Levi Strauss sales and profit dip in Q4

Levi Strauss & Co., for its fourth quarter reported net revenues decline of 2 percent on a reported basis, and flat on a constant-currency basis excluding 16 million dollars in unfavourable currency effects to 1,569 million dollars. Gross profit of 851 million dollars rose 1 percent on a reported basis, while gross margin of 54.3 percent of net revenues was up 110 basis-points. The company said in a statement that adjusted net income decreased 10.3 million dollars and adjusted diluted earnings per share were 26 cents, compared to 30 cents for the same prior-year period. The company added that increase in the company’s share count resulting from the IPO, in combination with missing the benefit of Black Friday in the current year, adversely impacted the year-over-year adjusted diluted earnings per share comparison by four cents.