“We knew the first quarter would be challenging, but a heavier promotional environment and unusually bad weather made it even more difficult than we expected,” said Chip Bergh, president and chief executive officer.“While we anticipate the market environment to remain challenging for the next few quarters, we are staying focused on what’s within our control—product, commercially-driven marketing, and our cost structure—to drive long-term profitable growth.”
Cash Flow and Balance Sheet
At February 23, 2014, cash and cash equivalents of $503 million were complemented by $626 million available under the company's revolving credit facility, resulting in a total liquidity position of $1.1 billion. Free cash flow for the first quarter was $21 million. During the quarter, the company declared a $30 million dividend, which has been paid in the company’s second fiscal quarter. Net debt at the end of the first quarter remained less than $1.1 billion.
Levi Strauss & Co. announced financial results for the first quarter ended February 23, 2014.Net revenues declined one percent on a reported #
Subsequent to the first quarter end, the company amended and restated its asset-based, senior secured revolving credit facility, extending the term, improving availability and obtaining more favorable interest rates and terms.
Levi Strauss & Co
marketing@alchempro.com
