March 2, 2004 |
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.
January 16, 2004
* European airplane manufacturer Airbus said it delivered 305 jets in 2003, beating its own forecast of 300 and making it the market leader over Boeing Co. for the first time. * Rambus Inc. said fourth-quarter profit rose 56% as legal expenses declined. Net income increased to $8.62 million, or 8 cents a share. Sales rose 26% to $32.4 million. * Levi Strauss & Co., the maker of Levi's jeans and Dockers slacks, will sell its Signature line of lower-priced jeans at Target Corp. stores.
January 9, 2004 |
Levi Strauss & Co., the California Gold Rush outfitter whose trademark bluejeans have been an American clothing staple for generations, closed its last two sewing plants in the United States on Thursday. The financially troubled company, which is based in San Francisco, has been steadily shifting production to overseas contractors for several years to cut costs and invigorate drooping sales in the ultra-competitive apparel market.
December 2, 2003 |
Levi Strauss & Co. said Monday that it replaced its chief financial officer and hired a turnaround specialist to help reverse the struggling jeans maker's sagging performance. Levi said it hired Jim Fogarty, managing director of management consulting firm Alvarez & Marsal Inc., as interim CFO and also retained the firm. Fogarty took over from William B. Chiasson, who had been with Levi for five years.
November 8, 2003 |
Levi Strauss & Co. reached an agreement with two former tax managers who are suing the company that would allow it to review accounting documents sought by the Internal Revenue Service. The IRS is conducting audits of Levi's accounting during the 1990s. Robert Schmidt and Thomas Walsh, former employees at San Francisco-based Levi's global tax department, claim in a suit that the company cheated the IRS out of $70 million in 1997 and 1998. Levi denies the claims.
October 22, 2003 |
U.S. corporations and the accounting and law firms that advise them have invented complex and illegal schemes to avoid taxes with no fear the Internal Revenue Service will stop them, a Senate panel heard Tuesday. Former employees of jeans maker Levi Strauss & Co. and accountants at KPMG said they had been fired or disciplined for objecting to allegedly illegal activity. An anonymous witness testified behind a screen with his voice distorted, telling how U.S.
October 11, 2003 |
When Levi Strauss & Co. restated its earnings Thursday, it became only the latest in a record series of companies to announce that they'd mangled their numbers. During the first six months of 2003, 158 companies restated their earnings, according to Huron Consulting Group, a nationwide corporate finance firm that tracks such statistics. That blistering pace was outdone only in the second half of 2002, when a record 195 companies restated.
October 10, 2003 |
Levi Strauss & Co. said Thursday that it would reduce earnings for the third quarter and for 2001 by more than $30 million because it has discovered errors on its 1998 and 1999 tax returns. In those years, the struggling San Francisco-based apparel maker mistakenly took the same tax deduction twice for losses related to various manufacturing plant closures, Levi said in a statement. Net income in its fiscal third quarter ended Aug. 24 will be lowered by $4.9 million to $21.
October 1, 2003 |
For Levi Strauss & Co., the future is stacked on the shelves at Wal-Mart. The struggling San Francisco-based apparel maker said Tuesday that its fiscal third-quarter profit nearly doubled, thanks to a new low-priced brand it began selling at Wal-Mart Stores Inc.'s 3,000 U.S. outlets two months ago. Earnings in the quarter ended Aug. 24 jumped 95% to $26.7 million, compared with $13.7 million in the year-earlier period.