Levi Strauss & Co announced financial results for the fourth quarter and fiscal year ended November 26, 2006 and filed its 2006 Form 10-K with the Securities and Exchange Commission.
Fourth-quarter results reflect improvements across key operating measures. Net revenues for the quarter increased 4 percent or $48 million and net income increased 119 percent or $52 million.
Fiscal-year 2006 results show continued profitability improvements with stable net revenues. Net income improved 53 percent or $83 million.
"Our fourth-quarter performance was encouraging, with net revenue growth in each of our three regions," said John Anderson, chief executive officer. "For the full year, we delivered stable revenues and strong profits, and paid down debt. The year ended with improved performance in virtually all of our business units. I am pleased with our positive momentum heading into 2007."
Fourth-Quarter 2006 Highlights: • Fourth-quarter net revenues increased 4 percent to $1.24 billion compared to $1.19 billion for the same period in 2005. Net revenues increased in all three regions.
• Gross profit increased 9 percent to $593 million compared with $542 million for the same period of 2005. Gross margin increased 240 basis points to 48.0 percent of revenues for the fourth quarter of 2006 compared to 45.6 percent of revenues in the fourth quarter of 2005. The margin increase was primarily due to increased sales of higher margin products.
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