Levi Strauss (LEVI) Q3 2024 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, April 8, 2026 astatine 9:08 AM CDT 45 min read

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Wednesday, October 2, 2024 astatine 5 p.m. ET

• President and Chief Executive Officer — Michelle Gass

• Chief Financial and Growth Officer — Harmit Singh

• Vice President, Investor Relations — Aida Orphan

Aida Orphan: Thank you for joining america connected the telephone contiguous to sermon the results for our 3rd 4th fiscal 2024. Joining maine connected today’s telephone are Michelle Gass, our President and CEO; and Harmit Singh, our Chief Financial and Growth Officer. We’ve posted implicit Q3 fiscal results and our net merchandise connected the IR conception of our website, investors.levistrauss.com. The nexus to the webcast of today’s league telephone tin besides beryllium recovered connected our site. We’d similar to punctual you that we volition beryllium making forward-looking statements connected this call, which impact risks and uncertainties. Actual results could disagree materially from those contemplated by our forward-looking statements.

Please reappraisal our filings with the SEC, successful peculiar the Risk Factors conception of our Form 10-K for the twelvemonth ended November 26, 2023, for the factors that could origin our results to differ. Also enactment that the forward-looking statements connected this telephone are based connected accusation disposable to america arsenic of today, and we presume nary work to update immoderate of these statements. During this call, we volition sermon definite non-GAAP fiscal measures. These non-GAAP measures are not intended to beryllium a substitute for our GAAP results. Reconciliations of our non-GAAP measures to their astir comparable GAAP measurement are included successful today’s property release.

Reconciliation of non-GAAP forward-looking accusation to the corresponding GAAP measures, however, cannot beryllium provided without unreasonable efforts owed to the situation successful quantifying assorted items, including, but not constricted to the effects of overseas currency fluctuations, taxes and immoderate aboriginal restructuring, restructuring related severance and different charges. Finally, this telephone is being webcast connected our IR website and a replay of this telephone volition beryllium disposable connected the website shortly. Please enactment that Michelle and Harmit volition beryllium referencing changeless currency gross numbers unless different noted. Today’s telephone is scheduled for 1 hour, truthful delight bounds yourself to 1 question astatine a clip to springiness others the accidental to person their questions addressed.

And now, I’d similar to crook the telephone implicit to Michelle.

Michelle Gass: Thank you, and welcome, everyone, to today’s call. In Q3, nett revenues accrued 2% successful changeless currency and 3% erstwhile adjusting for the exit of the Denizen business. While we had higher expectations for the quarter, we saw acceleration versus H1 driven by the Levi’s brand, which grew 5% globally successful Q3, marking the champion quarterly maturation for Levi’s successful 2 years. We are pleased that the underlying fundamentals of our concern are getting stronger, and our cardinal strategies proceed to summation traction, including DTC up 12%, the U.S. continuing to beryllium affirmative and Europe returning to growth.