Levi Strauss International and Wholesale Growth Offsets Softer U.S. DTC Performance
Dow Jones
Yesterday
Levi Strauss posted 5% organic revenue growth in the third quarter, with international markets and wholesale channels driving results. Asia led regional performance with 10% organic growth, followed by Europe at 5%. Wholesale revenue rose 6% on both a reported and organic basis, with particularly strong performance in Europe and Asia, the company said. The U.S. direct-to-consumer business, however, declined 1% on a reported basis. CEO Michelle Gass said the DTC channel fell short of internal expectations, though the company moved quickly to address the shortfall and expects mid-single-digit DTC growth in the fourth quarter.
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