Source AP ©

Levi Strauss & Co. comes back to market

Levi Strauss & Co.'s second-quarter profit rose 14 percent, accelerating a comeback. The storied jeans maker might go public again after more than two decades as a privately held company.

The San Francisco-based company said Tuesday it earned $45.7 million (33.44 million EUR) during the three months ended May 27 compared with net income of $40.2 million (29.42 million EUR) a year ago.

Net revenue including licensing revenue rose nearly 6 percent to $1.02 billion (0.75 billion EUR) from $961 million (703.21 million EUR) a year ago.

Although Levi's has been family owned since 1985, the company still discloses its financial results because its debt is publicly traded.

For most of the past decade, Levi's quarterly reports have been gloomy accounts marked by eroding sales and crumbling profits that reflected the declining popularity of its jeans and other clothes.

But the story has been changing during the last two years as the company benefited from years of cost-cutting and a modest upturn in its sales.

This marks Levi's seventh consecutive quarter of rising profits. The company is now on pace for its best year since its financial funk that has seen its annual sales fall in nine of the last 10 years. The only exception occurred in 2005 when Levi's edged up by just 1 percent.

Through the first half of its current fiscal year, Levi's revenue increased by more than 6 percent to $2.05 billion (1.5 billion EUR), producing a profit of $132.4 million (96.88 million EUR) - a 40 percent improvement from earnings of $94 million (68.78 million EUR) in the same period last year.

"Our growth momentum continues," said John Anderson, Levi's chief executive officer. "Our premium products are resonating with consumers."

Hans Ploos van Amstel, Levi's chief financial officer, predicted the upturn will continue during the final half of the year.

Comments
Why Trump tries to re-industrialize America
MP suggests replacing Lenin's mummy with rubber figure
Russian Navy admiral says Russia will torpedo US warships, if need be
The horror story called Brazil: Murder and destruction
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Five years after Maidan revolution, Ukraine remains one of Europe's most corrupt states
Why Trump tries to re-industrialize America
USA plays to pretend a mighty dragon that can no longer breathe fire
US interferes in election of Interpol president, Kremlin believes
US interferes in election of Interpol president, Kremlin believes
Five years after Maidan revolution, Ukraine remains one of Europe's most corrupt states
Brexit: The UK's misunderstanding of Democracy
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Argentina hides the truth about the death of San Juan submarine
Japan ratifies agreement to supply weapons and ammo to warring states
Russia to ban capture of killer whales and belugas in 2019
Russia to raise sunken floating dock
Why Trump tries to re-industrialize America
Kuril Islands dispute between Russia and Japan: The impossible is impossible
Putin dislikes the idea of US army bases coming to Kuril Islands
Argentina hides the truth about the death of San Juan submarine