Levi Strauss 2nd quarter earnings jump 14%
Apparel manufacturer Levi Strauss & Co. Tuesday reported a 14 percent jump in second-quarter earnings, aided by lower interest expense and refinancing-related costs.
Net income for the San Francisco-based firm rose to $45.7 million from $40.2 million in the year-ago period. Net revenue also climbed 6 percent to $1.02 billion.
Increases in the firm's sales of premium-priced jeans and apparel helped boost sales, along with an increase in Levi-brand outlets worldwide, the firm said.
Lower interest rates and debt service payments led to lower interest expense, the firm reported, but income tax expense was higher.
A privately held firm, Levis Strauss reports earnings due to its publicly held debt.
Gross profit margins dropped 1 percent due to price reductions and the sale of more lower-margin products.
In a statement, the firm said it expects modest net revenue and net income over the rest of the fiscal year.
Levi Strauss 2nd quarter earnings jump 14%
