On this page of StockholderLetter.com we present the latest annual shareholder letter from LEVI STRAUSS & CO — ticker symbol LEVI. Reading current and past LEVI letters to shareholders can bring important insights into the investment thesis.
• 
3/14/2024 Letter Continued (Full PDF)
•
3/7/2023 LEVI Stockholder Letter
• More "Textiles & Apparel" Category Stockholder Letters
•
LEVI Benford's Law Stock Score = 94
3/14/2024 Letter Continued (Full PDF)
•
3/7/2023 LEVI Stockholder Letter•
More "Textiles & Apparel" Category Stockholder Letters•
LEVI Benford's Law Stock Score = 94LEVI Shareholder/Stockholder Letter Transcript:
TO OUR SHAREHOLDERS, Last year marked my first year at Levi Strauss & Co., and after being named CEO at the start of 2024, it is a privilege and an honor to lead this storied company as we set the course for our next 170 years. In many ways, 2023 was a challenging year for the company and our industry at large. We faced headwinds in wholesale, persistent inflation and a turbulent macroeconomic and geopolitical environment. Michelle Gass President and CEO And yet I feel incredibly optimistic about where the company is now and where we are headed. We had a strong fourth quarter, creating momentum as we began the fiscal year, and we saw positive indicators across the year that key strategies are working. Our direct-to-consumer (DTC) business grew 13%, which now represents 43% of our total business. The Levi s brand remains one of our greatest assets and the strength of the brand is reflected in the performance of our iconic Levi s 501 jeans which were up 11% from the prior year and nearly 70% from pre-pandemic levels as we celebrated their 150th anniversary and continue to capture a new generation of fans. Also, we continued to diversify our business with international accounting for 56% of our total business. What s more, we have a solid foundation to build off, given the unmatched strength and reach of the Levi s brand, our category leadership, our global teams and our guiding philosophy of profits through principles. Over the next 12 months, we will be focused on improving our performance and competitive position. We will do this by executing on our strategies and becoming a best-in-class retailer as we accelerate our pivot to operating as a DTC-first company and advance our journey to great profitability. WE MUST EVOLVE HOW OUR COMPANY OPERATES TO SET US UP FOR THE FUTURE. First, we will continue to grow the iconic Levi s brand, keeping it at the center of culture, evolving our denim authority into being a denim lifestyle leader, building loyalty and relevancy with the next generation of shoppers, and continuing to nurture the deep connections we enjoy with consumers around the world. Second, we will keep pushing on our efforts to become a truly DTC-first company, growing our retail network around the world, improving our digital infrastructure with a focus on our levi.com business, revamping our go-to-market calendar with an emphasis on speed and productivity, and supporting our retail teams to excel in those key moments when they engage with consumers. Third, we will diversify our business across channels, categories and geographies through the power of our full portfolio including Dockers and Beyond Yoga by deepening our presence in key and emerging markets, increasing our points of distribution through our DTC and wholesale partners and expanding our product line with innovative and on-trend clothing to establish ourselves as a global apparel lifestyle brand. All of this requires that we keep an unwavering focus on the consumer, putting them first, always, to ensure that we earn the right to be their brand of choice. And we must evolve how our company operates to set us up for the future. Last fall, we launched an initiative to optimize our operating model, improve our structural economics and simplify processes across the organization. There are two things that will not change despite all that is evolving around us. We will continue building on the proud legacy of our iconic, quality products and responsible corporate citizenship that this company has established over its first 170 years, keeping our heritage present as we work to position LS&Co. for the future. And we will always be led by our values and maintain our guiding philosophy of profits through principles, because it s who we are and the right way to do business, now and always. To cite a few examples: in the past year we enhanced the standard of our global paid leave benefit to ensure employees have equitable access to time off for maternity leave, parental bonding leave and family care leave. In the year ahead, Levi Strauss & Co. and the Levi Strauss Foundation will continue our work to make it easier for all eligible voters to cast their ballots, ensuring our employees and the communities we operate in can participate in their elections. And as a company that was founded in San Francisco 170 years ago and has been part of the city s fabric from our earliest days, we remain committed to our hometown, supporting revitalization efforts through volunteerism and partnerships with community-based organizations. We will undoubtedly face more challenges ahead; that is the world we live in. But I am confident that we are up to the task and will reach new heights together. Thank you, as always, for your support. Michelle Gass President and CEO *Growth figures reflect the increase in net revenues in fiscal year 2023 compared to fiscal year 2022 and, when referencing pre-pandemic, fiscal year 2023 to fiscal year 2019, in all instances calculated on a constant-currency basis. Constant currency metrics are not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measures. Additional information regarding our use of constant currency non-GAAP measures can be found beginning on page 66 of this Annual Report. **This letter contains forward-looking statements, including statements related to our expectations regarding future performance. The company has based these forward-looking statements on its current assumptions, expectations and projections about future events. These forward-looking statements are estimates reflecting the best judgment of senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Investors should consider the information contained in the company s filings with the U.S. Securities and Exchange Commission (SEC), including this Annual Report. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance or results, and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. The company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.