LEVI’S SALES UP 1% IN 1ST QUARTER
SAN FRANCISCO — Levi Strauss & Co. reported sales inched ahead 1 percent to $1.6 billion in this year’s first quarter.
Sales in the U.S. were up 1 percent to $898.8 million, with part of the increase attributable to a strong performance by the Dockers brand and Slates dress pants for men, the company’s newest brand, Levi’s said.
Sales outside the U.S. were also ahead 1 percent, reaching $691.2 million. The company noted that the slight increase was driven by a favorable product mix in Europe, led by Levi’s 501 jeans and related products.
European sales gains were slightly offset by lower sales in the Asia Pacific Division. Weakness in that area was due primarily to continued marketing and business difficulties in Japan and Korea, including weaker local currencies in those countries, the company said.
As a privately owned business, Levi’s is not required to disclose earnings, and a spokesman for the company said he could not even talk about profits.
Last February, Levi’s announced a plan to remove 1,000 of its 5,000 salaried workers in the United States over eight months to cut costs and improve profitability.