Levi's shares drop 15% as jeans maker's sales disappoint despite denim craze
Publishing timestamp: 2024-06-26 20:15:16
Summary
Levi Strauss narrowly missed Wall Street's sales expectations as denim surges in popularity, but posted better-than-expected earnings. The company is working to reduce its reliance on department stores by building out its own website and stores, but faced unexpected hurdles. Despite a strong earnings beat, Levi's only reaffirmed its full-year guidance and is transitioning to a distribution and logistics strategy that includes more reliance on third parties. The company's direct-to-consumer sales are growing, but it also faces challenges in the wholesale channel.
Sentiment: MIXED
Tickers: LEVI,
Keywords: earnings, business news, retail industry, breaking news: earnings, breaking news: business, business, levi strauss & co,
Source: https://www.cnbc.com/2024/06/26/levi-levi-earnings-q2-2024.html