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LEVI - Levi Strauss & Co News Story

$12.52 -0.7  -5.2%

Last Trade - 18/09/20

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.84bn
Enterprise Value £4.06bn
Revenue £3.89bn
Position in Universe 1129th / 6396

BRIEF-Levi Strauss & Co Withdraws Prior Annual Guidance

Tue 7th April, 2020 9:13pm
April 7 (Reuters) - LEVI STRAUSS & CO:
    * LEVI STRAUSS & CO - DUE TO UNCERTAINTY RELATED TO COVID-19, CO WITHDRAWS
PRIOR
ANNUAL GUIDANCE & IS NOT PROVIDING FURTHER GUIDANCE AT THIS TIME
    * LEVI STRAUSS & CO - Q1 GROSS MARGIN 55.7% OF NET REVENUE VERSUS 54.6%
    * LEVI STRAUSS & CO - IN THE AMERICAS, Q1 NET REVENUE GREW 4%
    * LEVI STRAUSS & CO - IN EUROPE, Q1 NET REVENUE GREW 10% ON REPORTED BASIS,
13% ON
CONSTANT-CURRENCY BASIS
    * LEVI STRAUSS & CO - IN ASIA, Q1 NET REVENUE FELL 2% ON REPORTED BASIS, 1%
ON
CONSTANT-CURRENCY BASIS
    * LEVI STRAUSS & CO - MID-QUARTER OUTBREAK OF COVID-19 ADVERSELY IMPACTED Q1
NET
REVENUE IN ASIA BY ESTIMATED $20 MILLION
    * LEVI STRAUSS & CO - IN SHORT TERM, CO IS REDUCING COSTS, CAPITAL SPEND
WHILE
MANAGING INVENTORY, GROSS MARGIN
    * LEVI STRAUSS & CO - CASH AT QUARTER END OF $0.9 BILLION AND TOTAL
AVAILABLE
LIQUIDITY OF $1.8 BILLION
    * LEVI STRAUSS & CO - QUARTER-END TOTAL INVENTORIES DOWN 7%
    * LEVI STRAUSS & CO - ALL CO-OPERATED DOORS, ALL BUT 6 FRANCHISEE DOORS HAVE
REOPENED IN MAINLAND CHINA, INCLUDING BEACON STORE IN WUHAN
    * LEVI STRAUSS & CO - IS IN PROCESS OF CONVERTING STORES IN GUANGZHOU AND
CHENGDU
FROM FRANCHISE TO COMPANY-OPERATED
    * LEVI STRAUSS & CO - ADVERSE IMPACT TO Q2 NET REVENUES, EARNINGS, CASH
FLOWS IS
EXPECTED TO BE MATERIALLY SIGNIFICANT DUE TO COVID-19
    * LEVI STRAUSS & CO -  SUSPENDED ITS SHARE BUYBACK PROGRAM UNTIL FURTHER
NOTICE
    * LEVI STRAUSS & CO - DECLARED DIVIDENDS PAYABLE IN Q2 OF $0.08/SHARE; WILL
REASSESS DIVIDEND PAYMENTS FOR  BALANCE OF 2020 AS CIRCUMSTANCES EVOLVE

Source text for Eikon:  ID:nBw3FHHPQa 
Further company coverage:  LEVI.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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