Levi Strauss sees profits plummet

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Jeans maker Levi Strauss has reported a 41% drop in profits after seeing lower sales and currency fluctuations.

The San Francisco-based firm saw its net income for the third quarter fall to $41m (£25m) from $69m a year ago.

Revenue dropped 6% to $1.04bn, with sales falling in both its US home market and in Europe.

However, sales in the Asia Pacific region rose 2%, helped by increased product promotions and store expansion in India and China, the company said.

"It was a productive quarter in light of the tough market conditions worldwide," said president and chief executive John Anderson.

Levi Strauss is a privately held company but releases its financial results as some of its bonds are publicly traded.