Levi Strauss (LEVI) Q1 FY2022 earnings: revenue $1.6 billion, up 21.9% on the year

Levi Strauss & Co. (LEVI) reported revenue of $1.6 billion for Q1 FY2022, the quarter ended 27 February 2022, up 21.9% on the same quarter a year earlier. Net income was $196 million, up 37.4% on the year, and diluted earnings per share $0.48. The figures are the company's own, from the 10-Q it filed with the SEC on 6 April 2022.

Revenue$1.6 billionup 21.9%

Net income$196 millionup 37.4%

Diluted EPS$0.48

QuarterQ1 FY2022ended 27 February 2022

The quarter, against the one before and a year earlier

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Revenue	1,592	1,685	n/a	n/a
Cost of revenue	648	710	n/a	n/a
Gross profit	944	974	n/a	n/a
Gross margin	59.3%	57.8%	n/a
Selling, general and administrative	709	792	n/a	n/a
Operating income	234	186	n/a	n/a
Operating margin	14.7%	11.1%	n/a
Interest expense	4.2	11.5	n/a	n/a
Pre-tax income	246	167	n/a	n/a
Income tax	50.0	13.8	n/a	n/a
Effective tax rate	20.4%	8.3%	n/a
Net income	196	153	n/a	n/a
Net margin	12.3%	9.1%	n/a
Diluted EPS	$0.48	$0.37	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Operating cash flow	86.1	238	n/a	n/a
Capital expenditure	73.6	58.5	n/a	n/a
Free cash flow	12.5	180	n/a	n/a
Free cash flow margin	0.8%	10.7%	n/a
Cash from investing	-78.2	-444	n/a	n/a
Cash from financing	-139	-351	n/a	n/a
Depreciation and amortisation	38.9	37.6	n/a	n/a
Share-based compensation	14.1	13.4	n/a	n/a
Buybacks	74.2	85.9	n/a	n/a
Dividends paid	39.9	32.1	n/a	n/a
Dividend per share	$0.10	n/a	n/a	n/a
Diluted shares, weighted	407m	410m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Shareholders' equity	1,724	1,666	n/a	n/a
Debt	1,025	1,027	n/a	n/a
Operating lease liabilities	954	969	n/a	n/a
Other liabilities	2,050	2,238	n/a	n/a
Total liabilities and equity	5,752	5,900	n/a	n/a
Fixed assets	492	503	n/a	n/a
Goodwill	378	387	n/a	n/a
Intangible assets	290	291	n/a	n/a
Investments	98.8	91.5	n/a	n/a
Cash and equivalents	678	810	n/a	n/a
Receivables	648	708	n/a	n/a
Inventory	1,006	898	n/a	n/a
Other assets	2,161	2,212	n/a	n/a
Total assets	5,752	5,900	n/a	n/a

Questions

What was Levi Strauss' revenue in Q1 FY2022?

Levi Strauss (LEVI) reported revenue of $1.6 billion for Q1 FY2022, the quarter ended 27 February 2022, up 21.9% on the same quarter a year earlier.

How much did Levi Strauss earn in Q1 FY2022?

Net income for Q1 FY2022 was $196 million, up 37.4% on the year, and diluted earnings per share $0.48.

When did Levi Strauss report Q1 FY2022 results?

Levi Strauss filed its 10-Q for the quarter ended 27 February 2022 with the SEC on 6 April 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,685	1,592	1,471	1,517	1,589	1,689	1,337	1,511	1,642	1,480	1,359	1,443	1,840	1,527	1,446	1,543	1,766	1,742	1,562	1,610
Cost of revenue	710	648	616	654	701	747	553	672	693	610	526	569	713	579	540	592	693	664	583	544
Gross profit	974	944	855	863	887	942	784	840	950	870	832	874	1,127	948	906	952	1,073	1,078	979	1,066
Gross margin	58%	59%	58%	57%	56%	56%	59%	56%	58%	59%	61%	61%	61%	62%	63%	62%	61%	62%	63%	66%
SG&A	792	709	779	664	741	774	768	713	798	756	756	726	895	749	791	776	857	872	843	836
Operating income	186	234	76.2	199	137	157	9.9	34.8	151	0.6	20.9	32.7	212	192	108	167	211	199	122	222
Operating margin	11%	15%	5%	13%	9%	9%	1%	2%	9%	0%	2%	2%	12%	13%	7%	11%	12%	11%	8%	14%
Interest expense	11.5	4.2	4.4	7.7	9.4	10.7	13.2	11.5	10.5	10.0	10.3	10.1	11.4	10.9	11.8	12.5	13.4	13.1	12.9	12.9
Pre-tax income	167	246	77.8	186	140	139	-7.2	-3.4	137	-11.7	11.0	22.2	200	177	102	156	199	228	122	220
Tax rate	8%	20%	36%	7%	-8%	18%	n/a	n/a	7%	n/a	-56%	-2%	9%	21%	22%	22%	19%	22%	22%	23%
Net income	153	196	49.7	173	151	115	-1.6	9.6	127	-10.6	18.0	20.7	182	135	67.0	218	158	176	87.3	169
Net margin	9%	12%	3%	11%	9%	7%	-0%	1%	8%	-1%	1%	1%	10%	9%	5%	14%	9%	10%	6%	10%
Diluted EPS	$0.37	$0.48	$0.12	$0.43	$0.38	$0.29	$0.00	$0.02	$0.32	-$0.03	$0.04	$0.05	$0.46	$0.34	$0.17	$0.55	$0.40	$0.45	$0.22	$0.43
Operating cash flow	238	86.1	59.7	64.4	17.8	-161	286	51.2	259	286	263	52.3	297	52.5	186	24.8	267	212	271	103
Capital expenditure	58.5	73.6	46.9	76.3	70.3	111	75.7	72.4	56.5	71.6	40.2	50.0	65.7	66.6	39.5	64.2	51.1	59.4	39.9	58.6
Free cash flow	180	12.5	12.8	-11.8	-52.5	-272	210	-21.2	202	214	223	2.3	232	-14.1	146	-39.4	216	152	231	44.3
Buybacks	85.9	74.2	40.0	26.4	35.0	8.1	0.0	0.0	0.0	25.0	16.9	17.8	30.4	30.0	0.5	0.0	0.0	0.0	0.0	0.0
Dividends paid	32.1	39.9	39.6	47.5	47.3	47.6	47.6	47.7	47.6	47.9	47.7	51.5	51.4	51.4	51.4	55.4	54.7	53.8	53.9	61.6
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 27 February 2022, filed 6 April 2022: the filing.