SAN FRANCISCO (AP) — Levi Strauss & Co. said Friday that its fiscal third-quarter net income doubled on improved sales and the absence of a major charge that dragged down last year's results.
The privately held clothing company, based in San Francisco, reported net income of $57 million for the three-month period that ended Aug. 25. That is up from $28 million last year, when it took a hit from phasing out its Denizen brand in China. The company booked a $25 million customer support and inventory markdown charge last year tied to the decision.
Levi's quarterly revenue increased 4 percent to $1.14 billion, largely on the popularity of its namesake brand.
President and CEO Chip Bergh said that the company achieved its gains by being "laser-focused" on making innovative products, keeping the retail experience engaging, talent and managing costs.
Levi's did have slightly higher expenses during the period due to new advertising campaigns and higher incentive-based compensation after meeting certain internal goals.
The company's products are sold in approximately 2,800 retail stores and shop-in-shops globally, as well as online.