中国将 "适度" 减少美国电影进口数量。 国家电影局发言人称，美国政府加征关税 "会令国内观众对美国影片好感度进一步降低"，因此将 遵循市场规律，适度减少美国影片进口数量。中国是全球第二大电影市场，据猫眼娱乐数据，引入 国内的美国电影数量在 2018 年达到峰值，共 63 部，随后数量下滑，2022 年仅 25 部，去年又升至 42 部。近年来国产电影更受消费者支持，一个例子是《哪吒之魔童闹海》全球票房已破 156 亿， 进入全球影史票房第五。 优衣库大部分销往美国的优衣库产品都产自东南亚，此前特朗普宣布将对中国以外的其他国家、地 区暂停征收 90 天的关税。有分析师称，纺织供应链比其他行业供应链灵活，关税对优衣库的负面 影响将小于任天堂、丰田等日本公司。 马云现身阿里云谷园区。 社媒流传的影像显示，马云身穿阿里云 15 周年纪念 T 恤，并佩戴了阿里新版工牌，工牌上印有他 的照片和花名 "风清扬"。此行他参加了阿里云新财年启动会并上台讲话。据我们了解，阿里近期 在大力鼓励员工佩戴工牌，并推出了有戴脖、斜挎和卡夹三种戴法的新工牌，员工可自愿申请换 新，员工还可凭工牌享受园区附近商户的折扣。自去年底以来，马云已 ...

Core Insights - Levi Strauss & Company's shift to a direct-to-consumer (DTC) model is timely and strategically beneficial for its future growth [1] - The DTC model addresses previous challenges with third-party vendor displays, enhancing consumer experience and sales performance [2] Financial Performance - The company reported a revenue growth of 3.4% for fiscal Q1 2025, with a 12% increase in DTC sales contributing to a 9% organic growth [4] - Adjusted diluted earnings increased by 52% to $0.38, significantly surpassing consensus expectations by nearly 2500 basis points [5] - Gross margin improved by 330 basis points and adjusted EBITDA margin by 400 basis points, driven by price realization and cost reductions [5] Market Position and Outlook - The international business showed strong performance with a 9% growth, while U.S. growth was solid at 8% [4] - Women's category sales grew by double digits, now representing 38% of total sales, and non-denim items accounted for 35% of sales [4] - The company projects a 4% organic growth at the midpoint for the year, with an expected gross margin expansion of 100 basis points [5] Capital Return Strategy - Levi's capital return strategy includes a dividend yield of approximately 3.85% and a payout ratio of less than 20%, indicating a sustainable distribution policy [6] - The company has increased its distribution six times since 2021, reflecting a healthy growth outlook despite a brief pandemic-related suspension [7] Balance Sheet Strength - The company's balance sheet remains strong, with equity up by 3.2% despite reduced cash and assets, and leverage is low at less than 0.5x equity [8] - Liquidity is robust, exceeding $1.4 billion, which supports ongoing capital returns and distribution increases [8] Analyst Sentiment - Analysts have mixed responses to Levi's results, with some price target reductions but an upgrade to Overweight by JPMorgan, indicating a potential minimum upside of 10% [11] - The stock is currently rated as Moderate Buy, with a projected earnings growth of 9.45% [9]

金十数据4月8日讯，美国服装企业李维斯（Levi's）表示，随着特朗普的高额关税迫在眉睫，企业和消 费者希望得到确定性。"现在每个人都在努力应对的第一件事，包括我们自己、整个行业，最重要的是 消费者，每个人都在努力应对不确定性。我们需要一些澄清，"李维斯首席执行官米歇尔·加斯称。今天 早些时候，这家牛仔零售商公布了第一季度业绩，并维持了今年的盈利和销售预期。李维斯没有将新关 税的影响纳入业绩指引。她在公司财报电话会议上表示，该公司为抵消关税而进行的任何提价都将 是"手术式的"。 美国服装企业李维斯呼吁明确关税，称任何价格上涨都将是"外科手术" ...

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Core Insights - Levi Strauss reported $1.53 billion in revenue for the quarter ended February 2025, reflecting a year-over-year decline of 2% [1] - The company's EPS for the same period was $0.38, an increase from $0.26 a year ago, resulting in an EPS surprise of +35.71% compared to the consensus estimate of $0.28 [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $1.54 billion, indicating a surprise of -0.95% [1] Revenue Breakdown - Geographic Revenues in the Americas reached $783 million, exceeding the estimated $735.66 million, representing a year-over-year increase of +6.4% [4] - Geographic Revenues in Europe totaled $400 million, falling short of the average estimate of $411.06 million, marking a year-over-year decline of -5.4% [4] - Geographic Revenues in Asia amounted to $308 million, surpassing the estimated $280.87 million, with a year-over-year increase of +6.6% [4] - Total Levi's Brands Net Revenues were reported at $1.49 billion, exceeding the average estimate of $1.43 billion [4] Stock Performance - Shares of Levi Strauss have returned -15.7% over the past month, compared to a -12.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Levi Strauss reported quarterly earnings of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and showing an increase from $0.26 per share a year ago, representing a 35.71% earnings surprise [1][2] Financial Performance - The company posted revenues of $1.53 billion for the quarter ended February 2025, which was 0.95% below the Zacks Consensus Estimate and a decrease from $1.56 billion year-over-year [2] - Over the last four quarters, Levi Strauss has surpassed consensus EPS estimates four times but has only topped revenue estimates once [2] Stock Performance - Levi Strauss shares have declined approximately 19.7% since the beginning of the year, compared to a 13.7% decline in the S&P 500 [3] - The current Zacks Rank for Levi Strauss is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $1.42 billion, and for the current fiscal year, it is $1.27 on revenues of $6.27 billion [7] - The trend of estimate revisions for Levi Strauss is mixed, which may change following the recent earnings report [6] Industry Context - The Retail - Apparel and Shoes industry, to which Levi Strauss belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - The company reported a strong start to 2025 with organic net revenue growth of 9%, exceeding expectations across sales, margins, and EPS [9][10][48] - Gross margin reached a record 62.1%, up from 58.2% in Q1 2024 and 56.5% in Q1 2023, driven by lower product costs and higher full-price selling [48][49] - Adjusted diluted EPS was 38 cents, up 52% year-over-year, reflecting strong financial performance [51] Business Line Data and Key Metrics Changes - Direct-to-consumer (DTC) revenue grew 12%, driven by positive comp growth and strong e-commerce performance [10][29] - The wholesale business also showed positive growth, up 5%, with U.S. wholesale specifically up 9% [10][36] - Women's business grew 12% overall, now representing 38% of net revenues, while tops grew 7% [20][26][90] Market Data and Key Metrics Changes - The U.S. business grew 8%, while international markets saw a 9% increase [11][38] - The Americas segment reported an 11% increase in net revenues, with strong performance in both DTC and wholesale channels [54] - Asia's net revenues increased by 10%, with double-digit growth in key markets like Japan and Korea [57] Company Strategy and Development Direction - The company is focused on becoming a DTC-first brand, with plans to increase DTC revenue to 55% of total business [35][66] - The strategy includes expanding product offerings beyond jeans to lifestyle categories, with significant growth in women's and tops segments [20][22] - The company aims to navigate the dynamic macro environment by leveraging its strong brand and global supply chain [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by recent tariff announcements but expressed confidence in the company's ability to adapt [12][60] - The company is currently assessing various scenarios and mitigation strategies related to tariffs [60][64] - Full-year guidance remains unchanged, with expectations for organic net revenue growth of 3.5% to 4.5% in Q2 [62] Other Important Information - The company closed 21 net stores but opened 30 new stores, primarily full-price Levi's brand locations [52] - The company returned $81 million to shareholders through dividends and share buybacks, reflecting a commitment to shareholder value [53] Q&A Session Summary Question: Can you provide a percentage breakdown of sourcing by key countries and discuss potential pricing strategies? - Management indicated they source from 28 countries, with key suppliers in Bangladesh, Cambodia, and Vietnam, and emphasized the brand's pricing power while considering surgical price adjustments [69][74] Question: How are you planning inventory levels going forward on wholesale orders? - Inventory levels were reported as healthy, with no changes in wholesale orders from customers, and global wholesale was up 5% [80][85] Question: What are the key drivers of the 9% organic growth? - Growth was driven by strength across all geographies and channels, with DTC up 12% and wholesale up 5%, indicating sustainable demand [96][100] Question: Can you clarify the guidance for Q2 organic net revenue growth by region? - Guidance for Q2 suggests low to mid-single-digit growth in the U.S. and mid-single-digit growth in Europe and Asia, with DTC expected to grow in the high single digits [112][113] Question: Can you walk us through the expense deleverage expected in Q2? - SG&A expenses are expected to increase in Q2, with a focus on maintaining a strong balance sheet and managing costs effectively [121][122]

Financial Performance - Reported net revenues for Q1 2025 were $1.5 billion, up 3% year-over-year, with organic net revenues increasing by 9%[3] - The Levi's® brand saw an 8% increase in organic revenues globally, while DTC (Direct-to-Consumer) net revenues rose 12% on an organic basis[3] - For the three months ended March 2, 2025, net revenues increased to $1,526.8 million, up from $1,480.2 million in the same period last year, representing a growth of approximately 3.1%[28] - Total net revenues for the three months ended March 2, 2025, were $1,526.8 million, an increase of 3.1% compared to $1,480.2 million for the same period in 2024[72] - Total net revenues for the year ended December 1, 2024, reached $6,032.0 million, with the fourth quarter contributing $1,749.9 million[83] Profitability Metrics - Operating margin improved to 12.5%, with adjusted EBIT margin increasing by 400 basis points to 13.4% compared to Q1 2024[6] - Diluted earnings per share from continuing operations were $0.35, a significant increase from a loss of $0.03 in Q1 2024[6] - Adjusted net income for Q1 2025 was $150 million, up 49% from $100 million in Q1 2024[5] - Gross profit for the same period was $947.6 million, compared to $869.8 million, indicating a significant increase of about 8.9%[28] - Net income from continuing operations was $140.2 million, compared to a loss of $9.8 million in the previous year, marking a notable recovery[28] - Adjusted diluted earnings per share for the quarter were $0.34, compared to a loss of $0.03 per share in the same quarter last year[28] - Adjusted EBIT for the three months ended March 2, 2025, was $204.0 million, representing a 47.2% increase from $138.6 million in the prior year[78] - Net income for the three months ended March 2, 2025, was $135.0 million, compared to a net loss of $10.6 million for the same period in 2024, representing a significant turnaround[31] - The net income margin from continuing operations for the three months ended March 2, 2025, was 9.2%, compared to a negative margin of (0.7)% in the prior year[49] Shareholder Returns - The company returned approximately $81 million to shareholders in Q1 2025, a 12% increase over the prior year[8] - The company declared a dividend of $0.13 per share, totaling approximately $51 million, payable on May 9, 2025[9] - The company repurchased $30.0 million of common stock during the quarter, compared to $25.0 million in the same period last year, reflecting ongoing capital return strategies[31] Inventory and Assets - Total inventories increased by 7% on a dollar basis, with the majority secured for U.S. orders for Q2[12] - Total current assets decreased to $2,651.5 million from $2,851.1 million, a decline of approximately 7%[26] - Total liabilities decreased to $4,163.7 million from $4,405.0 million, indicating a reduction of about 5.5%[26] - The company’s cash and cash equivalents were reported at $574.4 million, down from $690.0 million, a decrease of approximately 16.8%[26] - Inventories decreased to $1,073.2 million from $1,131.3 million, reflecting a reduction of about 5.1%[26] Tax and Expenses - The effective income tax rate for Q1 2025 was 20.6%, compared to 15.9% in Q1 2024[6] - The effective income tax expense for Q1 2025 was $36.4 million, compared to a tax benefit of $1.9 million in Q1 2024, highlighting changes in tax obligations[42] - Adjusted SG&A expenses for Q1 2025 were $743.6 million, a slight increase from $731.2 million in Q1 2024, with an adjusted SG&A margin of 48.7% compared to 49.4% in the prior year[37] Restructuring and Charges - The company is focusing on restructuring operations to achieve anticipated cost savings, although specific figures were not disclosed[18] - Goodwill impairment charges for Q1 2025 were $2.5 million, down from $5.5 million in Q1 2024, reflecting improved asset valuations[37] - Restructuring charges for Q1 2025 amounted to $6.7 million, significantly lower than $113.1 million in Q1 2024, indicating progress in restructuring initiatives[44] - Restructuring charges for the year amounted to $185.6 million, with the highest charge in the first quarter at $113.1 million[83] Market Performance - Organic net revenues increased by 8.6% to $1,524.5 million from $1,404.1 million year-over-year[72] - Organic net revenues in the Americas grew by 11.1% to $780.7 million, while Europe saw a modest increase of 2.9% to $400.5 million[72] - The DTC (Direct-to-Consumer) channel reported organic net revenues of $787.5 million, a 12.5% increase from $700.0 million in the prior year[74] - The Levi's brand generated organic net revenues of $1,432.8 million, an increase of 8.2% compared to $1,324.5 million in the previous year[76] Discontinued Operations - The company is in the process of selling its Dockers® business, which has been classified as discontinued operations as of March 2, 2025[82] - Discontinued operations generated net revenues of $323.3 million for the year, with the fourth quarter contributing $89.8 million[84]

Revenue Performance - In the first quarter of 2025, the company reported that pants, including jeans and casual pants, represented 69% of total units sold, compared to 66% in the first quarter of 2024[114]. - Men's products generated 61% of net revenues in the first quarter of 2025, while women's products accounted for 38%[114]. - Consolidated net revenues increased by 3.1% to $1,526.8 million for the three months ended March 2, 2025, compared to $1,480.2 million in the same period of 2024[131]. - Net revenues in the Americas increased by 6.4% to $783.0 million, with organic net revenues growth of 11.1%[133]. - Net revenues in Europe decreased by 5.4% to $400.5 million, but increased by 2.9% on an organic basis[133]. - Net revenues in Asia increased by 6.7% to $308.1 million, with organic net revenues growth of 10.0%[133]. - The Levi's brand net revenues increased by 3.4% to $1,432.8 million, with organic growth of 8.2%[133]. - Beyond Yoga net revenues increased by 9.8% to $35.2 million, with growth across both DTC and wholesale channels[141]. - Total net revenues for the three-month period ended March 2, 2025, were $1,526.8 million, a 3.1% increase from $1,480.2 million in the same period of 2024[220]. - Organic net revenues for the three-month period ended March 2, 2025, were $1,524.5 million, reflecting an 8.6% increase compared to $1,404.1 million in the prior year[220]. - The Americas segment reported organic net revenues of $780.7 million for the three-month period ended March 2, 2025, a significant increase of 11.1% from $702.8 million in the same period of 2024[220]. Profitability and Income - Net income from continuing operations was $140.2 million, a significant increase from a net loss of $9.8 million in the first quarter of 2024, driven by lower restructuring charges and higher gross profit[131]. - Adjusted EBIT rose by 47.2% to $204.0 million, with an Adjusted EBIT margin of 13.4%, up 400 basis points from the first quarter of 2024[131]. - Adjusted diluted earnings per share increased to $0.38 from $0.25 in the first quarter of 2024, reflecting higher adjusted net income[131]. - Adjusted net income for the three months ended March 2, 2025, was $150.0 million, compared to $100.4 million in 2024[196]. - Adjusted EBIT for the three months ended March 2, 2025, was $204.0 million, compared to $138.6 million in the same period of 2024[194]. - Adjusted EBITDA for the same period was $253.1 million, up from $182.1 million in 2024[194]. - The company reported a net income of $210.6 million for the full year 2024, with a diluted earnings per share of $0.52[236]. Costs and Expenses - The company incurred additional restructuring charges of $6.7 million and restructuring-related charges of $3.1 million in the first quarter of 2025[118]. - Selling, general and administrative (SG&A) expenses decreased by 0.9% to $749.3 million, representing 49.1% of net revenues, down from 51.1%[147]. - Interest expense increased to $10.9 million for the three-month period ended March 2, 2025, compared to $10.0 million in the prior year[162]. - The effective income tax rate rose to 20.6% for the three months ended March 2, 2025, up from 15.9% in the same prior-year period[164]. - The company incurred restructuring charges of $6.7 million related to Project Fuel for the three-month period ended March 2, 2025, down from $113.1 million in the same period of 2024[206]. - The company’s restructuring related charges, severance, and other for the three-month period ended March 2, 2025, amounted to $2.1 million, down from $10.1 million in the same period of 2024[201]. Strategic Initiatives - The company announced a strategic decision to discontinue the Denizen brand, with operations winding down during fiscal year 2024 and into 2025[113]. - The Dockers business was held for sale at the end of the first quarter of 2025 and reported as discontinued operations[119]. - The company initiated "Project Fuel," a multi-year global productivity initiative aimed at optimizing operations and reducing costs, beginning in 2024[117]. - The company is in the process of selling its Dockers business, targeting completion of the transaction in fiscal year 2025[235]. - The company aims to increase its direct-to-consumer business revenue portion, focusing on digital presence and operational excellence to enhance speed-to-market[244]. - The company is focused on optimizing its operating model and achieving cost savings from its global productivity initiative[244]. - The company plans to expand its number of dedicated stores and improve profitability through new store openings[244]. - The company is integrating Beyond Yoga into its operations as part of future acquisitions and investments strategy[244]. Financial Position and Liquidity - Total liquidity position, including unused credit facility and cash equivalents, was approximately $1.4 billion as of March 2, 2025[168]. - The company plans to return 55-65% of Adjusted free cash flow to stockholders through dividends and share repurchases[166]. - Total debt as of March 2, 2025, was $993.5 million, with 100% being fixed-rate debt[175]. - Cash provided by operating activities decreased to $52.5 million for the three months ended March 2, 2025, down from $286.0 million in the same period of 2024, primarily due to higher inventory spending and SG&A expenses[172]. - Cash used for investing activities was $71.1 million for the three months ended March 2, 2025, slightly lower than $71.7 million in 2024[173]. - Cash used for financing activities increased to $97.5 million in 2025 from $94.5 million in 2024, driven by higher dividend payments and stock repurchases[174]. - Adjusted free cash flow for the three-month period ended March 2, 2025, was $(14.1) million, a decrease from $214.4 million in the same period of 2024[214]. Market and Economic Conditions - The company's international business contributed 57% of net revenues in the first quarter of 2025, down from 59% in the same period of 2024[115]. - The company expects new tariffs announced on April 2, 2025, to have a material impact on its results of operations in fiscal year 2025[116]. - The company anticipates that inflation and macroeconomic pressures may adversely affect revenues, operating margins, and net income[120]. - The company faces potential increases in import tariffs and the impact of ongoing geopolitical tensions, which could affect consumer spending and pricing trends[242]. - The company is aware of the impact of inflation, foreign currency exchange, and interest rate fluctuations on its financial results[244]. Shareholder Returns - The company is committed to increasing total shareholder returns through capital allocation priorities, including share repurchases and dividends[244]. - A cash dividend of $0.13 per share was declared, totaling approximately $51 million, payable on May 9, 2025[170]. - The company repurchased 1.6 million shares for $30.0 million during the three months ended March 2, 2025[170].

Core Viewpoint - Telsey Advisory Group analyst Dana Telsey maintains an Outperform rating on Levi Strauss & Co with a price forecast of $23.00, anticipating a slight increase in EPS for Q1 FY2025 [1] Financial Performance - Levi Strauss is expected to report Q1 FY2025 EPS of $0.28, an increase from $0.26 last year, aligning with consensus estimates [1] - Revenue for Q1 FY2025 is projected to decline by 1.3% year-over-year to $1.537 billion, slightly below the consensus estimate of $1.542 billion [2] - For FY2025, reported revenue is expected to decline by 1%-2% from $6.355 billion in FY2024, while organic revenue is projected to grow by 3.5%-4.5% [3] Margins and Profitability - Gross margin is estimated to improve by 180 basis points to 60.0%, slightly exceeding the 59.9% consensus [2] - Operating margin is expected to reach 10.4%, up from 9.0% last year, in line with consensus projections [2] - Levi's EBIT margin projections indicate potential upside, despite conservative revenue and EPS forecasts due to foreign exchange headwinds [6] Strategic Initiatives - The company is streamlining operations by exiting non-core businesses, including Denizen and European footwear, and preparing to sell Dockers to enhance profitability and reduce revenue volatility [7] - Levi expects tariffs to provide a competitive advantage, with less than 1% of imports coming from China, down from historical levels of 15%-16% [4] Market Position - The company rebounded in Q4 FY2024 with strong revenue growth after previous misses, achieving record gross margins without increased promotions [5] - Levi is well-positioned long-term, benefiting from a stabilizing U.S. denim market, growing direct-to-consumer sales, and product innovation [6]