Gabriella Garr

Gabriella Garr asked about Revolve's inventory positioning heading into 2026, noting that inventory grew roughly in line with sales in Q4 2025. She specifically inquired about the health of the inventory given faster-growing categories and shifts in product mix, such as the rapid growth of beauty sales.

Answer

CFO Jesse Timmermans expressed confidence in the inventory position, stating that the 10% year-over-year growth was in line with sales. He acknowledged a slight lag from Q3 supply chain difficulties but emphasized the overall health of the inventory, particularly for FWRD, which can take longer to work through. He also noted good positioning in other categories like beauty, indicating readiness for continued expansion.

Gabriella Garr asked about improvements in Levi Strauss & Co.'s supply chain, progress on shortening go-to-market timelines for products, and any additional color on supply chain efficiency beyond AI in corporate settings.

Answer

Michelle Gass, CEO, detailed shortening end-to-end lead times from 16-17 months to 14 months, creating shorter cycle times for products like tops, and increasing globally directed lines from 20% to 50%. Harmit Singh, EVP and Chief Financial and Growth Officer, addressed the U.S. distribution transformation, noting delays due to higher demand but expressing confidence in completion by year-end, citing Europe's successful transition.

Gabriella Garr, representing TD Cowen, asked about improvements in Levi Strauss & Co.'s supply chain, progress in shortening go-to-market timelines for products, and any additional insights on AI as an efficiency driver beyond corporate settings, specifically within the supply chain.

Answer

Michelle Gass, CEO, Levi Strauss & Co., stated that end-to-end lead times have been shortened from 16-17 months to 14 months, with a focus on shorter cycle times for categories like tops and leveraging closer vendors. She also noted increased global consistency in product lines (from 20% to 50% globally directed) and a continued focus on SKU count reduction. Harmit Singh, EVP and Chief Financial and Growth Officer, Levi Strauss & Co., addressed distribution transformation, noting Europe's successful transition and ongoing efforts in the U.S. to complete the hybrid, automated omni-channel model by year-end.