By  on July 8, 2014

Levi Strauss & Co.’s second-quarter profits dropped 76.2 percent as the company continued to battle difficult wholesale conditions in the U.S. and absorbed charges from its recent restructuring.

For the three months ended May 25, net income dropped to $11.5 million from $48.1 million in the year-ago period. Stripping out charges for the restructuring initiative, early extinguishment of debt and other items, adjusted operating income fell 6.5 percent to $92.6 million from $99 million a year ago.

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