Apparel company Levi Strauss & Co. (NYSE: LEVI) reported a decline in net profit for the first quarter of 2023, despite an increase in revenues.
Adjusted net income decreased to $0.34 per share in the February quarter from $0.46 per share in the year-ago period. First-quarter unadjusted profit declined to $114.7 million or $0.29 per share from $195.8 million or $0.48 per share in the corresponding period of 2022.
The company reported net revenues of $1.69 billion, which is up 6% year-over-year. Global direct-to-consumer net revenues rose 12% year-over-year, which accounts for 42% of total revenues.
“Our first quarter results reflect the strength of our brands and the progress we are making against our strategic priorities. We delivered strong growth in our international business and record-breaking revenue performance in our direct-to-consumer channel,” said Levi’s CEO Chip Bergh.