Levi hit by 41% drop in profit
Levi Strauss & Co, the clothing retailer, has reported a 41% fall in profits hit by falling sales in Europe and the US.
The San Francisco-based company saw its net income for the third quarter to 30 August fall to $41m (£25m) compared to $69m a year earlier. Net revenue also fell 6% to $1.04bn.
In the Americas region sales fell 5%, while in Europe it was down 13%.
In contrast, sales in the Asia Pacific region rose 2%, buoyed by product promotions and new store openings in India and China.
President and chief executive John Anderson says while it was a “productive” quarter despite the market conditions, the company remained cautious.
In August, the company appointed Kodak Eastman’s chief operating officer, Jaime Cohen Szulc as the first global chief marketing officer for its Levi’s brand.
Based in the US, he took on the roll on 31 August and reports directly to Levi Strauss & Co chief executive, John Anderson.
This year, the retailer acquired DC Company, its main footwear and accessories licensee outside the US, in a bid to boost its entire range.
