Earnings

Levi Strauss quarterly adjusted profit falls 17%, shares sink

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Levi Strauss said on Tuesday its sales growth would slow in the second half of the year due to weakness in its wholesale business and as it wraps up its fiscal year just ahead of Black Friday, sending its shares down 6% on Tuesday.

The company forecast full-year net revenue growth at the high end of the mid-single-digit range after posting revenue growth of 6% in the first half of the year.

“It (the forecast) does suggest that the second half is going to be softer than the first half,” Chief Executive Officer Chip Bergh told Reuters.

The company expects a 100 basis point hit to its revenue from not being able to record the benefit of Black Friday, one of the busiest U.S. shopping days of…



Source cnbc.com

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