×
51 771
Fashion Jobs
SUNDANCE
Buyer, Market Apparel
Permanent · SALT LAKE CITY
ADIDAS
Senior Manager Buying (Concept Stores)
Permanent · Portland
NEW BALANCE
Loss Prevention Officer (Day Shift)
Permanent · Skowhegan
L'OREAL GROUP
Mgr/sr Manager-Demand Planner
Permanent · Newport Beach
L'OREAL GROUP
Kiehl's Since 1851 - Director of Ecommerce
Permanent · New York
L'OREAL GROUP
Salon Business Partner (Saloncentric) - Troy, mi
Permanent · Troy
ABERCROMBIE AND FITCH CO.
Asset Protection Investigator
Permanent · Concord
OLD NAVY
Asset Protection Lead - Outlts @ Little Rock
Permanent · Little Rock
OLD NAVY
Assistant General Manager, Merchandising - Northcross
Permanent · Huntersville
OLD NAVY
External Asset Protection Lead - Franklin Park
Permanent · Toledo
OLD NAVY
General Manager - Four Flaggs
Permanent · Niles
OLD NAVY
Assistant General Manager, Merchandising - Crossings of Decatur
Permanent · Decatur
OLD NAVY
Assistant General Manager - Festival Mkt@Dogwood
Permanent · Flowood
OLD NAVY
General Manager - Barrow Crossing
Permanent · Bethlehem
OLD NAVY
Asset Protection Service Representative -Sports Arena Plaza
Permanent · San Diego
OLD NAVY
Buyer, Girl's, Outlet
Permanent · San Francisco
OLD NAVY
Asset Protection Agent - Fulton Street
Permanent · New York
OLD NAVY
General Manager - Franklin Park
Permanent · Spokane
OLD NAVY
Assistant General Manager, Merchandising - Brickyard Square (New Store)
Permanent · Epping
OLD NAVY
Assistant General Manager - Eagan Promenade
Permanent · Eagan
OLD NAVY
General Manager - Conyers Crossroads
Permanent · Conyers
OLD NAVY
Asset Protection Manager - Utah
Permanent · Salt Lake City
By
Reuters API
Published
Jan 30, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Levi's shuts half its China stores on coronavirus outbreak, expects financial hit

By
Reuters API
Published
Jan 30, 2020

Levi Strauss & Co has shut about half of its stores in China due to the outbreak of a new coronavirus and will take a near-term financial hit as a result of the epidemic, Chief Financial Officer Harmit Singh said on Thursday.


Photo - Levi's


This comes a few months after Levi's opened its largest store in the central Chinese city of Wuhan, the epicentre of the coronavirus epidemic which has killed about 170 people, marring its plans to tap into the city's 11-million strong population.

"It will put a dampener on our growth objectives in the near term," Singh told Reuters in an interview.

The flu-like virus has set-off alarm bells across the globe with companies such as Starbucks Corp closing stores and warning of a financial hit from slowing business in the world's most populous country.

Levi's has also stopped all employee travel in and out of China.

Singh said the coronavirus impact was not baked into the company's full year forecast, but will be quantified when it reports first quarter results in April.

Levi's, which gets about 3% of its revenue from China, forecast 2020 earnings on Thursday above estimates, boosted by demand for women's apparel in its own stores and online.

With foot traffic at malls and department stores shrinking, Levi's has been investing more in its e-commerce business, adding features designed to attract millennial and Gen Z consumers.

A new customisation option on Levi's website lets shoppers personalize their pair of jeans with custom prints and patches, helping the near 170-year old company pull in more customers looking to add a personal touch to their denim.

The company, however, missed fourth quarter revenue estimates, hurt by plunging sales at department stores and protests in Hong Kong which dented demand in the Asian shopping hub.

Fourth quarter net revenue fell 1.4% to $1.57 billion (1.2 billion pounds), compared with analysts' estimates of $1.58 billion, according to IBES data from Refinitiv.

Adjusted net income fell 9% to $108 million, or 26 cents per share, in the quarter ended Nov. 24.

The company forecast adjusted 2020 profit of $1.18 per share to $1.22 per share above Wall Street estimates of $1.17.
 

© Thomson Reuters 2021 All rights reserved.