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Connected fitness company Hydrow, which Peloton once tried to buy, is growing sales and has acquired a majority stake in strength training company Speede Fitness as gymgoers move away from cardio exercises in favor of weights, the company told CNBC on Thursday. It said it acquired Speede Fitness so it can expand into strength training, one of the fastest-growing segments in fitness today. Hydrow's acquisition and sales growth come as Peloton, which is credited with creating the connected fitness market, struggles to turn around a slowing business. Hydrow's delivered unit sales for its connected rowing machine jumped 23% this year from the year-ago period. Peloton debuted its rowing machine, the Peloton Row, in September 2022, but has done little to advertise or highlight the $3,000 machine.

Persons: Hydrow, Bruce Smith, John Stellato, Smith, Travis Kelce, Justin Timberlake, Thomas Fitzgerald, Hydrow's Organizations: CNBC, Kansas City Chiefs

A number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned. A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions. Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025. Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations. One source close to the company said Peloton isn't expected to have any issues refinancing its debt.

Persons: Barry McCarthy, Goldman Sachs Organizations: Interactive, CNBC, JPMorgan Locations: New York

☆ Oddity Tech says it's bucking the beauty slowdown Ulta warned about
▼ + stars: | 2024-05-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

As Ulta Beauty says it expects a slowdown in retail's most resilient category, an upstart says it is bucking the trend. Excluding one-time items, Oddity reported earnings of 61 cents per share. Analysts had expected revenue of $186.5 million and earnings per share of 56 cents, according to LSEG. Oddity believes beauty and wellness products are best sold online, and that consumers will not need to visit beauty shops such as Ulta and Sephora if product selection can be improved. Last month, Ulta Beauty CEO Dave Kimbell warned that demand for beauty products was cooling, sending its stock down 15% that day and hitting shares of e.l.f.

Persons: Dave Kimbell, Estée Lauder, Coty, Kimbell, JPMorgan Chase, Lindsay Drucker Mann, Drucker Mann Organizations: LSEG, Nasdaq, JPMorgan, CNBC

☆ Dozens of former employees plan to sue Bowlero alleging discrimination after EEOC closes case, lawyer says
▼ + stars: | 2024-05-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

During the company's earnings call with Wall Street analysts later Monday, executives said that the EEOC investigation was now behind them and would no longer be a distraction. "Because of limited resources, we cannot file a lawsuit in every case where we find discrimination," the EEOC explains on its website. It's unclear if the question of whether to sue Bowlero made it to a vote with the EEOC's commissioners. He told CNBC he plans to sue Bowlero for $80 million, plus legal fees. In response, Bowlero's attorneys Alex Spiro and Hope Skibitsky at law firm Quinn Emanuel said they "are pleased with the outcome of the EEOC investigation."

Persons: Bowlero, Thomas Shannon, Robert Lavan, there's, it's, Daniel Dowe, EEOC, Dowe, Alex Spiro, Hope Skibitsky, Quinn Emanuel, Thomas Tanase, Tanase's, didn't Organizations: U.S, Commission, CNBC, AMF, Lucky, Wall Street, Bowlero Locations: North America, Virginia

☆ Wayfair's losses narrow by more than $100 million after layoffs, even as sales dip
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Wayfair's sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. The steepest drop off came from Wayfair's international segment, where sales fell nearly 6% to $338 million compared to the year-ago period. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount. On average, orders were valued at $285 during the quarter, compared to the $275.07 that analysts had expected, according to StreetAccount.

Persons: Wayfair, Niraj Shah, Shah, – Organizations: LSEG

☆ Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.

Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, —, hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep

So when the Rag & Bone sweatpant jeans started blowing up, we were immediately influenced to see for ourselves if they lived up to their promise. Sally Kaplan/Gabrielle Chase/Business InsiderThe wide-leg sweatpant jeans are slightly baggy with a high-rise waist and 31.5-inch inseam. Gabrielle Chase/Business InsiderThe Rag & Bone sweatpant jeans are truly as soft as sweats, and I understand the comparison with jeggings. AdvertisementIf you're as passionate about comfort as we are, the Rag & Bone sweatpant jeans are worth it. Once you've tried them, you'll likely have a tough time ever putting on real jeans again.

Persons: French terry, Cotton Pant, Sally, Gabrielle, Sally Kaplan, Gabrielle Chase, Lennox, Bone, I'd, terry, jean, I've, Sally hems, you've, you'll Organizations: Business Locations: French, Miramar

☆ 10 in-demand remote jobs companies are hiring for right now—many pay over $100,000
▼ + stars: | 2024-04-29 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

The most popular remote jobs companies are hiring for transcend tech to include opportunities in real estate, health care and even forensics, according to new research from Indeed. Although various measures have shown that the remote job market is shrinking, Indeed reports that the volume of remote job postings on its platform remains high. The job search site saw a 40% increase in remote job openings between March 2023 and March 2024. Indeed identified the 10 most in-demand remote jobs companies are hiring for right now by analyzing its database for the roles that had the highest volume of remote listings between January and April 2024. Here are the 10 most in-demand remote jobs companies are hiring for:1.

Persons: Gabrielle Davis, Davis Organizations: CNBC, Social

☆ Gen Z would rather take a chance on a new app than use 'embarrassing' Instagram if TikTok gets banned
▼ + stars: | 2024-04-25 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +9 min

AdvertisementAs a potential US TikTok ban looms, Gen Zers are contemplating what app might take its place. A potential TikTok ban loomsThe US Senate passed a bill on Tuesday that could see TikTok removed from app stores. It's unclear if such AI tools would convince Gen Z to scroll on Instagram and use it more often. AdvertisementJaxson Whittle, an older Gen Z, told BI he holds a different opinion. "No hate to them, but I don't think it's the move for Gen Z at the moment."

Persons: Young, —, Zers, Joe Biden, They'd, Gabrielle Yap, Instagram, Josie doesn't, Gen, Hibaq Farah, TikTok, Farah, Tabitha Mae, I'm, I've, Yap, Kat, It's, Sophie Lund, Yates, Hargreaves Lansdown, Jaxson Whittle, TikToker Cassandra Marie, Gen Z, she's Organizations: Service, Senate, Business, Pew Research Center, Meta, Facebook, BBC, YouTube, Gen Locations: TikTok

The Times Square Red Lobster will be offering free all-you-can-eat lobster to a select few customers on March 28. Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. Red Lobster could secure a buyer, it could declare bankruptcy or its lenders could take control of the company. This year marks the 10-year anniversary of Darden Restaurants' sale of Red Lobster after investors pushed the company to divest. As a result, Red Lobster reported $11 million in losses in the fiscal third quarter and $12.5 million in losses the following quarter.

Persons: it's, Jonathan Tibus, Alvarez, Lobster, Kim Lopdrup, Kelli Valade, Horace Dawson, Red Organizations: Times, CNBC, Bloomberg, Red Lobster, Darden Restaurants, Golden Gate Capital, Thai Union Group, Red, Seafood Alliance Locations: Golden

☆ Foot Locker debuts 'store of the future' as it looks to win back Wall Street's confidence
▼ + stars: | 2024-04-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

In this article FL Follow your favorite stocks CREATE FREE ACCOUNTA Foot Locker, Inc. store. Even the Striper uniform, the iconic black and white striped outfit worn by Foot Locker's store associates, is getting a refresh, Frank Bracken, Foot Locker's chief commercial officer, told CNBC in an interview. A Foot Locker, Inc. store. A Foot Locker, Inc. store. Courtesy of: Foot Locker, Inc.An overall view of a Foot Locker, Inc. store.

Persons: Foot Locker's, Frank Bracken, Foot, Bracken, Mary Dillon, Dillon, She's, Foot Locker, Locker Organizations: Inc, CNBC, Summer, Nike, Adidas Locations: New Jersey, Manhattan, Wayne, New York City, Paris, Melbourne, Delhi

☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
▼ + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.

Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S

☆ Lululemon to shutter Washington distribution center, lay off 128 employees after tripling warehouse footprint
▼ + stars: | 2024-04-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lululemon is planning to shut down its Washington distribution center and lay off 128 employees after opening a massive new warehouse outside of Los Angeles, the company confirmed Friday. "While some employees will be retained and will relocate to other facilities, including our recently opened distribution center in the greater Los Angeles area, the optimization will result in the reduction of just over 100 positions within the existing Sumner distribution center," the person added. The closure comes after Lululemon more than tripled its warehouse footprint in the past few years to accommodate its rapid growth. In 2021, it entered into a new lease for a 1.26 million square-foot facility outside of Los Angeles in Ontario, California, filings show. In 2022, it leased a 980,000 square foot warehouse outside of Toronto in Brampton, Ontario.

Persons: Lululemon, Sumner, —, CNBC's Annie Palmer Organizations: state's Employment Security Department Locations: San Diego , California, Washington, Los Angeles, Sumner, Seattle, Sumner , WA, U.S, Canada, Toronto, Ontario , California, Brampton , Ontario, California, North America, Americas

☆ Nordstrom family tries again to take department store private, forms special committee
▼ + stars: | 2024-04-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

A sign marks the location of a Nordstrom store in a shopping mall on March 20, 2024 in Chicago, Illinois. The Nordstrom family is once again considering taking the department store private and has formed a special committee to evaluate bids, it announced on Thursday. CEO Erik Nordstrom and president Pete Nordstrom recently told the company's board of directors that it's interested in pursuing a take private deal for the 123-year-old department store, Nordstrom said in a news release. In 2017, private-equity firm Leonard Green & Partners came close to taking the company private but the deal ultimately fell apart. The announcement comes as department stores face an uncertain future and grapple with declining sales.

Persons: Nordstrom, Erik Nordstrom, Pete Nordstrom, it's, Leonard Green Organizations: Leonard Green & Partners, Reuters Locations: Chicago , Illinois

☆ Gen Zers are in their 'boycott era', even when it comes to which jobs they apply for
▼ + stars: | 2024-04-17 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +9 min

Gen Zers are in their boycott era, turning against anything that doesn't align with their beliefs. But McGoff said Gen Zers wanted their workplace to align politically — so they had to talk about it. Getty ImagesGabrielle Yap, who's 26, said Gen Zers grew up in a time when information was available at their fingertips 24/7. "The company's public stance on these points, as well as the managers' views, affect the organization's capacity to hire Gen Zers," he said. It was a 2018 survey by Deloitte, not Deloitte's 2023 Gen Z and Millennial Survey.

Persons: Zers, —, there's, Gen, Z, Gen Zers, Karim Adib, Omar Taleb, Zer, George Floyd, Erin McGoff, McGoff, Adib, Gabrielle Yap, We've, we're, Yap, It's, Khalid Machchate, Zoomers, would've, Taleb Organizations: Service, Starbucks, McDonalds, Hyundai, HP, Siemens, Deloitte, Survey, ClickThrough, Bright Network, W Technology Locations: Israel, Gaza, who's, Lindsey, Africa

☆ Peloton quietly drops unlimited free app membership because it failed to bring in paid subscribers
▼ + stars: | 2024-04-15 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Peloton has quietly removed its unlimited free-membership tier on its fitness app less than a year after it debuted because the initiative was failing to convert users into paid subscribers, the company said. People who signed up for the company's unlimited free membership before it was removed will continue to have access to it, Peloton said. McCarthy, a former Netflix and Spotify executive, had long wanted a free tier on the company's app. Soon after, the unlimited free tier was no longer available. While app subscribers declined during Peloton's fiscal second quarter ended Dec. 31, Coddington said the company still "believe[s]" in its app strategy and it remains "an important part of the business."

Persons: Barry McCarthy, McCarthy, Morgan, Liz Coddington, Coddington, we'll Organizations: Netflix, Spotify Locations: Manhattan, New York City, U.S

☆ Gabrielle Union-Wade explains why she feels hotter at 51 than she did in her 20s
▼ + stars: | 2024-04-13 | by ( Mia De Graaf | ) www.businessinsider.com time to read: +4 min

Gabrielle Union, 51, said she feels hotter now than she did at 26. She said her husband, Dwyane Wade, helps her to feel truly seen as more than a mom. AdvertisementEven Gabrielle Union feels invisible sometimes. And I think the more we talk about it, the more people can feel seen." Either way, I liked hearing Gabrielle Union passionately lament how we're supposed to accept feeling like we're past our prime.

Persons: Gabrielle Union, Dwyane Wade, —, She's, it's, Anne Hathaway, she's, Nicholas Galitzine, That's, Hathaway, Jerritt Clark, Justin Timberlake, we're Organizations: Service, Time Magazine, Union, NBA Locations: PHM

☆ Nike CEO says focus on its own website and stores went too far as it embraces wholesale retailers again
▼ + stars: | 2024-04-12 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Illuminated trademark of the American athletic footwear and apparel corporation Nike, Inc. seen on the Nike Store window in Antwerp, Belgium. The strategy allowed Nike to earn far more from its sales and gain better insights about its customers through data collection. Over the last four years, Donahoe said Nike tripled its mobile and digital business from about 10% of overall sales to 30%. Shifting to a direct model is capital-intensive and saddled Nike with the headaches of returns and owned inventory, which had typically fallen on wholesale partners. On top of that, department stores and specialty shops are massive customer acquisition engines.

Persons: Karol Serewis, John Donahoe, Donahoe, CNBC's Sara Eisen Organizations: Nike, Inc, Getty Images Locations: Antwerp, Belgium, Paris

☆ Nike CEO blames remote work for innovation slowdown, saying it's hard to build disruptive products on Zoom
▼ + stars: | 2024-04-12 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Nike CEO John Donahoe on Friday blamed remote work for the company falling behind on innovation, saying that it's tough to be disruptive when people are working from home. In an interview with CNBC's Sara Eisen from Paris, Donahoe was asked about the company's lack of fresh new products in its assortment, which had been a concern among investors. "What's been missing is the kind of bold, disruptive innovation that Nike's known for and when we look back, the reasons are fairly straightforward," said Donahoe. "In hindsight, it turns out, it's really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe on Zoom," Donahoe said. So we realigned our company, and over the last year we have been ruthlessly focused on rebuilding our disruptive innovation pipeline along with our iterative innovation pipeline."

Persons: John Donahoe, CNBC's Sara Eisen, Donahoe, What's, it's Organizations: Nike Locations: Paris, Vietnam

Editor’s Note: In this appeal to Congress, more than 35 artists, activists, scholars and others call for funding for Ukraine. On territory that Russia occupies, it tortures Ukrainian citizens, kidnaps Ukrainian children and murders Ukrainian leaders. By fighting Russia alone, they protect Europe. By fighting a conventional war against a nuclear power, they are making nuclear proliferation and nuclear war less likely. Together we call upon Congress to do the right thing – right now.

Persons: Read, Stringer, Abrams, José Andrés, Gabrielle Carteris, Mona Charen, Misha Collins, Rosario Dawson, Felicia Day, Doug Fears, Jonathan Safran Foer, Francis Fukuyama, Mark Hamill, Gale Anne Hurd, Dara Khosrowshahi, William Kristol, Eric Edelman, Scott Kelly, Daniel Lubetzky, Michael McFaul, Kate McKinnon, Alyssa Milano, Viggo Mortensen, Patton Oswalt, Phillips O’Brien, Brad Paisley, Sean Penn, Serhii Plokhii, Ivanna Sakhno, Eric Schmidt, Liev Schreiber, Timothy Snyder, Terrell Jermaine Starr, Barbra Streisand, Hilary Swank, Peter Wehner, Katheryn Winnick Organizations: Ukraine, CNN, Getty Locations: Russia, Russian, Crimean Tatars, Ukrainian, Kharkiv, Mariupol, Aleppo, Grozny, Europe, Donetsk, Ukraine, AFP, China, Beijing, Asia, East, Africa, United States

☆ Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit
▼ + stars: | 2024-04-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +11 min

Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. I've told you this before," said Tanase, according to the transcript. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.

Persons: Bowlero's, Thomas Tanase, Bowlero, Tanase, Thomas Shannon, countersue Bowlero, Brett Parker, Parker, Daniel Dowe, he'd, haven't, I've, Alex Spiro, Quinn Emanuel, Elon Musk, Alec Baldwin, Spiro, Scott Pickus, Pickus, Shannon Organizations: Bowlero, U.S, AMF, Lucky, Federal, CNBC, FBI, Elon Locations: Virginia, North America, Bowlero

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ ‘The Beast’ Review: Master of Puppets
▼ + stars: | 2024-04-04 | by ( Beatrice Loayza | ) www.nytimes.com time to read: 1 min

Bertrand Bonello’s “The Beast” is an audacious interdimensional romance, techno-thriller and Los Angeles noir rolled up in one. This shamelessly ambitious epic is about, among other things, civilizational collapse and existential retribution, yet it is held together by something delicate. The effect is uncanny, wryly funny, weirdly sensual and very sad. Bonello sustains this unsettling tone throughout the film, although the individual parts are less consistent. This is the toll of shifting time periods, from a costume drama to a modern mockery of incel culture.

Persons: Bertrand Bonello’s “, Gabrielle, Léa Locations: Angeles

☆ Levi Strauss shares surge 18% on raised profit guidance, holiday earnings beat
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Shares of Levi Strauss surged 18% on Thursday after the retailer raised its full-year profit guidance and posted holiday earnings that beat expectations. Late Wednesday, Levi's announced its fiscal first quarter earnings and said it expects adjusted earnings per share for fiscal 2024 to be between $1.17 and $1.27, up from a previous range of $1.15 to $1.25. As part of the project, Levi's cut about 12% of its global workforce. It also exited its Denizen business, which comes at a lower margin, and has relied less on aggressive discounting to drive sales. It's also seeing record amounts of sales happening online and through its own shops instead of through department stores like Macy's and Kohl's , which come at a lower margin.

Persons: Levi Strauss, Levi's, it's, that's, It's, Harmit Singh Organizations: Woodbury Locations: Central Valley , New York, U.S

☆ Nearly half of Levi's sales are happening online and in its shops, a shift as department stores fade
▼ + stars: | 2024-04-03 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +7 min

Excluding one-time costs related to Levi's restructuring, the company reported earnings per share of 26 cents, ahead of Wall Street's estimates. The sales slump was primarily attributed to a shift in Levi's wholesale orders, which boosted profits by about $100 million in the year-ago period. For the last couple of years, Levi's has been moving away from wholesalers and doing more of its sales through its own stores and website. If Macy's store closures or other challenges to department stores affects Levi's business, she expects direct-to-consumer sales will offset those losses. During the quarter, sales of items like denim skirts, dresses and tops were up 19% in Levi's direct-to-consumer channel, said Gass.

Persons: Levi Strauss, Levi's, Macy's, Levi's —, Michelle Gass, Gass, Harmit Singh, Beyoncé, Carter, Post Malone Organizations: Levi's, LSEG, Arkhouse Management, CNBC Locations: U.S, Europe

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