Levi Strauss reports $231 million of cash, debt of $1.75 billion

By Aleesia Forni

Columbus, Ohio, Oct. 11 - Levi Strauss & Co. reported cash and cash equivalents of $231 million as of Aug. 28 and $337 million available under the company's revolving credit facility.

During the company's third-quarter earnings conference call, Levi Strauss also reported net debt of $1.75 billion, compared with $1.6 billion at the end of 2010.

The San Francisco-based apparel maker successfully refinanced its $850 million asset-backed credit facility subsequent to the end of the quarter, which will provide the company with "significant liquidity for years to come," chief financial officer Blake Jorgensen said during the conference call.

Levi Strauss also reported net income of $32 million during the quarter, compared with $28 million during the third quarter of 2010.

Cash from operating activities during the nine-month period in 2011 was $17 million, compared with $96 million during the same period in 2010, due in part to the higher cost of cotton.

"We had a solid quarter, despite the impact of cotton prices and a difficult economic environment," Jorgensen said.

"While we're pleased with our performance during 2011, we continue to face uncertain demand due to consumer price tradeoffs and the recent softening of the economy as we enter the holiday season."

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