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Levi’s posts third quarter profit slide

Levi Strauss & Co reported a 41.2% drop in net profit to $40.7m (£25.5m) for the three months to August 30.

Revenue fell 6.3% to $1.04bn (£652m) from $1.11bn (£689m) and sales declined 6.1% to $1.02bn (£64m) from $1.09bn (£684m).

Levi’s European business saw revenues drop 13% to $266m (£166.8m), down from $305.9m (£191.8m) a year ago. The decline was blamed primarily on the poor exchange rate, coupled with poor performance from its wholesale division and the women’s Levi’s Red Tab business.

Falling sales in the US and Europe and rising costs were blamed for the overall drop in profits.

General and administrative expenses rose $7.4m (£4.6m) or 1.9% to $396m (£231m).

Levi Strauss & Co president and chief executive John Anderson said: “There’s no question we’re in tough times. Despite these conditions, our Levi’s brand performed well globally, particularly in America.”

The Asia-Pacific region was the only area that posted gains, with revenues up 1.6% to $158.4m (£99.4m) from $156m (£97.8m).

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