Levi Strauss revenues increase 7 percent in Q3

Net revenues at Levi Strauss grew 7 percent on a reported basis or 6 percent excluding 11 million dollars in favourable currency translation effects. Direct-to-consumer revenues grew 16 percent driven by performance and expansion of the retail network, as well as ecommerce growth, while wholesale revenues grew 4 percent reflecting growth in Europe. Net income declined 10 million dollars, which the company said reflects FX losses on hedging contracts of 19 million dollars, driven by the weakening of the US dollar against most foreign currencies.