[ad_1]
Clothing company Levi Strauss & Co. (NYSE: LEVI ) reported a decline in net profit for the first quarter of 2023, despite an increase in revenue.
Adjusted net income fell to $0.34 per share in the February quarter from $0.46 per share in the year-ago period. First-quarter unadjusted profit fell to $114.7 million or $0.29 per share from $195.8 million or $0.48 per share in the corresponding period in 2022.
The company reported a net profit of $1.69 billion, which was a 6% year-over-year increase. Global direct-to-consumer net revenue grew 12% year over year, which was 42% of total revenues.
“Our first quarter results reflect the strength of the brand and the progress made on our strategic priorities. We generated strong growth in our international business and record-breaking revenue performance in the direct-to-consumer channel,” said Levi’s CEO Chip Bergh.
[ad_2]
Source link