equipment, $11.6 million of goodwill and
$35.4 million of certain store right-of-use assets related to the
Russia-Ukraine crisis.
(4)
For the three-month and six-month
periods ended May 28, 2023, restructuring and restructuring related
charges, severance, and other, net primarily relates to
restructuring charges and other executive severance and separation
charges. Costs associated with the wind-down of the Russia business
and other transaction and deal related costs are also included.
For the three-month and six-month
periods ended May 29, 2022, restructuring and restructuring related
charges, severance and other, net includes $9.3 million of charges
related to the Russia-Ukraine crisis. Other, net includes
transaction and deal related costs.
(5)
Tax impact calculated using the
annual effective tax rate, excluding discrete costs and benefits.
Charges associated with the Russia-Ukraine crisis are
non-deductible and therefore have not been tax effected.
Net Debt and Leverage Ratio:
We define net debt, a non-GAAP financial measure, as total debt,
excluding finance leases, less cash and cash equivalents and
short-term investments in marketable securities. We define leverage
ratio, a non-GAAP financial measure, as the ratio of total debt,
excluding finance leases, to the last 12 months Adjusted EBITDA.
Our management believes net debt and leverage ratio are important
measures to monitor our financial flexibility and evaluate the
strength of our balance sheet. Net debt and leverage ratio have
limitations as analytical tools and may vary from similarly titled
measures used by other companies. Net debt and leverage ratio
should not be considered in isolation or as a substitute for an
analysis of our results prepared and presented in accordance with
GAAP.
The following table presents a reconciliation of total debt,
excluding finance leases, the most directly comparable financial
measure calculated in accordance with GAAP, to net debt for each of
the periods presented.
May 28, 2023
November 27,
2022
(Dollars in millions)
(Unaudited)
Most comparable GAAP measure:
Total debt, excluding finance leases
$
1,136.6
$
996.2
Non-GAAP measure:
Total debt, excluding finance leases
$
1,136.6
$
996.2
Cash and cash equivalents
(471.6
)
(429.6
)
Short-term investments in marketable
securities
—
(70.6
)
Net debt
$
665.0
$
496.0
The following table presents a reconciliation of total debt,
excluding finance leases, the most directly comparable financial
measure calculated in accordance with GAAP, to leverage ratio for
each of the periods presented.
May 28, 2023
May 29, 2022
(Dollars in millions)
(Unaudited)
Total debt, excluding finance leases
$
1,136.6
$
1,004.4
Last Twelve Months Adjusted EBITDA(1)
$
702.8
$
955.3
Leverage ratio
1.6
1.1
_____________
(1)
Last Twelve Months Adjusted
EBITDA is reconciled from net income which is the most comparable
GAAP measure. Refer to Adjusted EBIT and Adjusted EBITDA table for
more information.
Adjusted Free Cash Flow:
We define Adjusted free cash flow, a non-GAAP financial measure,
as net cash flow from operating activities less purchases of
property, plant and equipment. We believe Adjusted free cash flow
is an important liquidity measure of the cash that is available
after capital expenditures for operational expenses and investment
in our business. We believe Adjusted free cash flow is useful to
investors because it measures our ability to generate or use cash.
Once our business needs and obligations are met, cash can be used
to maintain a strong balance sheet, invest in future growth and
return capital to stockholders.
The following table presents a reconciliation of net cash flow
from operating activities, the most directly comparable financial
measure calculated in accordance with GAAP, to Adjusted free cash
flow for each of the periods presented.
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
May 28, 2023
May 29, 2022
(Dollars in millions)
(Unaudited)
Most comparable GAAP measure:
Net cash provided by operating
activities
$
286.2
$
59.8
$
125.4
$
145.9
Net cash used for investing activities
(62.4
)
(57.0
)
(81.5
)
(135.2
)
Net cash (used for) provided by financing
activities
(71.9
)
(77.7
)
5.9
(217.1
)
Non-GAAP measure:
Net cash provided by operating
activities
$
286.2
$
59.8
$
125.4
$
145.9
Purchases of property, plant and
equipment
(75.7
)
(46.9
)
(186.6
)
(120.5
)
Adjusted free cash flow
$
210.5
$
12.9
$
(61.2
)
$
25.4
Return on Invested Capital:
We define Return on invested capital ("ROIC") as the trailing
four quarters of Adjusted net income before interest and after
taxes divided by the average trailing five quarters of total
invested capital. We define earnings before interest and after
taxes as Adjusted net income plus interest expense and income tax
expense less an income tax adjustment. We define total invested
capital as total debt plus shareholders' equity less cash and
short-term investments. We believe ROIC is useful to investors as
it quantifies how efficiently we generated operating income
relative to the capital we have invested in the business.
Our calculation of ROIC is considered a non-GAAP financial
measure because we calculate ROIC using the non-GAAP metric
Adjusted net income. Although ROIC is a standard financial metric,
numerous methods exist for calculating a company's ROIC. As a
result, the method we use to calculate our ROIC may differ from the
methods used by other companies. This metric is not defined by GAAP
and should not be considered as an alternative to earnings measures
defined by GAAP.
The table below sets forth the calculation of ROIC for each of
the periods presented.
Trailing Four Quarters
May 28, 2023
May 29, 2022
(Dollars in millions)
Net income
$
436.6
$
591.9
Numerator
Adjusted net income(1)
$
448.0
$
673.1
Interest expense
41.0
38.3
Income tax expense
21.3
101.6
Adjusted net income before interest and
taxes
510.3
813.0
Income tax adjustment(2)
(23.8
)
(118.1
)
Adjusted net income before interest and
after taxes
$
486.5
$
694.9
_____________
(1)
Adjusted net income is reconciled
from net income which is the most comparable GAAP measure. Refer to
Adjusted Net Income table for more information.
(2)
Tax impact calculated using the
trailing four quarters effective tax rate, excluding discrete costs
and benefits
Average Trailing Five
Quarters
May 28, 2023
May 29, 2022
(Dollars in millions)
Denominator
Total debt, including operating lease
liabilities
$
2,165.2
$
2,298.5
Shareholders' equity
1,873.3
1,632.3
Cash and Short-term investments
(518.3
)
(1,033.6
)
Total invested Capital
$
3,520.2
$
2,897.2
Net income to Total invested capital
12.4
%
20.4
%
Return on Invested Capital
13.8
%
24.0
%
Constant-Currency:
We calculate constant-currency amounts by translating local
currency amounts in the comparison period at actual foreign
exchange rates for the current period.
Constant-Currency Net Revenues:
The table below sets forth the calculation of net revenues on a
constant-currency basis for the comparison period applicable to the
three-month and six-month periods ended May 28, 2023:
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
%
Increase
(Decrease)
May 28, 2023
May 29, 2022
%
Increase
(Decrease)
(Dollars in millions)
(Unaudited)
Total net revenues
As reported
$
1,336.8
$
1,471.1
(9.1
)%
$
3,025.7
$
3,062.7
(1.2
)%
Impact of foreign currency exchange
rates
—
(8.9
)
*
—
(48.5
)
*
Constant-currency net revenues
$
1,336.8
$
1,462.2
(8.6
)%
$
3,025.7
$
3,014.2
0.4
%
Americas
As reported
$
608.9
$
776.1
(21.5
)%
$
1,431.9
$
1,541.9
(7.2
)%
Impact of foreign currency exchange
rates
—
3.4
*
—
7.1
*
Constant-currency net revenues -
Americas
$
608.9
$
779.5
(21.9
)%
$
1,431.9
$
1,549.0
(7.6
)%
Europe
As reported
$
361.3
$
367.1
(1.6
)%
$
816.4
$
836.5
(2.4
)%
Impact of foreign currency exchange
rates
—
3.4
*
—
(17.8
)
*
Constant-currency net revenues -
Europe
$
361.3
$
370.5
(2.4
)%
$
816.4
$
818.7
(0.3
)%
Asia
As reported
$
261.7
$
221.8
18.0
%
$
551.2
$
480.3
14.8
%
Impact of foreign currency exchange
rates
—
(16.5
)
*
—
(38.1
)
*
Constant-currency net revenues - Asia
$
261.7
$
205.3
27.4
%
$
551.2
$
442.2
24.6
%
Other Brands
As reported
$
104.9
$
106.1
(1.1
)%
$
226.2
$
204.0
10.9
%
Impact of foreign currency exchange
rates
—
0.8
*
—
0.3
*
Constant-currency net revenues - Other
Brands
$
104.9
$
106.9
(1.9
)%
$
226.2
$
204.3
10.7
%
___________
* Not meaningful
Constant-Currency Adjusted EBIT and
Constant Currency Adjusted EBIT margin:
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
%
(Decrease)
May 28, 2023
May 29, 2022
%
Increase
(Decrease)
(Dollars in millions)
(Unaudited)
Adjusted EBIT(1)
$
31.5
$
145.4
(78.3
)%
$
216.8
$
383.2
(43.4
)%
Impact of foreign currency exchange
rates
—
2.6
*
—
(6.0
)
*
Constant-currency Adjusted EBIT
$
31.5
$
148.0
(78.7
)%
$
216.8
$
377.2
(42.5
)%
Adjusted EBIT margin
2.4
%
9.9
%
(75.8
)%
7.2
%
12.5
%
(42.4
)%
Impact of foreign currency exchange
rates
—
0.2
*
—
—
*
Constant-currency Adjusted EBIT
margin(2)
2.4
%
10.1
%
(76.2
)%
7.2
%
12.5
%
(42.4
)%
_____________
(1)
Adjusted EBIT is reconciled from
net income which is the most comparable GAAP measure. Refer to
Adjusted EBIT and Adjusted EBITDA table for more information.
(2)
We define constant-currency
Adjusted EBIT margin as constant-currency Adjusted EBIT as a
percentage of constant-currency net revenues.
* Not meaningful
Constant-Currency Adjusted Net Income
and Adjusted Diluted Earnings per Share:
Three Months Ended
Six Months Ended
May 28, 2023
May 29, 2022
%
(Decrease)
May 28, 2023
May 29, 2022
%
(Decrease)
(Dollars in millions, except
per share amounts)
(Unaudited)
Adjusted net income (1)
$
15.2
$
116.7
(87.0
)%
$
150.0
$
305.9
(51.0
)%
Impact of foreign currency exchange
rates
—
4.7
*
—
(2.9
)
*
Constant-currency Adjusted net income
$
15.2
$
121.4
(87.5
)%
$
150.0
$
303.0
(50.5
)%
Constant-currency Adjusted net income
margin(2)
1.1
%
8.3
%
5.0
%
10.1
%
Adjusted diluted earnings per share
$
0.04
$
0.29
(86.2
)%
$
0.37
$
0.75
(50.7
)%
Impact of foreign currency exchange
rates
—
0.01
*
—
—
*
Constant-currency Adjusted diluted
earnings per share
$
0.04
$
0.30
(86.7
)%
$
0.37
$
0.75
(50.7
)%
_____________
(1)
Adjusted net income is reconciled
from net income which is the most comparable GAAP measure. Refer to
Adjusted net income table for more information.
(2)
We define constant-currency
Adjusted net income margin as constant-currency Adjusted net income
as a percentage of constant-currency net revenues.
* Not meaningful
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230706762936/en/
Investor Contact: Aida Orphan Levi Strauss & Co. (415)
501-6194 Investor-Relations@levi.com
Media Contact: Elizabeth Owen Levi Strauss & Co. (415)
501-7777 NewsMediaRequests@levi.com
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