- Net revenues in Europe increased due to the expansion of the company-operated retail network and higher sales in the wholesale channel. The sales growth reflected the success of the Levi's Curve ID collection for women.
- Revenue growth in Asia Pacific, primarily driven by the Levi's brand, continued expansion of the company's brand-dedicated retail network in China and India as well as other emerging markets, more than offset the decline of net revenue in Japan.
Cash Flow and Balance Sheet As of May 29, 2011, cash and cash equivalents were $258 million, and $295 million was available under its revolving credit facility. Cash provided by operating activities in the first half of 2011 was $85 million, compared with $146 million for the same period in 2010, reflecting the company's inventory build, due to the higher cost of cotton and expectations for business growth, and a higher contribution to its pension plan. Net debt remained at $1.6 billion.
“During the quarter, we delivered higher revenues across our business regions and continued to execute our global strategies for long-term growth,” said Blake Jorgensen, chief financial officer. “While we've made solid progress this year, like the rest of our industry we remain cautious about the back-half of the year as the impact of higher costs in the supply chain and consumer response to increased prices is uncertain.”
marketing@alchempro.com
