Web Exclusive | November 2016
Levi's big jump in profit
Levi Strauss & Co reported a profit of $31 million for Q2 recently, a leap from $12 million the same quarter one year prior. The jump in profit was due to a decline in charges related to the company’s productivity initiative and a debt extinguishment loss from the prior year.
In the Americas, net revenues declined four per cent to $589 million. Department stores continue to be a challenge for the brand. Direct-to-consumer sales for the region grew low double-digits for the second quarter.
Currency translation had zero impact on net revenues in the company’s European business. Net revenues increased eight per cent to $241 million, driven by strong direct-to-consumer growth and expansion. In Asia, Levi’s eight per cent revenue growth was a product of expansion of the company-operated retail network.