Levi Strauss (LEVI) Q1 2026 Earnings Transcript

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Tuesday, April 7, 2026 astatine 5 p.m. ET

• President and CEO — Michelle Gass

• Chief Financial and Growth Officer — Harmit Singh

• Vice President, Investor Relations — Aida Orphan

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Aida Orphan: Thank you for joining america connected the telephone contiguous to sermon the results for our archetypal 4th of fiscal 2026. Joining maine connected today's telephone are Michelle Gass, our President and CEO; and Harmit Singh, our Chief Financial and Growth Officer. We'd similar to punctual you that we volition beryllium making forward-looking statements based connected existent expectations, and those statements are taxable to definite risks and uncertainties that could origin existent results to disagree materially. These risks and uncertainties are elaborate successful our reports filed with the SEC. We presume nary work to update immoderate of these forward-looking statements.

Additionally, during this call, we volition sermon definite non-GAAP fiscal measures, which are not intended to beryllium a substitute for our GAAP results. Definitions of these measures and reconciliations to their astir comparable GAAP measures are included successful our net merchandise disposable connected the IR conception of our website, investors.levistrauss.com. Please enactment that Michelle and Harmit volition beryllium referencing integrated nett revenues oregon changeless currency numbers, unless different noted, and the accusation provided is based connected continuing operations. Finally, this telephone is being webcast connected our IR website, and a replay of this telephone volition beryllium disposable connected the website shortly.

Today's telephone is scheduled for 1 hour, truthful delight bounds yourself to 1 question astatine a clip to let others to person their questions addressed. And present I'd similar to crook the telephone implicit to Michelle.

Michelle Gass: Thank you, and welcome, everyone, to today's call. I'm pleased to stock that 2026 is disconnected to a beardown start. In Q1, we exceeded expectations crossed the apical and bottommost line, driven by each portion and channel, underscoring the continued momentum of our strategies. As we've highlighted implicit the past fewer years, the strategical choices we person made to constrictive our absorption and maximize the imaginable of the Levi's marque are enabling america to prosecute our highest instrumentality maturation opportunities. We are becoming a much DTC-first denim manner company, and it is starring to much accordant and faster growth, a overmuch larger addressable marketplace and higher profitability. Today, we're operating from a stronger foundation.

We're executing with intention, and we person much ways to triumph than ever before. Before I crook to our Q1 results, I privation to concisely enactment a enactment update. Earlier today, we announced that aft a planned transition, Harmit volition discontinue pursuing 13 years with LS&Co. Harmit has been an exceptional spouse and person playing a cardinal relation successful strengthening our fiscal instauration arsenic we've accelerated growth, expanded margins and evolved into a much diversified direct-to-consumer business. The disciplined systems and high-caliber concern enactment helium built person positioned america good for semipermanent success.