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Levi Strauss 1Q net income doubles

SAN FRANCISCO (AP) -- Levi Strauss & Co. said Tuesday its first-quarter net income more than doubled despite a 2 percent drop in revenue.

The apparel company said its profit margins were expanded in the latest quarter by the lower cost of cotton, boosted sales at its retail stores and favorable currency exchange rates.

For the quarter ended Feb. 24, the privately held company earned $107 million, up from $49 million in the same quarter the year before.

Revenue slipped to $1.15 billion from $1.17 billion. Revenue in the Americas was flat at $647 million, while European revenue edged up 2 percent to $297 million and Asia Pacific revenue dropped 11 percent to $203 million.

Levi Strauss sells its products in more than 2,300 franchised and company owned stores worldwide as well as department stores and other retailers.