Jeans maker Levi Strauss said today that its fiscal first-quarter earnings fell as a result of weak retail and apparel markets, and as the company worked to improve its debt structure.
The San Francisco-based company said in a statement that its net income fell to $30 million in the quarter ended February 25th from $60 million a year earlier.
Levi Strauss is battling to reverse years of flagging sales in the face of competition from other more youth-oriented brands that have cut into its once-dominant market share.
Levi Strauss is privately held but began reporting quarterly financial data last June when the firm registered bonds with the Securities and Exchange Commission, which required the jeans-maker to disclose financial data.