USA.- Levi Strauss returns to profit with 54.6 million in its second quarter

New York, 9 (Europa Press)

Levi Strauss, a clothing company popular for its jeans, posted a net profit of $64.7 million (€54.6 million) in its second fiscal quarter ended May, compared to a loss of $363.5 million (€306.5 million) during the same period. Last year, according to quarterly accounts published by the company this Friday.

The drastic change in the bottom line has been due to the impact of the pandemic. The second quarter of the last financial year included earlier lockdowns and related business closures, which hit the accounts heavily.

Due precisely to the impact of the pandemic, revenue has more than doubled from a year ago, reaching 1,275.9 million (1,075.8 million euros). Compared to two years ago, billing decreased by 3.9 percent.

By geographies, and compared to 2019 sales, second quarter revenues in the Americas grew 3.2 percent to 715.1 million (602.9 million euros), while in Europe they fell 8.3 percent to 365.4 million (308.1 million euros) and In Asia they were 195.5 million (164.8 million euros), 11.9 percent lower.

“As we enter the second half of 2021, we are focused on getting stronger with our strategic priorities of leading with a sustainable brand, accelerating our direct connections with the consumer and expanding across categories, channels and To diversify across geographies,” said the President and CEO. Company, Chip Berg.

Cost of products sold in the quarter was 525.8 million (443.3 million euros), an increase of 60.4 percent, while selling, general and administrative expenses increased 14.1 percent, to 628.2 million (529.7 million euros).

In the first half of the fiscal year as a whole, net profit was 207.2 million (174.7 million euros), compared to a loss of 210.9 million (177.8 million euros) after a 28.8 percent increase in the same period last year. Turnover, $2,581.6 million (2,176.6 million euros).