×
112
Fashion Jobs
BEELINE
Sales Director UK/Roi (f/m/d)
Permanent · LONDON
HTNK
Enterprise New Business Manager (UK)
Permanent · LONDON
SHISEIDO
Bareminerals Account Manager - Hoopers, Wilmslow (Maternity Cover) (37.5)
Permanent · Manchester
SHISEIDO
Bareminerals Account Manager - Debenhams, Dundee (37.5)
Permanent · Dundee
SHISEIDO
Bareminerals Account Manager - Debenhams, Winchester (Maternity Cover)
Permanent · Hampshire
SHISEIDO
Account Manager - Debenhams
Permanent · BURY SAINT EDMUNDS
SHISEIDO
Shisiedo Group Fragrance Account Manager - John Lewis, Brent Cross (22.5)
Permanent · London
SHISEIDO
Training Manager - Fragrance
Permanent · London
UNDERGROUND
PR Showroom And Social Media Internship
Internship · LONDON
SANDRO UK
Flagship Assistant Manager - Central London m/f
Permanent · LONDON
OUKA LONDON LTD
Social Media Intern
Internship · LONDON
MD-DA LTD
Sales & Marketing Assistant
Internship · LONDON
A.T. STUDIO
Photography Internship
Internship · BURNLEY
LONDON ORGANIC PR
Student Brand Ambassador
Internship · LONDON
THE POSITIVE COMPANY
e Commerce Internship (Flexible Location)
Internship · LONDON
BA&SH
Key Holder f/m - Full Time - London
Permanent · LONDON
BA&SH
Sales Assistant f/m - Full Time - London
Permanent · LONDON
NIKE
Nike Part Time Athlete (Sales Associate)
Permanent · Stoke-on-Trent
NIKE
Nike Coach (Service And Training Manager)
Permanent · Stoke-on-Trent
NIKE
Assistant Head Coach (Assistant Store Manager)
Permanent · Taplow
ALPHAOMEGA LONDON
Digital Marketing Assistant
Internship · LONDON
NAMED MODELS
Model Booking Assistant
Internship · LONDON

Levi Strauss warns of weak second half on pandemic woes, to cut 700 jobs

By
Reuters API
Published
Jul 8, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Levi Strauss & Co on Tuesday cautioned its business would be hit in the second half of the year, even as the denim brand’s sales have been improving at its reopened stores, following government-mandated Covid-19 lockdowns.


Net revenue in the second quarter fell 62% to $497.5 million, but beat analysts’ expectations of $485.5 million, according to IBES data from Refinitiv - Levi Strauss


The company also said it would cut about 700 positions, or roughly 15% of its workforce, in non-retail, non-manufacturing segments that would help it save $100 million annually.

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 as customers turned to online shopping to avoid contact with people.

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.

Levi added that weekly sales performance in company-operated stores was improving sequentially, as productivity in the final week of June reached 80% compared to a year earlier.
Still, Chief Executive Officer Chip Bergh said that he was “cautiously optimistic” about the early trends.

The company also expects its margins for the rest of the year to be under pressure as it tries to offload excess inventory that remained unsold during the lockdowns.

Shares of the San Francisco-based company, which have lost about a quarter of their value since the start of the year, fell 4% in extended trading.

Net revenue in the second quarter fell 62% to $497.5 million, but beat analysts’ expectations of $485.5 million, according to IBES data from Refinitiv.

Levi reported net loss attributable to the company of $363.5 million compared with a profit of $28.2 million, a year earlier, largely due to $242 million in restructuring charges and inventory costs.
On an adjusted basis, the company posted a loss of 48 cents per share, narrower than expectations.

© Thomson Reuters 2020 All rights reserved.