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Levi Strauss & Co. reported gross sales at Beyond Yoga elevated 23 p.c on a reported and natural foundation within the fiscal first quarter ended March 1, to $46 million. On an analyst name, Michelle Gass, Levi’s CEO and president, attributed the features to Beyond Yoga’s DTC end result persevering with to “show solid momentum.” Beyond Yoga’s working loss within the quarter shrank to $1 million from a lack of $3 million a yr in the past.
Gass added on Beyond Yoga, “The brand expands our addressable market into premium activewear, complementing our denim lifestyle portfolio. Our recently launched Seek Beyond marketing campaign and broader product offerings are gaining traction with consumers and fueling growth. While we continue to invest in the business, our operating loss narrowed in the quarter, driven by strong top line growth and gross margin expansion, reinforcing our path toward profitability.”
Beyond Yoga, acquired by Levi’s in 2021 and primarily based in Culver City, CA, has been aggressively opening shops. It has 14 areas, together with seven in California in San Jose, Century City, Santa Monica, Larchmont Village, Irvine, Walnut Creek and Corte Madera. Other shops are positioned in Fulton Market and Old Orchard, IL; Greenwich and Westport, CT; Houston, TX, Bellevue Square, WA; and Seaport Boston, MA. A retailer at Westfield Montgomery Mall in Bethesda, MD is opening quickly.
First-Quarter Sales
Companywide, internet revenues of $1.7 billion elevated 14 p.c on a reported foundation and 9 p.c on an natural foundation versus Q1 2025.
By area for the Levi’s model, Americas’ internet revenues elevated 9 p.c on a reported foundation and elevated 7 p.c on an natural foundation. Within the Americas, the U.S. elevated 4 p.c on a reported foundation and natural foundation. In Europe, internet revenues elevated 24 p.c on a reported foundation and 10 p.c on an natural foundation. In Asia, internet revenues elevated 13 p.c on a reported foundation and 12 p.c on an natural foundation.
By channel, DTC (Direct-to-Consumer) internet revenues elevated 16 p.c on a reported foundation and 10 p.c on an natural foundation. DTC development on a reported foundation mirrored a ten p.c improve within the U.S., a 19 p.c improve in Europe and an 18 p.c improve in Asia. DTC development on an natural foundation mirrored a ten p.c improve within the U.S., a 5 p.c improve in Europe and a 16 p.c improve in Asia. Net revenues from e-commerce grew 21 p.c on a reported foundation and 17 p.c on an natural foundation. DTC comparable gross sales development was 7 p.c. DTC comprised 52 p.c of complete internet revenues within the first quarter.
Wholesale internet revenues elevated 12 p.c on a reported foundation and eight p.c on an natural foundation.
Gross margin was 61.9 p.c in comparison with 62.1 p.c in Q1 2025 primarily because of the impression of tariffs, partially offset by worth will increase and fewer promotional exercise.
Selling, normal and administrative (SG&A) bills had been $872 million in comparison with $749 million in Q1 2025. Adjusted SG&A bills had been up 15.7 p.c to $861 million in comparison with $744 million final yr primarily because of the deliberate increased promoting prices in reference to the launch of the Behind Every Original marketing campaign, the higher-than-expected gross sales quantity and overseas change.
Interest and different earnings (expense), internet, which incorporates overseas change features and losses, had been earnings of $30 million and bills of $15 million within the mixture in Q1 2026 and Q1 2025, respectively.
The efficient earnings tax fee was 22.4 p.c, in comparison with 20.6 p.c in Q1 2025.
Net earnings from persevering with operations was $177 million in comparison with $140 million in Q1 2025. Adjusted internet earnings was $167 million in comparison with $150 million in Q1 2025.
Diluted earnings per share from persevering with operations was 45 cents in Q1, in comparison with 35 cents in Q1 2025. Adjusted diluted earnings per share was $0.42 in comparison with $0.38 in Q1 2025.
Management Commentary
“We delivered very strong financial performance in the first quarter driven by broad-based growth across channels, regions and categories,” mentioned Gass in a press launch. “Our evolution into a DTC-first denim lifestyle brand is allowing us to capture a much larger addressable market and deliver faster and more consistent growth. Today we are operating from a stronger foundation, executing with focus and intention, with more ways to win than ever before.”
“We are pleased to report first quarter revenue, margins and EPS above our guidance,” mentioned Harmit Singh, Chief Financial and Growth Officer of Levi Strauss & Co. “Our strategic transformation is translating into higher returns and more profitable growth, enabling us to convert more of our strong revenue growth into bottom-line profit. Our great start to the year in Q1 and positive quarter-to-date trends, give us the confidence to raise our full-year sales, margins and EPS guidance even as we remain prudent about the external environment.”
Balance Sheet Review as of March 1, 2026
Dockers Sale
On July 31, 2025, the corporate offered the Dockers mental property and operations within the U.S. and Canada. The firm accomplished the sale of the remaining Dockers operations in a number of closings through the first quarter of 2026, with the ultimate closing on February 27, 2026.
Leadership Update
LS&Co. additionally introduced that Executive Vice President and Chief Financial & Growth Officer (CFGO) Harmit Singh will proceed in his position as CFGO till a successor is appointed after which transition to function Special Advisor, following which he’ll retire. LS&Co. has initiated a seek for his successor.
Shareholder Returns
In the primary quarter, the corporate returned $214 million to shareholders, a 163 p.c improve over prior yr, together with:
As of March 1, 2026, the corporate had $240 million remaining below its present share repurchase authorization, which has no expiration date.
The firm declared a dividend of 14 cents per share totaling roughly $54 million, payable in money on May 6, 2026 to the holders of file of Class A typical inventory and Class B widespread inventory on the shut of enterprise on April 22, 2026.
Fiscal 2026 Guidance
Guidance for 2026 is predicated on persevering with operations, reflecting the Dockers® enterprise being reported in discontinued operations. The steerage assumes U.S. tariffs on imports from China stay at 30 p.c and Rest-of-World at 20 p.c.
The following steerage is offered for the yr ending November 29, 2026:
Photo and chart courtesy Levi Strauss & Co.
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