Levi Strauss & Co. saw its first-quarter sales and profits erode as the jeanswear giant battled currency headwinds, shifts in its calendar and continuing weakness in the U.S. wholesale business.
In the three months ended March 1, net income dropped 23.2 percent to $38.4 million from $50 million in the 2014 quarter. Adjusted operating income fell at a similar pace, down 24.5 percent to $120 million, while operating profit grew 14.7 percent to $107.4 million.
Revenues fell 6.6 percent, to $1.06 billion from $1.13 billion, and were down 1 percent at constant currency. Revenues in the Americas pulled back 8.5 percent to $574 million from $627 million with softness in the U.S. wholesale channel and the absence of a Black Friday at the start of the quarter and the transition of the women’s Dockers business to a wholesale model weighed on results.
The largest impact from currency fluctuation came in…
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