Retail sales boost Levi Strauss

Levi Strauss & Co's retail expansion boosted sales performance for the US denim brand during the third quarter, despite some wholesale customers filing for Chapter 11 bankruptcy.

Net revenues rose 6% to US$1.1 billion (£632 million) for the three months to August 24, while net income grew by 14% to US$69,000 (£39,687).
Gross profit leapt to US$532m (£305.9m) from US$486m (£279m) the previous year and gross margin during the third quarter increased to 47.9%.

President and chief executive John Anderson said: "I am pleased with our performance. All three of our regions grew, demonstrating that our global strategies are working. The Levi's brand is performing well  and our emerging markets and expanding retail network continue to provide growth.
"We are mindful that economic conditions are deteriorating in many of our key markets, but we are continuing to invest in the business," he said.

Europe was the firm's best performing market in terms of growth, with net revenues up 16% to US$306,000 (£175,797). Levi Strauss attributed the growth to new standalone and franchise stores, which offset a weaker wholesale performance.