The Associated Press April 12, 2011, 6:41PM ET

Levi Strauss says 1Q income down

Levi Strauss & Co. said Tuesday that its first-quarter net income fell 28 percent due to a weaker profit margin and a charge tied to its foreign exchange management.

The privately held company, based in San Francisco, earned $41 million for the quarter, down from $56 million in the same period last year. Levi did not disclose the size of the charge during the period.

Revenue increased 8 percent to $1.1 billion as it added new products and revenue from around the globe improved.

"We're pleased with the progress we made in the first quarter toward driving long-term growth," Blake Jorgensen, chief financial officer for the company said. "Looking ahead, we're focused on investing behind our strategic initiatives, as we navigate challenging conditions for the apparel industry."

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