Levi’s Q3 profit up despite margin squeeze.
Levi Strauss & Co has posted a double-digit rise in third quarter net profit, thanks to continued revenue growth for its core Levi’s brand.
Egytex News Desk
Source: http://www.mrketplace.com
A decline in operating income, which was impacted by rising cotton costs, was more than offset by a lower tax rate and favorable exchange rates.
The Levi’s brand drove sales growth in the Americas and Asia Pacific, but Dockers sales in the Americas were down and revenues in Japan also declined.
A 6% revenue increase in Europe was purely caused by currency, with underlying sales falling 4% thanks to wholesale revenue declines.
“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, Levi Strauss CFO.
Source: http://www.mrketplace.com
From the Egytex news archive, first published on 17 October 2011. Figures and names are as reported at the time.
