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Levi Strauss & Co Class A (LEVI-1.66%) has submitted its annual report on Form 10-K for the fiscal year ended December 1, 2024 filing.
The filing details the company's financial performance, with net revenues of $6.4 billion, a 2.9% increase from the previous year. This growth was driven by strong direct-to-consumer sales, which increased by 11.3%.
Operating income for the year was $264.1 million, a decrease from $353.3 million in the prior year, primarily due to increased selling, general, and administrative expenses and restructuring charges.
Net income for the fiscal year was $210.6 million, down from $249.6 million in the previous year. The decrease was attributed to higher operating expenses and restructuring costs.
The company reported a gross profit margin of 60.0%, up from 56.9% in the previous year, reflecting lower product costs and favorable channel and brand mix.
Levi Strauss & Co announced a restructuring initiative, Project Fuel, aimed at optimizing its operating model and reducing costs. The initiative resulted in restructuring charges of $188.7 million for the year.
The company also recorded impairment charges of $116.9 million related to its Beyond Yoga acquisition and the decision to discontinue its footwear category.
Levi Strauss & Co ended the fiscal year with cash and cash equivalents of $690.0 million, up from $398.8 million at the end of the previous year.
The company declared a cash dividend of $0.13 per share for the first quarter of 2025, continuing its commitment to returning capital to shareholders.
Looking forward, Levi Strauss & Co plans to focus on expanding its direct-to-consumer business and evaluating strategic alternatives for its Dockers brand.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Levi Strauss & Co Class A annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.