Jeans brand Levi Strauss’ second quarter turnover grew 6 %, but debt reshuffle costs did result in a lower net profit compared to last year.
Drop in the United States
Its total turnover reached 1.07 billion dollars (930 million euro): European turnover grew 20 %; North and South American turnover grew 3 % thanks to growth in Canada and Mexico. The United States did experience a drop, but mainly because of Dockers’ weaker performance. Asian turnover also grew 3 %.
Despite this turnover surge, net profit dropped from 30.7 million dollars (27 million euro) to 17.5 million dollars (15 million euro), largely because of a 23 million dollar (20 million euro) debt reshuffle cost.
“Our business is more diversified than ever before, driven by disciplined execution of our long-term growth strategies, and investments in product innovation and the consumer shopping experience,” said Chip Bergh, CEO at Levi Strauss & Co. “Our strong year-to-date revenue growth reinforces the benefits of a more balanced portfolio.”
