...Stable Top Line: Levi Strauss & Co.'s (Levi) top line has been stable on a constant currency basis, with 1%¡2% annual sales growth expected beginning fiscal 2016, following expected low single-digit growth in 2015 and 3% growth in 2014. Revenue in the Americas (60% of total sales) is projected to grow 2% annually, in line with the apparel sector, while international revenue should grow 2%¡3% as the company expands its presence across newer markets, including Russia, India and China, and categories in existing markets. Improving EBITDA Story: Fitch expects 3%¡4% annual EBITDA growth beginning in 2016 from the $570 million level in 2015, predicated on modest sales growth, fixed-cost leverage and benefits from the cost-reduction program management announced early 2014. SG&A spend should be flat to 2013 levels by 2017, when the program is fully realized, despite higher sales. This assumes approximately $150 million of net savings, yielding EBITDA upside if the company achieves the high end...
