Levi Strauss FQ1 Profit Falls 53%

Levi Strauss & Co reported a 53% drop in its fiscal first-quarter profit. Levi's quarterly profit slipped to $50 million, versus a year-ago profit of $107 million. Its revenue fell 1.5% to $1.13 billion, while gross margin shrank to 51% versus 51.6%. Levi's sales fell 3.1% in the Americas, while sales gained 1% in Europe.