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FOR IMMEDIATE RELEASE LEVI STRAUSS & CO . Exhibit 99.1 Investor Contact : Aida Orphan Levi Strauss & Co. ( 415 ) 501-6194 Investor-relations@levi.com Media Contact : Kelly Mason Levi Strauss & Co. ( 415 ) 501-7777 newsmediarequests@levi.com LEVI STRAUSS & CO . REPORTS FIRST - QUARTER 2021 FINANCIAL RESULTS Reported Net Revenues of $ 1.3 Billion were down 13 percent Diluted EPS was $ 0.35 ; Adjusted Diluted EPS was $ 0.34 Operating margin was 14 percent ; Adjusted EBIT margin was 13 percent Company raises second quarter dividend to $ 0.06 per share and raises first half outlook SAN FRANCISCO ( April 8 , 2021 ) – Levi Strauss & Co. ( NYSE : LEVI ) today announced financial results for the first quarter ended February 28 , 2021. Due to the company's fiscal quarter end , the impacts of the pandemic were not material to the company's results of operations for the first quarter of 2020 . First - Quarter 2021 Results • • . • • Net revenues of $ 1,306 million declined 13 percent on a reported and 16 percent on a constant - currency basis compared to the same period in the prior year . The decrease was primarily due to the impacts of the COVID - 19 pandemic , including reduced traffic and ongoing closures of company - operated and third- party retail locations for portions of the quarter in certain markets . Additionally , the first quarter of fiscal 2021 did not include the benefit of a Black Friday , as compared to the first quarter of fiscal 2020 , which adversely impacted the year - over - year net revenues comparison by approximately three percentage points . ° The company's global digital net revenues , which include net revenues attributable to the company's e - commerce sites as well as the online business of its pure - play and traditional wholesale customers , grew approximately 41 percent compared to the same period in the prior year , and comprised approximately 26 percent of first - quarter 2021 net revenues , up from approximately 16 percent in the first quarter of the prior year . Within digital , net revenues from the company's e - commerce sites were 10 percent of first - quarter 2021 total company net revenues , up from 7 percent in the prior year . Reported gross margin increased 250 basis points to 58.2 percent , a record high for the company . Adjusted gross margin increased 200 basis points to 57.7 percent versus the year - ago quarter primarily due to better mix within wholesale , price increases , and lower promotions . Selling , general and administrative ( SG & A ) expenses of $ 583 million were around 2019 levels , a 12 percent decline compared to first quarter of 2020 ; the $ 78 million decline reflected the company's cost- savings actions , net of continuing to invest in its omni - channel , A.I. and digitization initiatives . The company recorded net income for the quarter of $ 143 million and Adjusted net income of $ 140 million , as compared to $ 153 million and $ 162 million , respectively , in the first quarter of the prior year . The decline is primarily attributable to the adverse revenue impact of COVID - 19 , as well as higher interest expense , reflecting the company's additional borrowing in the prior year to enhance its liquidity position . Interest expense will decline in future quarters as the company issued $ 500 million of 3.5 % coupon U.S. dollar bonds and used the proceeds and cash on hand to repay $ 800 million of its 5 % coupon bonds in March 2021 . Adjusted EBIT was $ 174 million , and Adjusted EBIT margin was 13 percent , 70 basis points higher than the first quarter of 2020 on a reported basis , and 30 basis points higher than the first quarter of 2020 on a constant - currency basis . • Diluted EPS was 35 cents and Adjusted diluted EPS was 34 cents . • Total inventories , net of reserves , at quarter end decreased two percent compared to a year prior . ● Total available liquidity of $ 2.8 billion ; cash and cash equivalents at quarter end were $ 2 billion .