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Levi Strauss revenue rises 7 percent in first post-IPO quarterly report

Levi Strauss revenue rises 7 percent in first post-IPO quarterly report
FILE PHOTO: People pass by a Levi Strauss store in New York City, U.S., March 19, 2019. REUTERS/Brendan McDermid/File Photo   -   Copyright  Brendan McDermid(Reuters)
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(Reuters) – Levi Strauss & Co posted a 7 percent rise in quarterly revenue on Tuesday in its first report after returning to public markets, as the jeans maker’s strategy of expanding its retail stores and investing in its online business paid off.

The company’s net revenue rose to $1.43 billion (£1.10 billion) in the first quarter ended Feb. 24 from $1.34 billion, a year ago. Levi had previously estimated revenue to be between $1.42 billion and $1.44 billion.

Levi said net income attributable to the company was $146.6 million, or 37 cents per share, in the quarter, compared to a loss of $19 million, or 5 cents per share, a year earlier, when the company incurred a tax related charge.

(Reporting by Aishwarya Venugopal in Bengaluru: Editing by Sriraj Kalluvila and Shounak Dasgupta)

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