Levi (LEVI) Reports Q1 Beat on Record Gross Margin, Reiterates 2022 Guidance

Levi (NYSE: LEVI) reported its Q1 results, with EPS of $0.46 coming in better than the consensus estimate of $0.41. Revenue grew 22% year-over-year (26% on a constant-currency basis) to $1.6 billion, compared to the consensus estimate of $1.54 billion, driven by strong growth across all geographical segments.

The company posted a record gross margin of 59.3% and adjusted gross margin was 59.4%. The adjusted EBIT margin was 14.9%, up from 13.3% in the same quarter last year.

The company reaffirmed its full 2022-year guidance, with estimated net revenue in the range of $6.4-$6.5 billion (growth of 11-13%), and adjusted diluted EPS in the range of $1.50-$1.56.

"The ongoing consumer demand across our portfolio of brands and our proven ability to deliver profitable growth give us the confidence to reaffirm our full-year outlook despite the incremental headwinds from ongoing macro challenges," CFO Harmit Singh said on the guidance.

By Davit Kirakosyan

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