Levi Strauss & Co logo

LEVI - Levi Strauss & Co News Story

$12.76 -0.0  -0.2%

Last Trade - 14/08/20

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £3.88bn
Enterprise Value £4.10bn
Revenue £3.84bn
Position in Universe 1117th / 6381

Levi's revenue tops estimates as online business thrives, sales trends improve

Tue 7th July, 2020 9:07pm
July 7 (Reuters) - Levi Strauss & Co's  LEVI.N  quarterly
revenue topped estimates on Tuesday, and the denim apparel maker
said its sales were improving as stores reopen following
government-mandated COVID-19 lockdowns.  
    The company reported a 25% increase in its online business
in the second quarter ended May 24, with a month-over-month rise
of nearly 80% in May, as consumers shopped more on its website
and app.  urn:newsml:reuters.com:*:nBw5y7V1ga
    Met with temporary closure of its own stores as well as
partner outlets, Levi introduced curbside pickup and started
fulfilling online orders at its stores, with customers turning
to online shopping to avoid contact with people.    
    The company, however, warned that the impact of the pandemic
could be significant for at least the rest of the year, with the
possibility of additional COVID-19 related inventory and other
charges.
    Chief Executive Officer Chip Bergh said the company would
slash about 700 positions, or roughly 15% of its staff, in
non-retail, non-manufacturing segment that would help save $100
million annually. 
    Net revenue fell 62% to $497.5 million, but beat
expectations of $485.5 million, according to IBES data from
Refinitiv. 
    Levi reported net loss attributable to the company of $363.5
million, or 91 cents per share, compared with a profit of $28.2
million, or seven cents per share, a year earlier.
    The loss was largely due to $242 million in restructuring
charges and inventory costs due to coronavirus-related
disruptions.
        


    

 (Reporting by Nivedita Balu and Praveen Paramasivam in
Bengaluru;
Editing by Vinay Dwivedi)
 ((Nivedita.Balu@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))
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