Levi Strauss (LEVI) Q2 FY2022 earnings: revenue $1.5 billion, up 15.3% on the year

Levi Strauss & Co. (LEVI) reported revenue of $1.5 billion for Q2 FY2022, the quarter ended 29 May 2022, up 15.3% on the same quarter a year earlier. Net income was $50 million, down 23.1% on the year, and diluted earnings per share $0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 7 July 2022.

Revenue$1.5 billionup 15.3%

Net income$50 milliondown 23.1%

Diluted EPS$0.12

QuarterQ2 FY2022ended 29 May 2022

The quarter, against the one before and a year earlier

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Revenue	1,471	1,592	n/a	n/a
Cost of revenue	616	648	n/a	n/a
Gross profit	855	944	n/a	n/a
Gross margin	58.1%	59.3%	n/a
Selling, general and administrative	779	709	n/a	n/a
Operating income	76.2	234	n/a	n/a
Operating margin	5.2%	14.7%	n/a
Interest expense	4.4	4.2	n/a	n/a
Pre-tax income	77.8	246	n/a	n/a
Income tax	28.1	50.0	n/a	n/a
Effective tax rate	36.1%	20.4%	n/a
Net income	49.7	196	n/a	n/a
Net margin	3.4%	12.3%	n/a
Diluted EPS	$0.12	$0.48	n/a	n/a

$ million except per share.

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	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Operating cash flow	59.7	86.1	n/a	n/a
Capital expenditure	46.9	73.6	n/a	n/a
Free cash flow	12.8	12.5	n/a	n/a
Free cash flow margin	0.9%	0.8%	n/a
Cash from investing	-57.0	-78.2	n/a	n/a
Cash from financing	-77.7	-139	n/a	n/a
Depreciation and amortisation	38.8	38.9	n/a	n/a
Share-based compensation	16.7	14.1	n/a	n/a
Buybacks	40.0	74.2	n/a	n/a
Dividends paid	39.6	39.9	n/a	n/a
Dividend per share	$0.10	$0.10	n/a	n/a
Diluted shares, weighted	404m	407m	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	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Shareholders' equity	1,728	1,724	n/a	n/a
Debt	1,004	1,025	n/a	n/a
Operating lease liabilities	925	954	n/a	n/a
Other liabilities	2,080	2,050	n/a	n/a
Total liabilities and equity	5,738	5,752	n/a	n/a
Fixed assets	514	492	n/a	n/a
Goodwill	368	378	n/a	n/a
Intangible assets	289	290	n/a	n/a
Investments	96.4	98.8	n/a	n/a
Cash and equivalents	602	678	n/a	n/a
Receivables	609	648	n/a	n/a
Inventory	1,113	1,006	n/a	n/a
Other assets	2,146	2,161	n/a	n/a
Total assets	5,738	5,752	n/a	n/a

Questions

What was Levi Strauss' revenue in Q2 FY2022?

Levi Strauss (LEVI) reported revenue of $1.5 billion for Q2 FY2022, the quarter ended 29 May 2022, up 15.3% on the same quarter a year earlier.

How much did Levi Strauss earn in Q2 FY2022?

Net income for Q2 FY2022 was $50 million, down 23.1% on the year, and diluted earnings per share $0.12.

When did Levi Strauss report Q2 FY2022 results?

Levi Strauss filed its 10-Q for the quarter ended 29 May 2022 with the SEC on 7 July 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 29 May 2022, filed 7 July 2022: the filing.