Levi’s 501 blue jeans on display.
Sean Gallup | Getty Images
Levi Strauss on Thursday cut its full-year sales forecast, as it missed Wall Street’s quarterly revenue expectations and was dragged down by weaker shopping trends at department stores and big-box retailers across the U.S.
Shares fell slightly in extended trading.
The company’s more cautious outlook comes just three months after it already slashed its full-year profit outlook. It said it now expects net revenues to be flat to up 1% year-over-year compared with a prior range of between 1.5% to 2.5% growth. It said it anticipates adjusted earnings per share to be on the low-end of the previously shared range of $1.10 to $1.20.
In an interview with CNBC, CEO Chip Bergh said shoppers – pinched by inflation, rising mortgage rates and gas prices – have bought fewer items from retailers that carry Levi’s apparel.
“All the things that are impacting that middle-income consumer are impacting our wholesale business,” he said.
Here’s…
2023-10-05 16:55:49
Link from www.cnbc.com