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Levi Strauss & Co. Gets a Slow Start in Q1 2016

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Levi Strauss & Co. reported neutral results for the first quarter of 2016, with business negatively affected by currency conversion and decreases in consumer spending. Net results were flat on a reported basis and grew five percent on a constant currency basis.

On a reported basis, gross profit grew to $560 million compared with $537 million in Q1 of 2015. Constant-currency direct-to-consumer sales grew low double-digits for the first quarter, while wholesale revenues were up one percent for the quarter.

Chip Bergh, Levi’s president and chief executive officer, said, “Our direct-to-consumer and international businesses continued to fuel our growth, and our Levi’s women’s business grew again this quarter on a global basis. Looking forward, we anticipate the second quarter will be a difficult comparison to the prior year, given our planned retail and advertising investments, and as the U.S. wholesale channel continues to face traffic challenges and ongoing softness in consumer spending at retail.”