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Levi's begins fiscal year with higher profits

Apr '08
Levi Strauss & Co. (LS&CO.) announced financial results for the first quarter ended February 24, 2008 and filed its first quarter 2008 results on Form 10-Q with the Securities and Exchange Commission.

The increase in net revenues primarily reflected the impacts of foreign currency exchange. On a constant currency basis, net revenues were essentially unchanged from last year's first quarter. The company continued to generate sales growth in Europe and its emerging markets in Asia Pacific. These gains were largely offset by revenue declines in the Americas region and in certain mature markets in Asia.

The results for the quarter also reflected $18 million of advance shipments in the United States related to the implementation of SAP. The company shipped these orders early prior to its March 2008 SAP implementation to avoid possible replenishment delays.

Net income increased 12 percent in the first quarter compared with the same quarter in 2007, reflecting lower interest expense and a lower tax rate.

"Our performance in the first quarter represents a solid start for the year, despite an increasingly difficult retail environment,” said John Anderson, president and chief executive officer. “Our Levi's brand continues to perform well on a global basis, and benefited from continued growth in our emerging Asia Pacific markets and in Europe.

“We are cautious given the economic uncertainty in the United States and key markets around the world. Nonetheless, we remain focused on product innovation, retail expansion and optimizing our global footprint,” added Mr. Anderson.

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