Shrugging off a sluggish clothing market, Levi Strauss & Co. nearly doubled its fourth-quarter operating profit and narrowed its sales losses as the jeans maker continued its comeback.
In results released Wednesday, the San Francisco-based company reported net income of $75.4 million for the quarter ending Nov. 26, down from $157 million in the prior year. A $343 million accounting benefit fattened the 1999 results.
Stripping out one-time items, Levi's said that its operating profit in the fourth quarter increased 89 percent from the prior year. Excluding extraordinary items, Levi's fourth-quarter 2000 net income would have been $54 million versus a loss of $2 million in the prior year.
Levi's stock is privately held, but the company this year began reporting its quarterly results because some of its bonds are traded in markets regulated by the Securities and Exchange Commission.
Diminishing sales losses heartened Levi's management even more than the profit gains in the quarter.
Fourth-quarter sales of $1.29 billion reflected a 4 percent decrease from 1999, adjusted for currency fluctuations in Europe and Asia. The drop-off represented a dramatic improvement from the beginning of the year when Levi's reported a currency-adjusted 13 percent decline in its first-quarter sales.
For all of fiscal 2000, Levi's registered sales of $4.65 billion, a 7 percent decrease, adjusted for currency changes. Levi's earned $223.4 million in fiscal 2000, up from $5.4 million in 1999.<
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