Levi Strauss & Co, which temporarily suspended business in Russia because of the war in Ukraine, released its first-quarter balance sheet on Wednesday, announcing that profit and revenue were above estimates.
According to the company, the brand’s clothes were sold at higher prices to compensate for the increase in production costs, and customers did not substitute cheaper products.
The report points to a 35% increase in global direct-to-consumer sales through its website and stores compared to the same period of the previous year. Wholesale rose 15%.
Net income was $196 million, up from $143 million a year earlier.
Joana Cunha with Andressa Motter and Ana Paula Branco
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