Levi Strauss sees profit growth in third quarter

Levi Strauss & Co. has reported a solid third-quarter gross profit of $532m (300m) in its global business. In Europe, the clothing company posted a 16% increase in net revenues.

Levi Strauss & Co. has reported a solid third-quarter gross profit of $532m (£300m) in its global business. In Europe, the clothing company posted a 16% increase in net revenues.

Similarly, in the third quarter ending August 24, operating income for its European business increased 29% to $70m (£40m). A new 501 jeans marketing campaign was launched across the region in September and the company says it is already generating buzz.

The Levi’s men’s Red Tab product line showed the strongest performance again this quarter and continues to perform well in the market. However, a company report says the women’s business remained challenging.

Globally, Levi Strauss & Co.’s net revenues increased 6% to $1.1bn (£0.6bn) compared to the same period last year. It also recorded a $69m (£39) in net income, up 14%; and a gross profit of $532m (£300m), which was up on the $486m (£274) it recorded in the same period last year.

John Anderson, Levi Strauss & Co. president and chief executive, says: “All three of our regions [Americas, Asia Pacific and Europe] grew, demonstrating that our global strategies are working even in the face of difficult economic conditions around the world. The Levi’s brand is performing well globally. And our emerging markets and expanding retail network continue to provide revenue growth.

“In this challenging environment, we are continuing to invest in the business, including launching our first ever global Levi’s 501 campaign.”

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