...Stable Top Line: Levi Strauss & Co.'s constant currency top line is stable, with 1%¡2% annual sales growth expected beginning in fiscal 2017 (ends November 2017), following expected low single-digit growth in 2016 and 1% constant-currency growth in 2015. Revenue in the Americas (61% of total sales) is projected to grow around 2% annually, in line with the apparel sector, while international revenue could 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 Ratings expects 3%¡4% annual EBITDA growth beginning 2017 from the projected $600 million in 2016, predicated on modest sales growth, fixed-cost leverage and benefits from the cost-reduction program management announced early 2014. Selling, general and administrative (SG&A) spend should be near flat to 2013 levels in 2017, when the program is fully realized, despite higher sales. This assumes approximately $150 million...
