Levi Strauss Swings to Quarterly Loss, Lifts Full-Year Guidance

Jeans maker Levi Strauss has announced a first-quarter loss due to a restructuring charge, but has raised its outlook for the full year. The company is shifting its focus to the direct-to-consumer channel to counter declining wholesale sales. For the three-month period ended February 25, Levi Strauss reported a net loss of $11 million, or 3 cents per share, compared to a profit of $115 million, or 29 cents per share, in the same period last year. Analysts had predicted a profit of 8 cents per share.