Levi Strauss net income drops
From Times Wire Services
Levi Strauss & Co., the closely held maker of its namesake denim and Dockers pants, said profit plunged in the second quarter as sales declined globally and problems upgrading technology systems disrupted some shipments.
Net income fell 98% to $701,000 in the three months ended May 25 from $45.7 million a year earlier, San Francisco-based Levi Strauss said. Sales including licensing revenue decreased 7.9% to $936 million.
“We expected the second quarter to be tough, and it was,” Chief Executive John Anderson said. “Given the slowing macroeconomic indicators we are seeing globally and our continued investment to stabilize our enterprise resource planning system, we expect the rest of the year to be challenging.”
