Levi Strauss & Co, a global leader in jeanswear, has announced financial results for the third quarter ended August 27, 2017.
The denim brand reported a 7 per cent increase in its revenue on a reported basis in the quarter under review despite the challenging retail environment.
Levi Strauss’ operating income soared 1 per cent during the quarter. The company said its selling, general and administrative expenses stood US $ 510 million as against US $ 449 million in the corresponding period last year.
However, the company’s net income declined 10 per cent.
The brand performed well in America, Europe and Asia as well. Excluding favourable currency effects of US $ 3 million, 2 per cent increase in net revenue was reported from America.
Europe revenue grew by 20 per cent apart from favourable currency effects of US $ 8 million. Operating income surged 32 per cent in the region.
The Asia revenue also increased by 2 per cent on both reported and constant currency basis.
“We are pleased with our progress this quarter and year-to-date. Our strategies are working and, despite the challenging retail environment, we are achieving profitable growth,” said Chip Bergh, President and Chief Executive Officer, Levi Strauss & Co.
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