Levi Strauss & Co.
12 Oct. 2011
LEVI’S INCREASES NET REVENUES IN Q3Levi Strauss & Co. announced its financial results for the third quarter ended Aug. 28, 2011. Net revenues increased 9% on a reported basis primarily due to the Levi’s brand, through the expansion and performance of the company’s retail network. Excluding the effect of currency, net revenues improved 4% whereas net income increased to $32 million. Gross profit in the third quarter increased to $569 million compared with $544 million for the same period in 2010, whereas operating income declined to $81 million compared with $86 million for the same period of 2010.
“In the third quarter, we saw continued revenue growth from The Levi’s brand in markets around the world, but increased cotton costs continued to put pressure on the margins of all our products,” said Blake Jorgensen, Chief Financial Officer of Levi Strauss & Co. “Going forward, while dealing with the challenging economic environment and volatile raw material costs, we will focus on controlling our expenses and managing inventory.”
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