Levi Strauss sees sequential improvement in inventories

Total inventories increased 33% on a dollar basis and 21% on a unit basis over prior year. The 25 points of sequential improvement on a dollar basis relative to Q4 was primarily attributable to deliberate actions taken during the quarter including reducing receipts and clearing inventory in the U.S. Core product represents more than two-thirds of total inventories. "We continue to expect sequential improvement quarter-over-quarter, with Q2 being substantially lower than Q1, and expect inventory levels to be in-line with sales growth by the end of the year."