The Week: City News - Levi's profits fall 41 per cent

Levi Strauss & Co, the clothing retailer, has reported a 41 per cent fall in profits.

Net income at the denim company fell to $41 million in the third quarter to 30 August, down from $69 million for the same period in 2008. Levi's blamed falling sales in Europe and the US for the slump. While its sales rose by 2 per cent in Asia, sales in Europe fell by 13 per cent and US sales dropped by 5 per cent.