Levi’s earnings rise in third quarter
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Levi Strauss & Co., the closely held maker of its namesake denim jeans and Dockers pants, said fiscal third-quarter profit increased, helped by sales growth and lower interest expenses.
Net income climbed 14% to $69.2 million in the quarter ended Aug. 24, up from $60.9 million a year earlier, the San Francisco-based company said Thursday. Sales including licensing revenue rose 5.7% to $1.11 billion.
International sales increased as new stores opened and the dollar declined against other currencies. Revenue rose almost 16% to $306 million in Europe and climbed 6.1% in the Asia Pacific region. Sales in both areas advanced 3% without taking into account any foreign-exchange gains.
“All three of our regions grew, demonstrating that our global strategies are working even in the face of difficult economic conditions around the world,” Levi Chief Executive John Anderson said.
Sales in North America grew 1.4% to $649 million, hurt by the “impact of U.S. customer Chapter 11 filings,” the company said.
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