Levi’s to open 100 stores this year

LevisSan Francisco-based retailer Levi Strauss announced plans to open 100 new company-operated stores this year.

The apparel maker, which launched on the US stock market last month, announced its plans for the store openings alongside a well-received debut batch of earnings as a public company.

Company chief executive Chip Bergh the Financial Times that most of the store openings would be in Europe and Asia, though mainline and outlet stores would open in the US as well.

Levi’s posted a 7 per cent jump in net revenue to US$1.43 billion (A$199.53 billion) for the quarter ending February 24. The company produced a net income of US$147 million (A$205.11 million) compared with the losses of US$19 million a year ago, when the results were hit with a tax-related charge.

“We delivered our sixth consecutive quarter of double-digit constant-currency revenue growth,” Bergh said.

“Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off.”

The 166-year-old brand operates 824 standalone stores, including 74 the retailer opened last year.


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