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Levi’s has ended a solid year with revenue declining 5.7 percent to US$151 million in the fourth quarter from US$151 million in the same period in 2021.
The denim giant posted sales of $1.59 billion in the fourth quarter, dropping from $1.69 billion in the same period the year before.
Consequently, its revenue came in flat compared to last year.
Compared to the fourth quarter of 2019, revenue increased by only 1.9 percent amid more robust growth in the clothing market.
However, Levi’s is gaining share of the denim market, which is positive, and the deterioration is mainly from the wholesale arm rather than the direct-to-consumer business.
The more difficult trading conditions have materialized in the wholesale part of Levi’s business, where a number of retailers have slowed orders in response to a dip in demand and high inventories. This has been especially acute in the US and across Europe, which led to an 8 percent decline in revenues.
Meanwhile, retail sales rose by 10 percent on a constant currency basis, excluding the now-closed Russian stores, primarily driven by the strength of shops and online across the Americas and Asia. In our view, this signals that there is no inherent problem or issue with Levi’s brand and that the slowdown is mostly a consequence of a much tougher retail and consumer market.
Demand for denim remains strong and Levi’s durable fabric positioning is helping to justify fuller price points and prevent too much discounting despite a consumer shift to looser styles.
