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Levi’s boosts profits after spending cuts

Denim giant Levi’s profits jumped in its first quarter as the company made efforts to cut back on spending to help boost income.

In the three months to 26 February profits were 21 percent up from USD40.7 million in the same period last year to USD49.2m. The rise in profits was boosted by cuts in selling, general and administrative costs, particularly in advertising and promotion. The company also increased its own product prices in response to the rise of the cost of cotton.

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(Source: Drapers)