The Wall Street Journal-20080213-Levi Has Best Year In Over a Decade

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Levi Has Best Year In Over a Decade

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Associated Press

SAN FRANCISCO -- Levi Strauss & Co. shook off a sales slowdown in the U.S. late last year to boost its profit for the ninth straight quarter and cap the jeans maker's best year in more than a decade.

The company said it had net income of $267 million during its fiscal fourth quarter ended Nov. 25, up from $96 million at the same time in 2006.

Most of the gain stemmed from changes in the company's tax accounting, driven by its improving performance and revisions made after talks with the Internal Revenue Service.

Operating profit rose 12% to $190 million.

Levi said revenue edged up 2% to $1.3 billion despite a downturn in the U.S.

Problems in the U.S. were offset overseas, where the company benefited from the weak dollar. If not for currency fluctuations, Levi said its fourth-quarter revenue would have dipped 2%.

For all of fiscal 2007, Levi earned $460 million, its highest annual profit since 1996.