Levi's sells its jeans mostly through other retailers and rebuilt its profit in fiscal 2025. New tariffs and heavy selling costs now test whether that recovery lasts as one-off tariff refunds end.
A pair of jeans may be the most familiar thing Levi Strauss & Co. makes, and one may well sit in your wardrobe. The company designs denim and casual clothing under the Levi's name, plus Beyond Yoga activewear, after selling its Dockers brand. Its clothes reach shoppers through about 50,000 shops worldwide, from department stores and specialty retailers to its own stores and websites. It makes its money when shoppers pay for the name on the label.
Two kinds of customer pay Levi's. Retailers buy at a wholesale price and carry the cost of the shop floor. Shoppers in Levi's own stores or websites pay the full price, but rent, staff and delivery land on Levi's books. The Americas is by far the largest region, ahead of Europe and Asia. What remains depends on two things. The first is , which shrinks when the goods themselves cost more, including import duties, unless prices can rise enough to match. The second is selling and administration (SG&A: stores, staff, distribution, marketing and head office), a bill of about half of revenue. So a point saved there helps profit as much as a point of gross margin.
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