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International News and Market Update: European Stocks Lower, Levi Strauss sales rise.

International News and Market Update: European Stocks Lower, Levi Strauss sales rise

Levi Strauss sales rise thanks to new denim styles

Levi Strauss & Co. on Wednesday reported third-quarter profit and revenue that beat analysts’ expectations as consumer demand surged during the back-to-school season and shoppers stocked up on the latest denim trends. Net income rose to $193 million, or 47 cents a share, from $27 million, or 7 cents a share, a year earlier. Excluding one-time items, the company earned 48 cents per share. Analysts had expected earnings of 37 cents per share. Revenue rose 41% to $1.5 billion from $1.06 billion a year earlier. That slightly beat estimates of $1.48 billion.

Tesco defies supply problems and rising sales

Tesco’s group sales rose 5.9% year-on-year to £30.4bn in the first six months of the year. Operating profits rose 28% to £1.3bn in the period. Tesco’s sales rose 2.6% to £27.3bn in the first six months of the financial year, while like-for-like sales in the UK increased 1.2%, following a 0.5% rise in the first quarter.

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