Levi Strauss Reports Loss, Lower Sales
Levi Strauss & Co., the maker of Levi’s jeans and Dockers slacks, posted a fourth-quarter loss of $245 million after sales dropped for a seventh year. The San Francisco-based company also restated results to cut net income from 2001 through the first half of 2003.
The net loss in the quarter ended Nov. 30 reverses a profit of $21 million a year earlier. Sales dropped 5% to $1.2 billion.
Sales have fallen because of Levi’s failure to roll out new items quickly and generate demand for its products, the company said in a regulatory filing.
Net loss for the year was $349.3 million, contrasted with restated profit of $7.3 million in 2002.
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