Levi Strauss & Co. said its revenue rose 15% in its fiscal second quarter while profits fell from higher expenses linked to its assets in Russia.
The San Francisco-based company said Thursday that revenue was up to $1.47 billion in its fiscal second quarter. Analysts polled by FactSet expected $1.43 billion in total revenue.
For the quarter that ended May 29, Levi posted earnings of $50 million, or 12 cents a share, compared with $65 million, or 16 cents a share, a year earlier. Adjusted per-share earnings were 29 cents, ahead of analysts' expectations of 23 cents.
Selling, general and administrative expenses were $779 million, up from $644 million in the same quarter of the prior year. The company said the increase is primarily from the full impairment of its Russian assets. Levi suspended operations in Russia in March in response to the war in Ukraine. The company also reported $60 million in charges related to the Russia-Ukraine crisis
Its shares were up about 4% at $17.08 in after-hours trading.
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