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☆ Leaked emails from inside Walmart Global Tech reveal over a dozen 'major incidents' this quarter
▼ + stars: | 2024-03-28 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +5 min

Walmart's internal systems had more than a dozen "major incidents" in the last two months alone. An additional two major incidents occurred this past weekend, the person said. Walmart's global technology platform runs the retailer's core business operations, including in-store point-of-sale systems, e-commerce, and distribution and fulfillment centers. Internal emails obtained by BI show that Walmart's business is interrupted by issues with its global tech platform at a far more frequent rate than previously reported. Last year, Walmart spent $11.8 billion on supply chain, customer-facing initiatives, and technology, according to a recent SEC filing, up from $9.2 billion the year before.

Persons: Mark Cohen, Daniel McCarthy, Jessica Ramírez, Jane Hali, " Ramirez, Cohen, Ellen Thomas Organizations: Walmart's, Business, BI, Walmart, Street, Amazon, SEC, Columbia Business School, Emory, Goizueta Business

☆ Nike shares slide on lackluster outlook, slowing China sales
▼ + stars: | 2024-03-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

The Nike logo is displayed at a Nike Well Collective store on February 16, 2024 in Glendale, California. In North America, where demand has been unsteady, sales rose about 3% to $5.07 billion, compared with estimates of $4.75 billion, according to StreetAccount. In China, sales reached $2.08 billion, just below the $2.09 billion analysts had expected. In China, sales grew 5% to $2.08 billion, just below the $2.09 billion analysts had expected. Sales in Asia Pacific and Latin America rose 3% to $1.65 billion, below the $1.69 billion analysts had expected, according to StreetAccount.

Persons: Matthew Friend, Friend, Nike, Jordan, Brooks, Devin Booker, Jane Hali, Jessica Ramirez, She's, it's, They've, Ramirez Organizations: Nike, LSEG, Asia, StreetAccount, Associates, CNBC Locations: Glendale , California, China, North America, Europe, East, Africa, Asia Pacific, Latin America

☆ Ramirez: Food is the priority spend for consumers, at the expense of discretionary categories
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRamirez: Food is the priority spend for consumers, at the expense of discretionary categoriesJessica Ramirez of Jane Hali & Associates discusses the current climate for retailers, as consumers appear to be more selective in their spending on discretionary items.

Persons: Jessica Ramirez, Jane Hali Organizations: Ramirez, Associates

Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. To be sure, prices overall are higher in 2023 despite slowed price growth, with October's consumer price index climbing to 3.2% year-over-year. The figure remained flat on a month-over-month basis, signaling some holiday item prices may be slow to come down. Despite a dip in sporting goods prices, they continue to pace above 2019 levels. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season.

Persons: Theresa Forsberg, Jill Lizzo, Barbie, Walmart WMT.N, it's, ”, Christina Hennington, Vincent Alban, Jessica Ramirez, Jane Hali, Jeffrey Roach, Macy's, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: Bureau of Labor Statistics, Walmart, Reuters Graphics Reuters, REUTERS, Associates, LPL, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Wayback Machine, Thomson Locations: New Milford , Connecticut, New York's Harlem, Chicago , Illinois, U.S, New York

A child looks at toys in a Target store ahead of the Thanksgiving holiday and traditional Black Friday sales in Chicago, Illinois, U.S. November 21, 2023. Toys, games and hobby gear are on track to be less expensive this holiday season for the first time since 2020, while sporting goods prices are down this holiday for the first time since 2018, data from the Bureau of Labor Statistics (BLS)showed. Walmart WMT.N said prices of general merchandise - clothing, electronics, furniture - had declined by low to mid-single-digit percentages versus last year, enabling the retailer to cut prices this holiday season. Black Friday discounts are 30% to 50% at major retailers and could go deeper later in the season. "You're going to see margin compression and potentially lower sales," said Simpson, whose firm holds shares in Walmart and Home Depot.

Persons: Vincent Alban, Barbie, Walmart WMT.N, it's, ”, Christina Hennington, Jessica Ramirez, Jane Hali, Jeffrey Roach, Kevin Simpson, Simpson, Siddharth Cavale, Amina Niasse, Jonathan Oatis Organizations: REUTERS, Bureau of Labor Statistics, Reuters Graphics Reuters, Walmart, Associates, LPL, Wayback Machine, Dick's Sporting, Reuters, Wealth, Target, Home Depot, Thomson Locations: Chicago , Illinois, U.S, Macy's, New York

☆ Retailers hope to draw picky Black Friday shoppers to stores
▼ + stars: | 2023-11-24 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

Originally known for crowds lining up at big-box stores in the U.S., Black Friday has moved online and gone global. In France, Italy, and Spain, most shoppers planned to buy clothing on Black Friday, with electronic goods coming second, according to a PwC survey. On average, shoppers in France expected to spend 295 euros ($322) on Black Friday, the survey found. Most U.S. stores were closed on Thanksgiving but opened to shoppers at 5 a.m. or 6 a.m. on Friday. In post-earnings calls this week, retailers from Kohl's (KSS.N) to Nordstrom (JWN.N) told investors they had invested in jackets, cashmere sweaters and Ugg boots to lure Christmas shoppers after an unseasonably warm October.

Persons: Shannon Stapleton, Jessica Ramirez, Jane Hali, Jeff Gennette, Mari Shor, Bergdorf Goodman, Nordstrom, Oscar de, ” Nordstrom, Pete Nordstrom, Katie Wyle, Katherine Masters, Mimosa Spencer, Helen Reid, James Davey, Josie Kao, Miral Fahmy, Frances Kerry Organizations: Black, REUTERS, Retailers, Associates, National Retail Federation, Insider Intelligence, Barclays, Macy's, The New York Police, Nordstrom, Walmart, Columbia Threadneedle Investments, Westfield, Thomson Locations: Westbury , New York, U.S, Europe, France, Italy, Spain, Amazon, Israel, New York City, Kohl's, Mall, Britain, Westfield, Paris, London

The Nordstrom store is pictured in Broomfield, Colorado, February 23, 2017.REUTERS/Rick Wilking Acquire Licensing RightsNov 21 (Reuters) - Nordstrom (JWN.N) missed Wall Street targets for third-quarter revenue on Tuesday as sticky inflation pressured consumer spending in the months leading up to the all-important holiday shopping season. "The consumer is phasing out their shopping ... they are shopping cheque to cheque," Jane Hali & Associates senior analyst Jessica Ramirez said. Nordstrom executives said in a post-earnings call that the active, beauty and accessories segments were leading sales growth. "They did not do as much discounting as expected, but that may have hurt the top-line sales ... especially at Nordstrom," said Morningstar analyst David Swartz. Best Buy and Kohl's had trimmed their annual sales expectations to account for difficult-to-predict consumer demand in an uncertain economy, but Nordstrom maintained its forecast.

Persons: Rick Wilking, Jane Hali, Jessica Ramirez, David Swartz, Nordstrom, Ananya Mariam Rajesh, Devika Organizations: Nordstrom, REUTERS, Associates, Thomson Locations: Broomfield , Colorado, Nordstrom, Bengaluru

☆ I visited Birkenstock's fashion-forward SoHo store and was impressed by the range of styles, including sneakers, heels, and boots
▼ + stars: | 2023-10-30 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

The German shoe brand's IPO missed the mark, but analysts say the company has upside. I visited the Birkenstock store in Soho to see how the company is approaching its retail footprint. In other words, it's as safe a bet as fashion brands come. Although it isn't a designer brand, Birkenstock falls in the luxury category with prices ranging from $50 to $475. I visited Birkenstock's Soho store to see how the company is positioning its retail locations.

Persons: Birkenstock, —, Birkenstock's, Steve Job's, Birks, Piper Sandler, Gucci loafers, Jessica Ramirez, Jane Hali Organizations: New York Stock Exchange, Service, Associates, Bloomberg, Soho Locations: Soho

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September. Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International. AllBirds (BIRD.O), Dr Martens (DOCS.L), and On Running (ONON.N) have all seen their market value fall since their IPOs in 2021. "When you look at the trend of other shoe companies that have IPO-ed, it doesn't give a great outlook for Birkenstock," Valechha said.

Persons: Fabrizio Bensch, Birkenstock, Kellogg, Mamta, Cheviot, Valechha, Johann Adam Birkenstock, Barbie, Margot Robbie, Jessica Ramirez, Jane Hali, Siobhan Gehin, Roland Berger, Thomas Hayes, sneaker, Dr Martens, Allbirds, Alexandre Arnault, LVMH, Bernard Arnault, Matt Oguz, Iris, L, Ananya Mariam Rajesh, Helen Reid, Emma, Victoria Farr, Echo Wang, Abigail Summerville, Deepa Babington Organizations: REUTERS, LVMH, New York Stock Exchange, Euromonitor, Associates, Dick's Sporting, Reuters, Partners, Norges Bank Investment Management, Thomson Locations: Berlin, Germany, New York, London, Neustadt, United States, U.S, Cannes, Silicon Valley

☆ Nike Air Jordans are losing resale value. Is sneaker culture moving on?
▼ + stars: | 2023-09-27 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

The famous Nike swoosh and Air Jordan logo is seen on an Air Jordan 1, called "Notorious" released from 1984-1985, during a preview for "The Rise of the Sneaker Culture" exhibit at the Brooklyn Museum in the Brooklyn borough of New York, July 8, 2015. Some investors are concerned the Jordan brand, a major source of sales for Nike, may be "losing steam," Bernstein analysts said on Sunday. The company does not report what percent of its total revenues come from the Jordan brand. Sales of performance shoes from Nike's Jordan brand have also outpaced retro styles, which include Air Jordan 1 high-tops, Donahoe said in June. Donahoe told investors in June that the company had "reset" its running business, highlighting updates to existing styles including its Infinity road running shoes and Pegasus trail running shoes.

Persons: Brendan McDermid, Altan, Jordan, Bernstein, John Donahoe, Salomon, Donahoe, Altan's, Dylan Dittrich, Jessica Ramirez, Jane Hali, Katherine Masters, Deborah Sophia, Josie Kao, Shweta Agarwal Organizations: Nike, Air, Brooklyn Museum, REUTERS, Altan Insights, Nike's Air, Air Jordan, Reuters Graphics, Barclays, Associates, Thomson Locations: Air Jordan, Brooklyn, New York, North America, Jordan, American, U.S, Bengaluru

Shoppers wait in line at Target on the Thanksgiving Day holiday in Burbank, California, November 22, 2012. REUTERS/Jonathan Alcorn/File Photo Acquire Licensing RightsSept 19 (Reuters) - Target (TGT.N) said on Tuesday it would hire nearly 100,000 employees for the holiday season, like in the past two years, and start offering discounts for the festive period as early as October. However, Amazon.com (AMZN.O) on Tuesday announced plans to hire 250,000 workers for the holiday season, higher than the 150,000 it planned to bring in last year. Macy's said on Monday it would hire more than 38,000 full and part-time seasonal workers, fewer than the 41,000 workers it had announced to hire in 2022. Major retailers, including Target, have warned of a hit to profit resulting from inventory theft.

Persons: Jonathan Alcorn, Macy's, Jessica Ramirez, Jane Hali, Sarah Henry, Henry, Ananya Mariam Rajesh, Deborah Sophia, Arun Koyyur, Anil D'Silva Organizations: REUTERS, Mastercard, Challenger, Tuesday, Retail bellwether Walmart, Associates, Target, Logan Capital Management, Thomson Locations: Target, Burbank , California, United States, Bengaluru

☆ Retail's turnaround is being pressured by the lower income consumer, says Jane Hali & Associates
▼ + stars: | 2023-08-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetail's turnaround is being pressured by the lower income consumer, says Jane Hali & AssociatesJessica Ramirez, Senior Research Analyst at Jane Hali & Associates, discusses the dip in several retail stocks this week, including Dick's Sporting Goods, Macy's, and Foot Locker.

Persons: Jane Hali, Jessica Ramirez, Locker Organizations: Associates, Dick's Sporting Goods

☆ Macy's warning of weak second-half demand hits retail sector shares
▼ + stars: | 2023-08-22 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Its cautious view also weighed on the retail sector shares, including Kohl's (KSS.N) and Nordstrom (JWN.N). In a clear sign that higher borrowing costs were straining customers, Macy's credit card revenue, which accounted for about 2% of the total revenue in the quarter, slumped 41%. Throughout the quarter, Macy's cleared excess stock after a move to convert its merchandise for the spring and summer hurt demand, leading to a slip in gross margin. Macy's reaffirmed its expectations for 2023 sales of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. At $12.8, Macy's shares were set for their worst session since March last year.

Persons: Macy, Brendan McDermid, Adrian Mitchell, Paul Lejuez, Mitchell, Macy's, Jessica Ramirez, Jane Hali, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Nordstrom, Citi, Target, Thomson Locations: New York , New York, U.S, Bengaluru

☆ The 'internet's favorite underwear' goes mainstream: Gen Z brand Parade agrees to be bought
▼ + stars: | 2023-08-15 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Privately owned Ariela & Associates International has agreed to buy Parade, the VC-backed intimates startup that created "the internet's favorite underwear," CNBC has learned. "Consolidation is the big opportunity, especially for big, traditional brands to acquire more digitally savvy upstarts. It quickly became a favorite among Gen Z consumers eager for comfortable and affordable underwear that fit their body style and personal values. As part of Ariela, Parade will now be able to tap on the firm's manufacturing muscle to scale up and become more of a mass-market brand, said Jessica Ramirez, a senior analyst with Jane Hali and Associates. I think Parade hasn't as much … this would make sense to propel it on a larger level."

Persons: that's, Nikki Baird, didn't, Cami, Jessica Ramirez, Jane Hali, It'll, Ramirez Organizations: Associates, CNBC, Associate's, Columbia University, Parade, FullBeauty Brands, Walmart, Target, Smart Locations: U.S, Ariela

A customer leaves one of the stores of discount retail chain Target in Ancaster, January 15, 2015. REUTERS/Peter Power/File PhotoAug 14 (Reuters) - Target (TGT.N) is expected to post its first quarterly drop in revenue in about six years when it reports results on Wednesday, as the big-box retailer reels from a shift in consumer spending away from discretionary goods to services. "Target is going to suffer more versus the others because they have a much larger consumer discretionary element to their business," Edward Jones analyst Brian Yarbrough said. At least 16 analysts have cut their price targets on the retailer since the beginning of June as its merchandise is skewed towards discretionary items such as clothes, electronics and beauty products. THE CONTEXTTarget in May had warned of dour second-quarter results as inflation forces consumers to shun non-essential goods.

Persons: Peter Power, Edward Jones, Brian Yarbrough, Erik Carnell's Abprallen, Group's Joseph Feldman, Jane Hali, Jessica Ramirez, Granth, Vinay Dwivedi Organizations: REUTERS, Mastercard, American Express, Pride, Associates, Reuters, Refinitiv, Walmart, Target, Thomson Locations: Target, Ancaster, Bengaluru

In North America, the company's biggest market, still-high inflation has led to consumers buying essential goods and reducing discretionary spending. Sales rose 5% in the region in the fourth quarter, the slowest in four quarters as U.S. wholesalers became more prudent in placing newer orders. Peer Under Armour (UAA.N) forecast annual sales and profit below Wall Street estimates in May due to waning demand and higher discounts. The company expects full-year reported revenue to rise mid-single-digits, compared with analysts expectations of a revenue of a 6.3% rise. The company's fourth-quarter revenue rose to $12.83 billion and beat estimates of $12.59 billion, while earnings per share of 66 cents missed estimates by 1 cent.

Persons: Florence, John Donahoe, Armour, Jane Hali, Jessica Ramirez, Granth Vanaik, Ananya Mariam Rajesh, Sriraj Organizations: Nike Inc, REUTERS, Nike, Wall, Associates, Reuters, Thomson Locations: Beijing, China, North America, Europe, Middle East, Africa, Jessica Ramirez . Greater China, Bengaluru

At least seven analysts trimmed their fiscal 2024 expectations for Nike's earnings per share since the beginning of June and 10 slashed their price targets on the company's stock, ahead of its fourth-quarter results. "Coming into this current calendar year ... wholesale orders are weak at the moment," said Morningstar analyst David Swartz, adding that declines in these orders will have a negative impact on Nike. Reuters GraphicsTHE CONTEXTIn March, Nike warned of earnings pressure amid its attempts to get rid of excess inventory through heavy discounts. In May, retailer Foot Locker, which has touted its 'renewed' relationship with Nike, also flagged declining sales, particularly for fashion-oriented sneakers. Barclays analysts noted Nike could see "moderation, and potentially negative, wholesale channel growth" in the fourth quarter.

Persons: David Swartz, Jane Hali, Jessica Ramirez, Kanye, Ananya Mariam Rajesh, Krishna Chandra Organizations: Nike, Wall, Associates, Adidas, Jordan Retro, LeBron, Nike Brand, Barclays, Reuters, Refinitiv, Thomson Locations: United States, China, Bengaluru

☆ Retailers battle for uncertain back-to-school demand after ‘volatile’ quarter
▼ + stars: | 2023-06-06 | by ( Katherine Masters | ) www.reuters.com time to read: +5 min

[1/2] Shopping trolley is seen in front of Walmart logo in this illustration, July 24, 2022. U.S. shoppers' spending in the summer ahead of the college and K-12 school year has grown steadily since 2015, according to the National Retail Federation, a trade group. The chain is stocking Adidas' Samba and Gazelle sneakers ahead of the new school year, it said. The challenge for retailers is predicting whether parents will buy less clothing and sneakers when the cost of necessities - such as pencils, notebooks and laptops - strains many households. Retailers face a "volatile time," said Jessica Ramirez, a senior research analyst at Jane Hali & Associates.

Persons: Dado Ruvic, Locker, Spencer, hasn't, Ralph Lauren, Nordstrom, Doug McMillon, John David Rainey, Jessica Ramirez, Jane Hali, Moody’s, Moody's, Maxx, Martin Waters, Fran Horowitz, Jennifer Foyle, Abercrombie’s Hollister, URBN, Katherine Masters, Siddharth Cavale, James Davey, Gerry Doyle Organizations: Walmart, REUTERS, National Retail Federation, Ulta, Adidas, U.S . Commerce Department, Associates, Target, Moody's Victoria’s, Abercrombie & Fitch, Urban Outfitters, Abercrombie, Fitch, Free People, Thomson Locations: Britain, U.S, North America, New York, Bentonville , Arkansas, London

☆ Nike is shuffling executives and searching for its next 'breakthrough innovation' as unwanted Air Maxes and Air Jordans pile up
▼ + stars: | 2023-05-26 | by ( Matthew Kish | Danni Santana | ) www.businessinsider.com time to read: +5 min

Once-coveted Air Jordans and Air Maxes are now sitting on shelves, with some retro Jordans selling below retail on the secondary market. "Air Max is Becoming Air Min," reads the headline of a report this week from Williams Trading analyst Sam Poser, who downgraded Nike's stock to sell. While numerous analysts remain bullish on Nike, Poser is among those who say Nike needs to ramp up innovation. At its 2017 investor day, Nike announced the Air Max 270. "Nike has lost many senior people throughout the entire company with, now necessary, historical institutional knowledge of Nike," Poser wrote.

☆ Canada Goose sees upbeat annual sales as China recovery gains steam
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Canada Goose, popular for its bright-red parkas and pricey puffer jackets, has about 18 retail stores in Mainland China - the highest number of outlets it has in any country. The company is also planning to double its store count worldwide over the next five years, from 51 permanent stores currently. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion, according to Refinitiv data. However, it forecast annual per-share profit in the range of C$1.20 to C$1.48, compared with estimates of C$1.46 per share. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Discretionary products account for a major portion of the company's merchandise and it has been looking to increase the share of household essentials as sticky inflation and higher interest rates weigh on consumers' spending decisions. "American consumers continue to face difficult trade-off decisions as they juggle the wants and needs of their families ... The fear of a looming recession weighs heavily on many American families," Senior Target executive Christina Hennington said on a post-earnings call. Target projected adjusted profit between $1.30 and $1.70 per share, below estimates of $1.93 for the current quarter and forecast comparable sales to decline in the low-single digits. Target executives used the word "cautious" at least 13 times during the hour-long earnings call.

☆ These retailers are most at risk for a margin squeeze this earnings season thanks to cautious consumers, heavy promotions
▼ + stars: | 2023-05-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The price worries could suggest trouble for retailers that are relying on promotions to win over cost-conscious customers. Retailers that largely sell apparel, shoes or home goods are most likely to see squeezed margins due to promotions this earnings season, according to analysts and research. In a Thursday research note, UBS analysts reported softline promotions increased to 17% in April, a 2 percentage point jump year-over-year. Softline retailers are those that sell "soft" goods such as apparel. "This is likely a bad sign for Softline retailers' 1Q23 gross margins."

May 3 (Reuters) - Etsy Inc (ETSY.O) on Wednesday beat market expectations for quarterly revenue, benefiting from demand for products such as personalized gifts offered on its e-commerce platform as well as higher transaction fees, sending the company's shares up about 2% in extended trading. Net revenues rose 10.6% to $640.9 million in the quarter ended March 31, compared with analysts estimate of $622.1 million, as per Refinitiv IBES data. The company forecast second-quarter revenue between $590 million and $640 million, while analysts expected $625.4 million. Etsy's first-quarter adjusted EBITDA, a measure of profitability, came in at $170.3 million, while analysts on average were expecting $166.6 million. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Everyone was wrong about how the pandemic would change shopping — here's how experts are betting on e-commerce now
▼ + stars: | 2023-04-19 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

The idea that e-commerce will keep growing forever, and betting on it will lead to an almost inevitable rising tide, didn't survive the pandemic. Public flame-outs of entire categories of startups, like ultra-fast deliveries and Amazon seller aggregators, have further demonstrated the boom-and-bust nature of pandemic e-commerce investing. Apple's recent moves to give consumers more online privacy has had ripples through the e-commerce ecosystem, leading investors to take a beat. E-commerce logistics — fulfillment and last-mile delivery — said Sloane is fairly well-saturated at this point, he said. For many retailers, the pandemic offered a harsh lesson in how integrated their stores and their websites weren't, she said.

☆ Levi Strauss tops quarterly revenue estimates, but higher costs hit margins
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Levi Strauss & Co (LEVI.N) on Thursday topped Wall Street estimates for quarterly revenue on resilient demand for jeans and non-denim styles, but maintained its annual forecast as the company turns cautious due to macroeconomic uncertainties. Shares of the San Francisco-based apparel maker fell more than 4% in premarket trade, as it also took a hit on margins in the quarter, owing to persistent cost pressures. The jeans maker's attempts to get rid of excessive inventory by offering higher discounts and promotions squeezed its profit margins. UBS analysts have noted that Levi's promotions were up 1,500 basis points in December. On an adjusted basis, Levi's earned 34 cents per share, beating estimates of 32 cents per share.

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