LEVI STRAUSS REPORTS FLAT RESULTS FOR SECOND QUARTER

San Francisco-based denim giant Levi Strauss & Co. has announced financial results or the second quarter ended May 29, 2016

Second quarter adjusted EBIT of $63 million was roughly flat to prior year, while net revenues were also flat on a reported basis. Constant-currency wholesale revenues declined to low single-digits for the quarter. Gross profit in the second quarter grew to $517 million compared with $500 million for the same quarter of 2015.

“In the second quarter, we offset the impact of a challenging U.S. wholesale environment with growth in our direct-to-consumer and international businesses,” said Chip Bergh, president and chief executive officer. “Looking forward, as we execute our profitable growth strategies we will continue to focus on what we can control, and we remain committed to delivering our priorities and financial objectives for the full year.”