Jeanswear maker Levi Strauss & Co has announced financial results for the second quarter ended May 28, 2006 and filed its second-quarter 2006 Form 10-Q with the Securities and Exchange Commission.
San Francisco-based company reported net revenues for the second quarter were $953 million compared to $962 million for the same quarter in 2005, approx. a 1 percent decrease on a reported basis and flat on a constant-currency basis. Net revenue reflects lower European and US Levi Strauss Signature brand sales, largely offset by increased US Dockers and US Levi's sales and continuing growth in the Asia Pacific business.
Net income for the second quarter increased 50 percent to $40 million compared to net income of $27 million in the same quarter of 2005. The improvement was primarily due to a $32 million discrete income tax benefit recognized during the second quarter of 2006, a $10 million decrease in loss on early extinguishment of debt during the 2006 period and lower interest expense, partially offset by lower operating income.
“We made good progress during the quarter,” said Phil Marineau, Chief Executive Officer.
“Revenues stabilized and our net income improved. Looking at the business regionally, I'm particularly pleased with the growth in our US business. We continue to transform our European business, and I'm optimistic that the region's revenue trends will improve during the balance of the year. And the Asia Pacific business continued its strong revenue and profit performance,” he added.
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