Levi Strauss repays $100 million of outstanding ABL borrowings in Q2

By Devika Patel

Knoxville, Tenn., July 7 – Levi Strauss & Co. repaid $100 million of bank debt last quarter.

“Our cash flow generation also allowed us to repay a $100 million of outstanding ABL borrowing this last week,” chief financial officer Harmit Singh said on the company’s second quarter ended May 28 earnings conference call on Thursday.

Adjusted free-cash flow was $211 million in the quarter, up from $13 million in the second quarter of 2022.

Total liquidity was approximately $1.3 billion as of May 28.

Cash and cash equivalents were $471.6 million as of May 28, 2023, compared to $429.6 million as of Nov. 27, 2022.

Long-term debt was $1,000,200,000 as of May 28, 2023, compared to $984.5 million as of Nov. 27, 2022.

Short-term debt was $136.4 million as of May 28, 2023, compared to $11.7 million as of Nov. 27, 2022.

The company’s leverage ratio was 1.6x as of May 28, 2023, compared to 1.1x at the end of the second quarter of 2022.

Levi Strauss is a San Francisco-based clothing company.

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