Levi Strauss posts impressive profits

Levi Strauss posts impressive profits

Levi Strauss & Co. has come out with their latest quarterly report and the company has said that their quarterly net profit more than doubled.

The company gained from higher operating income and lower tax expense.

Levi’s net profit rose to $96 million from $44 million a year earlier in the fourth quarter. The sales were up 4 percent to $1.24 billion.

The company recorded improved performance in all their markets.

Levi added in a statement that the gross margins rose during the quarter, helped by more sales of higher-margin goods.

However, they continue to face eroding market share due to a host of competitors.