Levi Strauss sees profits plummet
Levi's store in Bangalore
New store openings and promotions boosted sales in India
Jeans maker Levi Strauss has reported a 41% drop in profits after seeing lower sales and currency fluctuations.
The San Francisco-based firm saw its net income for the third quarter fall to $41m (£25m) from $69m a year ago.
Revenue dropped 6% to $1.04bn, with sales falling in both its US home market and in Europe.
However, sales in the Asia Pacific region rose 2%, helped by increased product promotions and store expansion in India and China, the company said.
"It was a productive quarter in light of the tough market conditions worldwide," said president and chief executive John Anderson.
Levi Strauss is a privately held company but releases its financial results as some of its bonds are publicly traded.
New store openings and promotions boosted sales in India
Jeans maker Levi Strauss has reported a 41% drop in profits after seeing lower sales and currency fluctuations.
The San Francisco-based firm saw its net income for the third quarter fall to $41m (£25m) from $69m a year ago.
Revenue dropped 6% to $1.04bn, with sales falling in both its US home market and in Europe.
However, sales in the Asia Pacific region rose 2%, helped by increased product promotions and store expansion in India and China, the company said.
"It was a productive quarter in light of the tough market conditions worldwide," said president and chief executive John Anderson.
Levi Strauss is a privately held company but releases its financial results as some of its bonds are publicly traded.
