The denim brand reported its second quarter 2021 results, demonstrating an accelerated recovery from the pandemic.
Levi's has summed up the results of the second financial quarter of 2021 and reported that the net income for this period amounted to about $65 million. At the same time, sales volume increased, compared to the second quarter of 2020, by 156%. In terms of sales channels, e-commerce posted strong growth, with net income across all digital channels up 75% year-over-year.
At the end of the reporting period, 92% of all brand stores around the world were opened. However, this is not the only positive consequence of the lifting of covid restrictions in most countries. People, having sat out quarantine in comfortable tracksuits, are starting to return to their usual lives, which also means a return to such casual style classics as jeans.
It is also noted that buyers are less and less committed to the fashion trend of recent years - they are not keen on buying skinny jeans. This fashion trend is still very strong, but more and more people want to have ordinary looser or even baggy jeans in their wardrobe. This trend takes buyers straight to Levi's stores, where you can buy one of the classic models of a free silhouette. This shift in customer tastes has been another powerful factor behind the company's strong revenue growth in recent months.
Also during his video conference with analysts, Levi's CEO Chip Berg pointed to such an important factor in the surge in sales as the fact that many buyers changed the size of their jeans during the quarantine, both upwards and downwards. And in order to appear in front of colleagues in the office in a decent form, they need to purchase a new pair of jeans.
