Levi Strauss & Co logo

LEVI - Levi Strauss & Co News Story

$12.5 0.4  3.6%

Last Trade - 07/08/20

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.80bn
Enterprise Value £4.01bn
Revenue £3.85bn
Position in Universe 1139th / 6395

BRIEF-Levi Strauss Says Will Reduce Non-Retail, Non-Manufacturing Workforce By About 700 Positions

Tue 7th July, 2020 9:03pm
July 7 (Reuters) - Levi Strauss & Co  LEVI.N :
    * LEVI STRAUSS - QTRLY LOSS PER SHARE $0.91; QTRLY ADJUSTED LOSS PER SHARE
$0.48
    * Q2 EARNINGS PER SHARE VIEW $-0.49, REVENUE VIEW $485.5 MILLION --
REFINITIV IBES
DATA
    * LEVI STRAUSS - QTRLY NET REVENUE $498 MILLION, DOWN 62%
    * LEVI STRAUSS - QTRLY GROSS MARGIN DECREASED 19.2 PERCENTAGE POINTS ON A
REPORTED
BASIS TO 34.1%
    * LEVI STRAUSS - IN THE AMERICAS, QTRLY NET REVENUE FELL 59% ON REPORTED
BASIS
    * LEVI STRAUSS - IN ASIA, QTRLY NET REVENUE FELL 61% ON REPORTED BASIS
    * LEVI STRAUSS - AS STORES HAVE REOPENED, PERFORMANCE HAS TRENDED BETTER
THAN CO'S
EXPECTATIONS
    * LEVI STRAUSS - WITHDRAWN ALL GUIDANCE PROVIDED ON JAN. 30, AND NOT
PROVIDING
FURTHER GUIDANCE AT THIS TIME
    * LEVI STRAUSS - QTRLY ADJUSTED. GROSS MARGIN WAS 51.5%, A DECLINE OF 180
BASIS
POINTS
    * LEVI STRAUSS - IN Q2 RECORDED $242 MILLION, PRE-TAX, IN RESTRUCTURING
CHARGES,
INVENTORY COSTS, OTHER CHARGES IN CONNECTION WITH COVID-19 DISRUPTIONS
    * LEVI STRAUSS - TOTAL INVENTORIES AT QUARTER- END INCREASED 10%, NET OF
RESERVES
    * LEVI STRAUSS - E-COMMERCE BUSINESS GREW 25% IN Q2
    * LEVI STRAUSS SAYS QUARTER-END TOTAL AVAILABLE LIQUIDITY INCREASED TO $2.0
BILLION; CASH AT QUARTER-END WAS $1.4 BILLION
    * LEVI STRAUSS - TO REDUCE NON-RETAIL, NON-MANUFACTURING WORKFORCE BY
ABOUT700
POSITIONS, OR ROUGHLY 15%
    * LEVI STRAUSS - ROUGHLY 90% OF COMPANY-OPERATED AND FRANCHISEE DOORS HAVE
NOW
REOPENED GLOBALLY
    * LEVI STRAUSS - WORKFORCE REDUCTION OF ABOUT 700 POSITIONS EXPECTED TO
GENERATE
ANNUALIZED SAVINGS OF $100 MILLION
    * LEVI STRAUSS - NEARLY 40% OF COMPANY-OPERATED STORES COMPING POSITIVE AS
WE
EXITEDJUNE
    * LEVI STRAUSS - HAD POSITIVE CASH FLOW GENERATION IN JUNE
    * LEVI STRAUSS - STORE SALES PRODUCTIVITY IN FINAL WEEK OF JUNE VERSUS PRIOR
YEAR
APPROACHED 80%
    * LEVI STRAUSS - WEEKLY SALES PERFORMANCE IN COMPANY-OPERATED DOORS IS
SEQUENTIALLY IMPROVING
    * LEVI STRAUSS - E-COMMERCE NET REVENUE GROWTH HAS REMAINED STRONG, AT
NEARLY 70%
GROWTHFOR JUNE
    * LEVI STRAUSS -  EXPECTS ITS BUSINESS, RESULTS OF OPERATIONS WILL CONTINUE
TO BE
SIGNIFICANTLY ADVERSELY IMPACTED FOR AT LEAST BALANCE OF 2020
    * LEVI STRAUSS - THERE REMAINS THE POSSIBILITY OF ADDITIONAL COVID-19
RELATED
INVENTORY AND OTHER CHARGES
    * LEVI STRAUSS - DETERMINED NOT TO DECLARE A DIVIDEND FOR Q3 & WILL REASSESS
DIVIDEND PAYMENTS FOR Q4 AS CIRCUMSTANCES EVOLVE

Source text for Eikon:  ID:nBw5y7V1ga 
Further company coverage:  LEVI.N 

 ((Reuters.Briefs@thomsonreuters.com;))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.