×
27 855
Fashion Jobs
LEVI'S
sr. IT Service Delivery Manager
Permanent · Hebron
LEVI'S
Operations Manager, Weekend Shift
Permanent · Canton
VICTORIA'S SECRET
Brand Operations Manager-Dulles Town Center
Permanent · Dulles
PINK
Brand Operations Manager-Cherry Creek
Permanent · Denver
L'OREAL GROUP
sr Manager/Director, Human Resources - Acd
Permanent · New York
L'OREAL GROUP
sr Manager, Global Brand Supply Chain
Permanent · Clark
L'OREAL GROUP
Director, Category Insights - Ecommerce
Permanent · New York
RALPH LAUREN
Polo Factory Store - General Manager
Permanent · Park City
RALPH LAUREN
Ralph Lauren Stores - Executive Sales Professional, Full Time
Permanent · New York
RALPH LAUREN
Polo Factory Store - Store Selling Manager
Permanent · Gilroy
BUMBLE AND BUMBLE
Director, Global Creative Operations
Permanent · New York
ESTÉE LAUDER COMPANIES
Manager, Strategic Marketing Initiatives And Community
Permanent · New York
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetics Company Center - Part Time - Tanger Outlet Center - North Charleston, sc
Permanent · North Charleston
ESTÉE LAUDER COMPANIES
Distribution Supervisor - 1st Shift - Padc
Permanent · Bristol
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetics Company Store - 20 Hrs - Fashion Outlets Niagara Falls - Niagara Falls, ny
Permanent · Niagara Falls
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Lancaster
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Scranton
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Englishtown
SALLY BEAUTY CORPORATE
Outside Sales Representative
Permanent · Honolulu
ROSS STORES
IT Manager ii (Host Security Delivery)
Permanent · Dublin
COTY
Senior Manager Brand Finance
Permanent · New York
COTY
Senior Brand Manager
Permanent · Miami
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 warns of weak second half on pandemic woes, to cut 700 jobs

By
Reuters API
Published
Jul 8, 2020

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 2021 All rights reserved.