FILE- In this March 21, 2019, file photo a Levi's banner adorns the facade of the New York Stock Exchange. Levi Strauss & Co. reports financial results on Tuesday, April 9. (AP Photo/Richard Drew, File)

Levi's swings to 1Q profit; revenue up nearly 7%

April 09, 2019 - 4:37 pm

NEW YORK (AP) — Levi Strauss & Co. swung to a profit and reported a nearly 7% increase in net revenue during the company's fiscal first quarter, an indication the jeans maker's investments online and in its denim products are paying off.

Tuesday's earnings report marked Levi's first since its return to the public markets last month.

The San Francisco-based company said it had $1.43 billion in sales for the quarter ended Feb. 24.

It reported net income of $146.6 million, or 37 cents per share, in the quarter. That was compared with a loss of $19 million, or 5 cents, a year earlier.

Levi's stock got an enthusiastic reception from investors betting the iconic brand is ready for a comeback but it has retreated since then.

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