Levi's reported a slump in net income for its third quarter. Photo: Daniel Berehulak, Getty Images
Levi Strauss & Co. reported a 41% drop in net income for its third quarter, compared to the same period last year. (It's no wonder when people are keeping their jeans for 40 or more years!)
Still the iconic denim company is staying positive. John Anderson, the president and CEO of Levi's, told investors, "It was a productive quarter in light of the tough market conditions worldwide."
On the brand's future, Anderson said the company is expanding its retail operations, adding: "We'll also concentrate our investments in the geographic markets that offer the greatest potential for return, and on market-leading innovations that will create new products."
Sounds like a plan -- and new denim styles for us!
Hard numbers aside, Levi's recently had reason to celebrate. The company kicked off the 75th anniversary of the first pair of women's jeans with nationwide events.