Although many apparel companies have been hit by global supply chain bottlenecks, Levi has fared well comparatively due to its diversified manufacturing.
Production facilities there have been hard hit by periodic shutdowns"Our supply chain really is a source of competitive advantage," Chief Executive Chip Bergh told CNBC. "We can move product around with a lot of agility. ... We've been running the business against different scenarios for the last 18 months."
Revenue rose 41% to $1.5 billion from $1.06 billion a year earlier. That slightly topped estimates of $1.48 billion.Wholesale revenue grew 45% year over year, driven by strong demand in the U.S. and Europe, the company said. Direct-to-consumer sales rose 34% from 2020 levels, and climbed 3% on a two-year basis, as more shoppers visited Levi's own brick-and-mortar stores for denim and lounge wear.
The lingering health crisis is still shuttering stores around the world. Levi said roughly 10% of its company-operated stores were closed during the latest quarter, primarily in Asia. Roughly 4% remain shut, it said.
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