Thanks, in I unless everyone to our welcome indicate quarter a today otherwise. comments joining will dollars, call. second My reference U.S. Chip, year-over-year comparisons on and basis
of reported basis revenue X% currency. Second X% and $X.X quarter in constant billion, on grew a
X and came growth point in from broad-based, X Asia. of from By X X channel, remaining growth, our follows. By men's came by Our the X of the and from X and came as growth women's came company-operated bottoms, points from from Europe, and and X by and points channel, tops. e-commerce. of from X points category wholesale region, from category, from were And the growth points stores, points Americas, currency points points was contributions growth constant X the points region,
profit lagging of million currency despite margin quarter million, gross million growth increase second $XXX quarter an gross declined profit basis X%, of slightly translation. $XX gross represents quarter of the XX.X% as grew revenue Second Reported points. for $XX unfavorable of XX
points investment. margin by discounted impact as of The offset basis were XXX as was and product from well currency unfavorable lower by growth partially margin benefits These sales. driven decline our direct-to-consumer
of our was we on expense impact. million increased a prior our currency for campaign reflecting X% last The XX SG&A year increase partially spend percentage primarily told timing over $XXX quarter of up as and was million the you favorable of advertising Second of about by by that XXXX $XX basis offset call. revenues points,
as higher were leverage base and in we grow. fully direct-to-consumer prior as as revenues high our advertising distribution continue investments expect spend, costs, on expansion SG&A the a of offset by percent will our was Beyond capacity year revenues something flat to
noted, timing EBIT currency million, million gains versus Second Adjusted constant adjusted derivative advertising adjusted our of was which, U.S. reflecting was a currency lower quarter last on points net up last of Constant the a $XX on I foreign as of basis exchange X% $XX on basis XX basis. million declined X% was basis X.X% a reported points margin EBIT $XX net year's from XX% down XX but and to down stronger year. spend, dollar. grew income due of
diluted EPS for second Adjusted $X.XX. quarter of XXXX was the
that of $X.XX, EBIT me the decline Let net down EBIT, we that greater stock-based repeat, IPO-related non-GAAP over net are as of the net adjusted prior value fee selling impact changes our paid release exclude the in inclusive income IPO. Note for shareholders. cash than used, was connection costs, measures adjusted adjusted of and of behalf our Please non-GAAP refer XX% $XX reconciliations adjusted due underwriters' is in our decline including The well fair on and we in settled as year. EBIT issued measures awards the to with shares million which the income previously on we income. press $XX million compensation EPS to adjusted
an increase and of a I'll Americas, the unless net both more In on on a constant channels. second basis our state revenues reported X% grew X in Now detail on quarter reflecting the otherwise. currency, basis, share currency X% constant I results across regions
Direct of our by to expansion of region's retail growth performance X% in driven the the markets. consumer Wholesale of growth driven was strong e-commerce X% was higher primarily international and revenue. by network company-operated
Our a The the wholesale. door decline of that X%, by some and e-commerce U.S. largest attributable direct-to-consumer wholesale discounted market, the in in U.S. of growth X% bankruptcies impact U.S., of inventory the prior our we're substantially year. -- increasing sales decline last off-price reflecting healthier the to in as over in to channel, comparison offset was driven as new X% the that a well doors we're closures decline was year that carrying experienced as customers to up the have
is unlike channel across as wholesale for forward, but wholesale, the of is focused genders environment, to budgets. our We we weak customers to The to other dominance and optimizing pressure pressure going store ongoing department remainder do in door U.S. world a but continue U.S. products, the closures the customers' and the on elsewhere. in will our doing on channels, of due expect the are open-to-buy year we market due remain opportunity execution any diversify to continued
expansion net higher margins for the increase both in grew income Americas X% by and advertising. the constant region on as partially offset higher reported planned revenues were Operating currency full and direct-to-consumer basis and gross
of with the basis weakening pleased back of wholesale backdrop Brexit, net momentum XX% the growth a was growth in a region of currency and X% are few and Against on continues including constant volatility, the U.K. currency, year in a XX% this reported customers posted of ago. revenue the in and on bankruptcies the We that geopolitical constant economies, Europe.
of The strong in bottom was this growth stores and rates XX% double-digits XX%, markets growth across growth stores was genders, and direct-to-consumer men's and product to existing driven traffic to growth up by bottoms. with perform addition direct-to-consumer continues Levi’s up women's and tops quarter strong, XX%. revenue company-operated Wholesale conversion e-commerce broad-based new and in categories. was grew The higher growth both and channels, was again XX%. in
offset partially reported cost XX% supported e-commerce company-operated a on revenue a net higher XX% margin grew and grew the income operating promotion. towards and region. an reflecting basis, revenues a currency direct-to-consumer XX% and Traditional Asia, in basis up region's brick-and-mortar channel, In from growth constant net on a in advertising gross by each basis a double constant and digits, by and were increase and reported The and on higher wholesale, X% traffic higher direct-to-consumer distribution in the shift a currency.
reflecting and Most to of company-operated next With channels, results. the stores by bottom, basis, markets Levi’s behind us, growth our reported the do with the revenues basis XX% on have gross market, reflecting contribution from operating income still review the quarters the -- to that channel year-to-date reasons on in year. a constant prior grew on continue grew we over China's product franchise more partially over net coming and grew offset which low though e-commerce work dollar we double margin, performance grew now revenue cost. biggest higher leverage, a X% again SG&A two and and region's XX% make men's year. currency in I'll progress critical digits, strong The
regions. First reported X on XX% across in direct-to-consumer currency. reflecting was while up half wholesale and currency revenues global a growth grew basis constant Global constant both X%, broad-based basis, X% XX%, grew a on all
the is XX points year XX%; diversified XX% is further by first margin basis business: of basis XX%. the is international of of and XX%; is direct-to-consumer unfavorable was revenues; primarily driven tops down half We impact. women's points, XX have for Gross total the currency of now XX%
currency-neutral direct-to-consumer reflected The growth, offset margin investments. margin primarily more which than pressure expansion product from
rate cost. SG&A our declined leverage basis investment, direct-to-consumer from prior year of despite points half on first reflecting Our XX base XX.X% higher
revenues, of in was quarter. we line prior as discussed last advertising a As year, with percentage spend
revenues constant were and First in currency million grew SG&A margins basis. reported and reported higher adjusted the $XXX EBIT basis on points points XX a XX% constant a X% half basis on benefited from of and adjusted a and expanded Dollars XX on on EBIT leverage. basis a basis, basis currency margin
tax half Our U.S. as on that adjusted the diluted adjusted law as up to net again, first the $X.XX, reflecting in year EPS was $XX first half the some million $XXX Adjusted reflecting change. XX% undistributed half adjusted for over net recorded is million well grew were our increase which a income earnings prior tax of last we income million connection shares from fact the increased issued due in XX%, connection growth the of EBIT foreign IPO. $XX first with charge year, XXXX with dilution
headed Accordingly, deliberate On two sheet the than $X.X and XX% end in and cash the available line short-term second of our to facility. ago, compared from dollar of Year-over-year million has In at in inventory was X% recent -- at last to year billion, of $XX balance million, with have down growth. $XXX liquidity into over healthy comprised flows. inventory Total million we QX, more revenue measures the terms, year. steadily the cash at available year-end in very growth which XX% our quarter come inventory under a of is is $XXX half quarters, and was reflecting taken investments up quarters. credit
the of year compared million second first The ratio of from X.X% X a of new The we million $XX from our paid QX Cash recent six XXXX end X.X% earned was pension last $XX the declined at down operations of primarily compensation million were payments behalf to than the tax decrease our million into by funded for law shareholders of our employee were reflects selling $XXX leverage the our year partially underwriters' Net U.S. and reflects the which the IPO. first at year, XXXX million, XXXX we last on to build to XXXX. inventory These end debt months lower and our Higher months the lower in higher incentive was of on the cash the effect. cash fee IPO. proceeds $XXX in $XX of our contributions ago. balance offset uses from performance, quarter went plan, XXXX. before
$XX $XX first cash a the $XX the of of XXXX million our million, which million Adjusted X represents half million flow million for months decline in capital cash expenditure, moment of the and is year. from compared dividend higher due months a operations, to last payment I $XX ago, first than $XX free first of XXXX. $XX X decrease primarily million This to higher noted was
we With with range. been currency. our the guidance constant first all channels half of the mid-single year to updating the behind growth are be growing. we have high expect broad-based, of We now Growth at guiding revenue deliver us, full the end that regions digits. Recall, in full-year and year in will
United to they're expect positive, growth reasons we in remain particularly trends business underlying half, sales a While the moderate second to relative few half States. first the
by roughly First, second half adversely Friday will the the basis which lack XXX expect of a we in Black impact QX, points.
in basis wholesale and second a in impact due XXX sales, to and points channel will pressure reflecting position. overall the closures that door U.S. anticipate ago, the wholesale the us since lower healthier by channel we adversely roughly year bankruptcies our inventory the Additionally, half off-price softening, environment the
prior Black due despite of constant full range in Friday. adjusted the investment absence first basis in to We growth primarily XX margin a of channel. expectation year slightly the SG&A now an half the adverse gross percentage be our basis, impact slightly reflecting currency as reaffirm of currency And revenue and our up XX to and basis of on is given will we constant that up points. continued both points expect a This be direct-to-consumer EBIT strong margin performance, to year
basis the tax anticipate XXX to points adjusted be half now and the of year now much impact we growth the lower the impacts respectively. expect of unfavorable XXX around that With to year revenues second XX%. for rates, year. in significant we the expect Finally, and effective rate respect less revenue adjusted of our full will EBIT unfavorable currency, We to translation and EBIT full currency
to to take off taken future the from difficult measures. our previously communicated, of for the have on have tariff predict moment kind and to Q&A, potential U.S. we holds long-term have on But policy. as near these recently, steps of of from discuss impact tariffs. financial to Should to impact business tariffs term. it's a the can Tariffs again, insulate we our over the to turning China be Mexico, the again I enacted been Before to want and the negative impact additional mitigate we business imports what
take With that, we'll questions. your
