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Levi Strauss net profit drops on restructuring

Levi Strauss & Co. said its fiscal first-quarter profit slid 53% as the jeans maker posted restructuring-related charges and revenue edged lower.

For the quarter ended Feb. 23, Levi reported a profit of $50 million, down from $107 million a year earlier. The latest period included $58 million in restructuring charges. Revenue declined 1.5% to $1.13 billion.