Levi Strauss said it expects ‘no significant worsening’ of the Covid-19 pandemic for FY22. Credit: Ed Dunens / Flickr.

US-based clothing company Levi Strauss has reported net revenues of $5.8bn for the fiscal year 2021 (FY21), up by 29% on a reported basis compared with FY20 and flat against FY19.

For the 52 weeks to 28 November 2021, the company generated a net income of $554m and an adjusted net income of $601m, the latter up from $84m in FY20.

Its diluted earnings per share (EPS) were $1.35, while its adjusted diluted EPS grew by 600% from $0.21 to $1.47 year-on-year.

During the fourth quarter (Q4) of FY21, Levi Strauss’ net revenues increased by 22% to $1.7bn on a reported and constant-currency basis from Q4 2020.

Net revenues from its company-operated stores grew by 28% from a year earlier, while its direct-to-consumer e-commerce net revenues were up by 22% against Q4 of last year.

For FY22, the retailer expects its net revenues to grow to between $6.4bn and $6.5bn from FY21, while it anticipates adjusted diluted EPS of between $1.50 and $1.56.

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Levi Strauss president and CEO Chip Bergh said: “We had a strong finish to 2021 and I can confidently say that we are a stronger company than ever before.

“Today’s results reflect robust financial performance, marked by sequential improvement through the year, despite navigating ongoing business disruption from the pandemic.

“Through it all, we have stayed focused on our future and our momentum continues to accelerate into 2022.

“We are well-positioned for long-term, sustainable growth – our strong brand equity is driving pricing power, we’re boldly diversifying our business and continuing to expand our high-margin direct-to-consumer (DTC) business.

“As good as this past year has been, I am confident the future will be even better.”

In October last year, Levi Strauss reported net revenues of $1.5bn for the third quarter (Q3) of FY21, up by 41% from a year earlier.

The company’s DTC channel reported a 34% increase in net revenues from the same period of FY20.