Levi Strauss cuts full-year sales forecast again, as inflation takes a toll
Publishing timestamp: 2023-10-05 17:55:49
Summary
Levi Strauss has cut its full-year sales forecast due to weak sales of its denim at department stores and big-box retailers. The company's own stores and website have not been able to offset the weaker wholesale trends. Levi Strauss missed Wall Street's quarterly revenue expectations and has a more cautious outlook for the year. The company attributes the decline in sales to factors such as inflation, rising mortgage rates, and gas prices impacting the middle-income consumer. Levi Strauss is focusing on its direct-to-consumer business and international markets for growth. The company is also lowering prices on select items to stimulate sales. Despite these efforts, Levi Strauss's stock has fallen about 14% this year.
Sentiment: NEGATIVE
Tickers: WMT, TGT, LEVI, KSS, M, NKE,
Keywords: business, macy's inc, retail industry, nike inc, breaking news: earnings, earnings, walmart inc, target corp, breaking news: business, levi strauss & co, kohl's corp, business news,
Source: https://www.cnbc.com/2023/10/05/levi-strauss-levi-earnings-q3-2023.html