June 21, 2002 |
Levi Strauss & Co., maker of Levi's jeans and Dockers slacks, reported a net loss for the second quarter because of costs involved in closing eight manufacturing plants and continuing lower sales. The net loss of $80.9 million, which contrasted with net income of $43.4 million a year ago, came as the company struggles to restore its faded image after more youth-oriented brands cut into its once-dominant market share. Excluding the one-time restructuring charges, profit fell 65% to $15 million.
April 9, 2002 |
Levi Strauss & Co., an apparel icon suffering declining sales for the last five years, said Monday it will close six U.S. plants and dismiss 3,300 workers this year as it halts almost all of its U.S. manufacturing operations. San Francisco-based Levi said the closures will help the company "maintain strong margins" and invest more of its resources in product development, marketing and retail initiatives.
November 19, 2001 |
European consumers are due to find out Tuesday whether companies that sell them low-priced Levi's jeans imported from outside the European Union are violating the law. The Luxembourg-based European Court of Justice's decision in the case, which pits British supermarket group Tesco against privately held U.S. jeans maker Levi Strauss & Co., will hand down legal standards that British courts must use in making a final ruling.
September 20, 2001 |
Levi Strauss & Co. reported a sharp decline in fiscal third-quarter earnings as lackluster sales in the U.S. and Japan undercut the firm's turnaround efforts. The privately held company said net income plunged 60% to $15 million in the quarter ended Aug. 26 from $37.8 million a year earlier. Sales slid 13% to $984 million.
March 21, 2001 |
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.
February 10, 2001 |
Levi Strauss & Co. said the president of its Americas division has left the jeans maker, a move analysts say highlights the need to reinvigorate the firm's faded brand. The San Francisco-based firm said James Lewis resigned to pursue other interests after less than a year on the job. During the search for his replacement, Levi Chief Executive Phil Marineau will head the Americas division, the company said.
January 11, 2001 |
Levi Strauss & Co. managed to slow its annual sales decline to a single-digit rate during the fiscal year ended Nov. 26, but the San Francisco-based company on Wednesday said its ongoing turnaround bid was slowed by weakening domestic demand for apparel and the strong dollar's dulling impact on foreign sales. Fourth-quarter net income fell to $75.4 million from $157 million in 1999, but Levi noted that 1999's final quarter was bolstered by a substantial one-time gain.
October 25, 2000 |
The junk-bond market proved too tight for Levi Strauss & Co., the maker of Levi's bluejeans and Dockers casual wear, as the San Francisco-based company shelved a $350-million sale because of poor market conditions, market sources said Tuesday. Levi Strauss is the fourth company in the last month--but the first carrying the highest "double-B" credit ratings--to shelve a sale of junk bonds, which carry high yields to account for their risks.
September 20, 2000 |
As it jockeys for shelf space during the coming holiday season, Levi Strauss & Co. will be in an enviable but costly position. Customers are snapping up its 501 jeans--but the troubled apparel company isn't meeting the demand. That's because earlier this year Levi opted against kicking 501 jeans production into high gear and risking a costly inventory glut if retailers couldn't move the goods.
June 21, 2000 |
Levi Strauss & Co. said Tuesday that second-quarter profit rose by 48% as sales fell only 6.4%--a marked improvement for the San Francisco-based jeans maker that had been reporting double-digit decreases in recent quarters. Analysts linked the improvements to better inventory control, cost cutting and a renewed emphasis on fashion.