Levi Strauss Staunches Earnings Decline

Levi Strauss & Co. reported a 7% decline in its fiscal first-quarter operating profit to $142 million from a year ago as sales fell 8% to $996 million. But the jeans maker said the results for the quarter ended Feb. 25 marked an improvement over double-digit earnings declines in recent years and reflected efforts to reinvigorate its faded image, even in the face of a weak economy. Levi has been struggling to hold its own amid increasing competition from more youth-oriented clothing brands. The report marked only the fourth time Levi Strauss had released quarterly financial data since it went private in 1985.