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FOR IMMEDIATE RELEASE Investor Contact : ● ● O LEVI STRAUSS & CO . SAN FRANCISCO ( October 6 , 2021 ) – Levi Strauss & Co. ( NYSE : LEVI ) today announced financial results for the third quarter ended August 29 , 2021. Due to the significant impact of COVID - 19 on prior year figures , this release also includes comparisons to the same period in 2019 for additional context . o Aida Orphan Levi Strauss & Co. ( 415 ) 501-6194 Investor-relations@levi.com LEVI STRAUSS & CO . REPORTS THIRD - QUARTER 2021 FINANCIAL RESULTS NET REVENUES UP 41 % VERSUS Q3 2020 AND UP 3 % VERSUS Q3 2019 GROSS MARGIN EXPANSION DRIVES OPERATING MARGIN OF 14.4 % DILUTED EPS WAS $ 0.47 VERSUS $ 0.07 IN Q3 2020 AND $ 0.30 IN Q3 2019 COMPANY RAISES FISCAL 2021 OUTLOOK AND AUTHORIZES SHARE REPURCHASE PROGRAM Financial Highlights for the Third Quarter Reported net revenues of $ 1.5 billion up 41 % versus Q3 2020 and up 3 % versus Q3 2019 Direct - to - Consumer reported net revenues up 34 % versus Q3 2020 and up 4 % versus Q3 2019 Global Wholesale reported net revenues up 45 % versus Q3 2020 and up 3 % versus Q3 2019 Net revenues through all digital channels grew 10 % versus Q3 2020 and 76 % versus Q3 2019 Digital sales represented approximately 20 % of total third quarter revenues Gross margin was 57.6 % ; Adjusted gross margin was 57.5 % , up 390 basis points from Q3 2020 and 450 from Q3 2019 O Media Contact : O Exhibit 99.1 Elizabeth Owen Levi Strauss & Co. ( 415 ) 501-7777 newsmediarequests@levi.com Operating margin was 14.4 % ; Adjusted EBIT margin expanded to a third quarter record of 14.8 % , up from 7.9 % in Q3 2020 and 12.2 % in Q2 2019 Net income was $ 193 million ; Adjusted net income was $ 197 million up from $ 31 million in Q3 2020 and $ 128 million in Q3 2019 Subsequent to Quarter- End : The company paid back the remaining $ 200 million balance of its 2025 Notes , returning gross debt back to pre - pandemic levels Diluted EPS was $ 0.47 ; Adjusted diluted EPS was $ 0.48 , up from $ 0.08 in Q3 2020 and $ 0.31 in Q3 2019 Adjusted free cash flow for the first nine months of 2021 was $ 251 million , above prior year The company completed the acquisition of Beyond Yoga , for an aggregate purchase price of approximately $ 400 million , diversifying the business into the high growth activewear segment The Board of Directors authorized a $ 200 million share repurchase program " We delivered a strong quarter with revenue growth versus pre - pandemic 2019 levels , despite a more difficult macro - environment than we expected , " said Chip Bergh , president and chief executive officer of Levi Strauss & Co. " These results reflect the strength of the Levi's® brand , improving momentum in our direct - to - consumer business and the scale and agility of our supply chain network where we have executed against macro headwinds exceptionally well . Our future is bright given our iconic Levi's® brand and the acquisition of Beyond Yoga , which establishes our position in the fast growing , high - margin premium activewear market as we continue to capitalize on global casualization trends . " " Adjusted EBIT margin exceeded our expectations driven by strong brand momentum , " said Harmit Singh , chief financial officer of Levi Strauss & Co. " Looking ahead , we are raising our outlook across revenues and profits .