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FOR IMMEDIATE RELEASE Investor Contact : LEVI STRAUSS & CO . Aida Orphan Levi Strauss & Co. ( 415 ) 501-6194 Investor-relations@levi.com Media Contact : ● Exhibit 99.1 Elizabeth Owen Levi Strauss & Co. ( 415 ) 501-7777 newsmediarequests@levi.com LEVI STRAUSS & CO . REPORTS SECOND - QUARTER 2021 FINANCIAL RESULTS AND RAISES FISCAL 2021 OUTLOOK SAN FRANCISCO ( July 8 , 2021 ) – Levi Strauss & Co. ( NYSE : LEVI ) today announced financial results for the second quarter ended May 30 , 2021. Due to the significant impact of COVID - 19 on prior year figures , this release also includes certain comparisons to the same period in 2019 for additional context . Financial Highlights for the Second Quarter Company raises fiscal year 2021 outlook for both net revenues and EPS . Third quarter net revenues now expected above fiscal 2019 levels . Reported net revenues of $ 1.3 billion were up 156 % versus second quarter of fiscal 2020 ; net revenues in the U.S. and China exceeded second quarter of fiscal 2019. Europe exited the quarter growing versus May 2019 . E - com growth rates accelerated sequentially from Q1 reaching 42 % versus second quarter of fiscal 2020 ; Net revenues through all digital channels grew 75 % versus second quarter of fiscal 2020 driven by strong performance across all regions ; digital penetration as a percentage of total sales was approximately 23 % . Record Gross margin of 58.8 % and record Adjusted Gross margin of 58.2 % driven by higher Direct - to Consumer net revenues , price increases , sourcing savings , lower promotions and more full - price selling . Operating margin was 8.3 % ; Adjusted EBIT margin expanded to a second quarter record of 9 % . Net income was $ 65 million ; Adjusted net income was $ 93 million . Diluted EPS was 16 cents ; Adjusted diluted EPS was 23 cents . Dividend increases from $ 0.06 to $ 0.08 per share for the third quarter . " We generated strong momentum in the second quarter with the accelerated recovery of our revenues and delivered growth across all regions and channels . This was underscored by the strength of our brands and our ability to capitalize on evolving denim trends and a continued shift to casualization " said Chip Bergh , president and chief executive officer of Levi Strauss & Co. " As we move into the second half of 2021 , we are focused on emerging stronger with our strategic priorities of leading with our enduring brand , accelerating our direct - to consumer connections , and diversifying across categories , channels and geographies . " " We significantly exceeded our expectations on revenue , adjusted gross margin and adjusted EBIT . Revenues in most markets are recovering faster than anticipated , and we are emerging from the pandemic with sustainable and improved structural economics . " said Harmit Singh , chief financial officer of Levi Strauss & Co. " As we look forward , we're raising our expectations for revenues and profits . Our balance sheet remains strong and we continue to return cash to shareholders , with dividends now back to pre - pandemic levels . " COVID Update During the quarter , the company experienced temporary door closures in geographies affected by lockdowns associated with COVID - 19 cases ; approximately a third of the full store footprint in Europe and 17 percent of doors globally were closed during the quarter . Currently 92 percent of doors are open .