Levi Strauss net income jumps 24%
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Levi Strauss & Co. extended a two-year streak of higher profit in its fiscal third quarter despite decelerating sales growth that reflected eroding demand for the jeans maker’s discount and Dockers brands in the U.S.
The San Francisco-based company said it earned $60.9 million for the three months ended Aug. 26, up 24% from $49.3 million in the same period last year.
Management attributed most of the latest gains to lower expenses for taxes and loan repayments.
Revenue edged up 2% to $1.05 billion, a drop-off from the first half of the fiscal year, when sales climbed 6%.
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