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LS&CO net incomes improves due to operating sales for Q2

Jul '05
American jeans and casual wear manufacturer Levi Strauss & Co announced financial results for the second quarter ended May 29, 2005 and filed its second-quarter 2005 Form 10-Q with the Securities and Exchange Commission.

Results for the quarter show key financial improvements, including improved gross profit, a $66 million increase in operating income to $145 million and a $21 million increase in net income to $27 million on slightly lower net sales compared to the same period last year.

Second-quarter 2005 net sales were $944 million compared to $959 million for the second quarter of 2004 – a decrease of 1.6 percent on a reported basis and 4.4 percent on a constant-currency basis.

The sales decrease was driven primarily by strategic actions taken in fiscal 2004 to streamline the number of U.S. Levi's and Dockers product offerings, lower sales of U.S. Dockers women's products, the impact of lower sales in Europe resulting from a change in the region's spring/summer sell-in calendar and a declining retail environment across Europe. These were partially offset by continued growth of the Levi's brand in Asia.

Net income for the quarter increased to $27 million compared to net income of $6 million in the same quarter of 2004. The improvement was due primarily to a $66 million increase in operating income, partially offset by a $43 million loss on early retirement of debt related to refinancing activities and higher income taxes.

“They are right where thye expected to be midpoint in the year,” said Phil Marineau, chief executive officer. “Our top line is stable and profits are up. Consistent with our primary focus this year, we are delivering increased operating income and stronger net income. Sales for the first six months are slightly improved over the same period last year.

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