Levi’s profits drop
By FashionUnited
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Growth
“Net revenue growth in the third quarter reflects the strength of the Levi’s brand around the globe in spite of a challenging retail environment,” said John Anderson, president and chief executive officer. “In the face of tough economic conditions, we achieved several key milestones in our overarching strategy to grow our business around the world. We realigned our management structure around our global brands, launched the Levi’s Curve ID fit system for women and began the roll-out of the new Denize brand in Asia. We’re investing in these global product initiatives to help us capitalize on growth opportunities when the global economy truly recovers.”
Higher net revenues in the Americas were primarily due to solid results in the wholesale channel, these improvements were partially offset by lower Dockers brand sales in the US. In Europe revenue dropped with 3% and went up by 11% in Asia Pacific. Overall, the operating income dropped with 12% due to rising administrative costs from $396 up to $457.
Image: Levi Strauss