Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Levi's doubles first quarter earnings

Net incomes at denim brand Levi Strauss & Co more than doubled in its first quarter despite total sales dipping.

For the three months to February 24 net income rose 117% on the same quarter last year to $107m (£69.8m), while net revenues dropped by 2% to $1.1bn (£718m).

Levi’ssaid the increased income was driven by a stronger gross margin and improved operating margin.

Gross margin was helped by a lower cost of cotton and increased sales from retail stores, coupled with a favourable currency impact.

The dip in revenues was due to lower sales in Asia Pacific.

Net revenues in Europe however increased, reflecting continued growth from the company-operated retail network.

Chip Bergh, president and chief executive, said: “We are committed to reducing debt and strengthening the balance sheet. Our cash flow and a successful debt refinancing we executed after the quarter closed have allowed us to pay down $185 million of our debt this year.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.