Levi Strauss & Co. (LEVI) Presents at Citi’s 2026 Global Consumer & Retail Conference 2026 Transcript

Unknown Attendee

All right. Welcome to the Global Consumer and Retail Conference. Please welcome Levi Strauss and Paul, over to you.

Paul Lejuez
Citigroup Inc., Research Division

Thank you. It’s Paul Lejuez, Citigroup. Thanks, everybody, for joining. And with me, CFO of Levi, Harmit Singh. I really appreciate you being here. I know that you might want to start with just some quick opening remarks, just to make sure we get that out of the way, and then I’ll dive into some questions.

Harmit Singh
Executive VP & Chief Financial & Growth Officer

Paul, thanks for having us. Yes, my opening remarks were largely — given the fact that we are in a quiet period, we’re closing our first quarter of ’26. I’m not going to get into current trends, latest financial outlook. In my remarks, I’m essentially going to reflect what we talked about in Q4 ’25 in the results late in January, we will be reporting results early April.

But overall, we had a very strong year in ’25. We’re entering ’26 with momentum. Our guidance reflects it. The company is transforming into more of a denim lifestyle company. And I’d say our past was denim bottoms. Our future is more denim lifestyle. I’m happy to talk about the new, what I call a very different addressable market going forward. Overall strategies are working.

Our strategy is all about first, being brand-led, Super Bowl was a good example of brand demonstrated the strength and momentum being DTC first. Our DTC margins are growing, our DTC business is