...Positive Rating Outlook: Fitch Ratings revised Levi Strauss & Co.'s (Levi) Rating Outlook to Positive in October 2014 based on our expectation that Levi will begin to generate EBITDA growth in fiscal 2015 as the benefits from its global productivity initiative flow to the bottom line. Levi's management is also committed to reducing debt levels and strengthening its balance sheet. The rating continues to reflect Levi's well-known brands, strong market shares and wide geographic diversity, as well as the challenging consumer environment and weak sales trends. Mixed Top Line: Levi's revenues were essentially flat on a constant currency basis in the nine months ended Aug. 24 2014, following 1.8% growth in fiscal 2013 (ended November). This reflects sales declines in the Americas region (61% of 2013 revenues) offsetting growth in Europe (24% of 2013 revenues) and Asia (16% of 2013 revenues). Fitch projects consolidated sales will track at a flat to positive low single-digit pace over the next...
