USA: Levi Strauss Q2 Loss Fades To $81m
Jeans giant Levi Strauss & Co on Thursday posted a 12 per cent year-on-year slide in second quarter sales to $924 million and a steep fall in net profit as it was hit by huge restructuring costs and "difficult market conditions worldwide". The San Francisco-based company, which recently announced the closure of six US plants and two Scottish factories, said its net loss for the period was $81m, which included restructuring charges and related expenses of $171m, of which $150 was for those plant closures.
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