financial
financial

Levi's Returns to Black

Levi Strauss returned to profitability in 2004, as company officials said they would focus on boosting cash flow and decreasing its $2.02 billion in debt.

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Sales to the Asia-Pacific region gained 18.8 percent in the year to $603.9 million. Factoring out currency fluctuations, sales would have been up 12 percent. In general, the decline of the dollar over the past year had the effect of boosting Levi’s reported foreign sales.

Levi’s is privately held, primarily by the descendants of founder Levi Strauss. The firm reports its results to the Securities and Exchange Commission because of its publicly traded bonds.

The firm’s filing with the SEC disclosed that Marineau’s compensation last year grew more than fourfold. His combined salary, bonus, incentives and other compensation totalled $6.6 million, up from $1.4 million. Last year, Marineau was paid no bonuses or other incentives, largely as a result of the firm’s hefty loss.

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