USA: Levi Strauss FY Profit Plunges 84% To $25m
Jeans giant Levi Strauss & Co on Monday reported a sharp fall in fourth quarter net profit and said its full-year net profit plunged 84 per cent to $25 million from $151m in 2001 due to restructuring costs. The San Francisco-based company said its quarterly profit slumped to $45m from $63m in the year-ago period despite a two per cent rise in net sales to $1.26 billion from $1.23bn. It cited a "higher effective tax rate and the impact of currency volatility" for the profit fall.
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