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Levi Strauss Swings To Q1 Profit, Revenues Up 7% In First Report Since IPO

Levi Strauss & Co. (LEVI), reporting its first quarterly earnings report since its initial public offering last month, said it swung to a profit for the first quarter.

Levi's reported profit of $146.6 million or $0.37 per share, compared to a loss of $19.0 million or $0.05 per share a year ago. The year ago period included a hefty tax charge related to tax reforms.

Revenue rose 7 percent to $1.43 billion from $1.34 billion last year. Revenues were up 11 percent on a constant currency basis.

"We delivered our sixth consecutive quarter of double-digit constant-currency revenue growth," said CEO Chip Bergh. "Growth was broad-based across all three regions and all channels, demonstrating that our strategies are working and our investments are paying off."

Looking forward to full year 2019, the company expects constant-currency net revenues growth of mid-single digits.

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