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☆ Levi Strauss cuts full-year sales forecast again, as inflation takes a toll
▼ + stars: | 2023-10-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

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. Those retailers, which buy wholesale items from Levi to carry on their stores and websites, have seen weaker discretionary sales. For Levi, direct sales and international sales have been the stronger parts of its business. Like Nike , Levi has tried to control its own destiny by driving more of its overall sales through its own stores and website. Along with driving more direct sales, Levi is looking to expand in international markets.

Persons: LEVI, Sean Gallup, Levi Strauss, Chip Bergh, Harmit Singh, Levi —, Levi, Bergh, Denizen, Michelle Gass, Chip Bergh Levi Strauss Organizations: Getty, U.S, CNBC, LSEG, Walmart, Target, Nike Locations: U.S, Target, Asia, America, North America, Europe, Mexico, India, Macy's

☆ Americans support strikes — until they affect their daily lives
▼ + stars: | 2023-10-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.

Persons: –, ” Andrew Flowers, “, Eva Rothenberg, Suisse’s, Jerome Powell, Patrick Harker, Michael Barr, John Williams, Loretta Mester, Raphael Bostic, Michelle Bowman, Levi Strauss, Tom Barkin, Mary Daly Organizations: CNN Business, Bell, DC CNN —, Gallup, Guild of America, Teamsters, Reno, United Auto Workers, UAW, Toyota, Honda, CNN, Nationwide, UBS, DOJ, US Department of Justice, Credit Suisse, “ UBS, CS, Bloomberg, Justice Department, P Global, Institute for Supply Management, McCormick, US Labor Department, Atlanta Fed, Constellation Brands, Conagra, Co, US Commerce Department, Carnival Corp Locations: Washington, United States, Hollywood, Las Vegas, Germany, Russia

☆ 3 things that will impact stocks going into the first trading week of the fourth quarter
▼ + stars: | 2023-09-30 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

Wall Street closed out the final week of the third quarter lower as Friday's initial rally on tame inflation data ended largely in losses. The Dow , S & P 500 and the Nasdaq all fell sharply for the historically tough month of September and for the quarter. We hope it convinces the Fed to hold off on any additional hikes as we await the impact of prior rate moves. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Dow, We'd, Helen of Troy, HELE, Lamb Weston, Levi Strauss, LEVI, Payrolls, Jim Cramer's, Jim Cramer, Jim, Nick M Organizations: Nasdaq, Dow, Federal Reserve, Fed, Constellation Brands, Management, UAW, Big, Detroit automakers, General Motors, Ford, Chrysler, PMI, McCormick, Maine, Conagra Brands, CNBC Locations: U.S, Cal

☆ Levi's CEO fired more than half of his execs during his first 18 months in the role and regrets not letting go of some staff more quickly
▼ + stars: | 2023-09-27 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Bergh became CEO of Levi's in 2011 at a time when sales and brand loyalty were faltering. "The easiest way to change the culture is to change the people," Bergh told CNBC in an interview. Bergh became president and CEO of the company in 2011 when sales were faltering and brand loyalty was fading. Although he had a tough stance on firing, Bergh said that there were still times when he didn't act quickly enough to remove people who weren't the right fit. When asked about his biggest regrets, Bergh replied: "This is a corny saying and it gets said a lot, but probably not exiting people soon enough when I knew that there was something not right."

Persons: Charles Bergh, Bergh, —, Levi Strauss, Chip Bergh, CNBC's Christine Tan, Tan, " Bergh, it's, Michelle Gass Organizations: CNBC, Service

☆ Stocks making the biggest moves midday: Costco, Paramount, MillerKnoll, ChargePoint and more
▼ + stars: | 2023-09-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Media stocks — A handful of media and studio stocks rose Wednesday after the nearly 150-day writer strike ended. ChargePoint , Blink Charging — Shares of ChargePoint and Blink Charging gained 4.1% and 5.5%, respectively after UBS initiated coverage of the electric charging stocks with buy ratings. XPO — Shares added roughly 2% after XPO stock was upgraded to outperform from Evercore ISI, with analyst Jonathan Chappell highlighting margin growth potential and stronger pricing power. Mattel — Shares of the toymaker rose more than 4% after Morgan Stanley initiated coverage of Mattel with an overweight rating. AAR Corp — Shares of the aircraft services company rose 2.3% on the back of its quarterly earnings report.

Persons: MillerKnoll, XPO, Jonathan Chappell, Morgan Stanley, Levi Strauss, TD Cowen, Levi's, Piper Sandler, Kosmos, — CNBC's Brian Evans, Alex Harring, Jesse Pound, Hakyung Kim Organizations: Media, Warner Bros . Discovery, Paramount Global, Comcast, Disney, Netflix, UBS, Costco —, Costco, Evercore ISI, Mattel —, Mattel, Federal Trade Commission, AAR, Kosmos Energy, Bank of America

☆ Stocks making the biggest moves premarket: Levi Strauss, Costco, ChargePoint, Mattel and more
▼ + stars: | 2023-09-27 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in premarket trading. Sirius XM — Shares of the media company fell roughly 2% in premarket trading. A day earlier, Liberty Media proposed combining the Sirius XM tracking stock with the radio company. Levi Strauss — The apparel maker advanced 1.3% in premarket trading after TD Cowen initiated coverage of the stock at an outperform rating. Mattel — Shares of the toymaker gained 2.4% in premarket trading Wednesday after Morgan Stanley initiated Mattel with an overweight rating, calling it a top pick.

Persons: Levi Strauss, TD Cowen, Levi's, ChargePoint, XPO, Jonathan Chappell, Joe Biden, Morgan Stanley, Alex Harring, Jesse Pound, Samantha Subin, Pia Singh Organizations: Woodbury, Sirius XM, Liberty Media, Costco, UBS, Evercore ISI, United Auto Workers, Mattel —, Mattel Locations: Central Valley , New York, U.S, Michigan

☆ Here are Tuesday's biggest analyst calls: Tesla, Rivian, Apple, Domino's, Levi's, Meta, Micron & more
▼ + stars: | 2023-09-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS reiterates Levi Strauss as buy UBS said Levi Strauss' earnings will be less bad than feared in early October. Oppenheimer names Domino's a top pick Oppenheimer named Domino's as a top pick and said the downward revision cycle has "bottomed." Bank of America reiterates Meta as buy Bank of America said it's bullish heading into Meta's annual Connect conference event on Wednesday. "Given Meta's increased focus on integrating Al across surfaces, and CEO commentary on AI Agents on prior earnings calls, we believe the event may also include announcements on new AI/ML products." Citi reiterates Micron as buy Citi said its bullish heading into Micron earnings on Wednesday.

Persons: Baird, Levi Strauss, LEVI, Morgan Stanley, Oppenheimer, Domino's, Stifel, it's, Tesla, TSLA, Jefferies, Edwards, Goldman Sachs, Goldman Organizations: UBS, Barclays, Bank of America, Meta, Agents, JPMorgan, Apple, Nike, Citi, Micron, RBC, HSBC, AMC, ~$ Locations: Greater China, China

☆ My biggest mistake was not firing the wrong people fast enough, says Levi Strauss CEO
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMy biggest mistake was not firing the wrong people fast enough, says Levi Strauss CEOChip Bergh, CEO of Levi Strauss, tells CNBC's Christine Tan that it's ultimately "a people game."

Persons: Levi Strauss, Chip Bergh, Christine Tan, it's

☆ Levi's 501 jeans are our 'No. 1 seller' in Asia, says CEO
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLevi's 501 jeans are our 'No. 1 seller' in Asia, says CEOChip Bergh, CEO of Levi Strauss, tells CNBC's Christine Tan what makes the Levi's 501 jeans iconic and how the brand is evolving to stay connected with Gen Z consumers.

Persons: Chip Bergh, Levi Strauss, Christine Tan Organizations: Gen Locations: Asia

☆ Levi Strauss Heir to Challenge Mayor London Breed of San Francisco
▼ + stars: | 2023-09-26 | by ( Heather Knight | More About Heather Knight | ) www.nytimes.com time to read: +1 min

Daniel Lurie, an heir to the Levi Strauss clothing fortune, announced on Tuesday that he would run against Mayor London Breed of San Francisco next year, at a time when the city is struggling to overcome a number of crises in its downtown core. Mr. Lurie, 46, planned to launch his campaign Tuesday at a community center in the city’s Potrero Hill neighborhood, a longtime working-class area now dotted with multimillion-dollar homes and upscale shops. Breed may be vulnerable in her bid for re-election and may have lost the support of some moderate allies. Mr. Lurie said in an interview that he intended to campaign on solving the city’s quality-of-life problems, and that he blames Ms. He said that he decided to run for mayor when he was walking his 9-year-old son and 12-year-old daughter to school, and they saw a man stumbling down the street, naked and screaming.

Persons: Daniel Lurie, Levi Strauss, Lurie, Breed Organizations: Mayor London Breed, San Locations: San Francisco, Potrero Hill

☆ Target strikes deal with jeweler Kendra Scott as it gets ready for holiday season
▼ + stars: | 2023-09-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Shoppers will soon see jewelry designed by Kendra Scott at about 150 Target stores. Target said Tuesday that it has struck a deal with jeweler Kendra Scott to carry exclusive collections of earrings, bracelets and more, as it looks to get its sparkle back ahead of the key holiday season. With the new deal, colorful jewelry designed by Kendra Scott for Target will be available online and at about 150 stores. Most items cost less than $40, Target said. The big-box retailer declined to share the deal's financial terms, but described it as "a long-term strategic partnership."

Persons: Kendra Scott, Target, Levi Strauss, — Organizations: Disney, Apple, Target

That has made it tricky to predict consumer spending. The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy. As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index. He called low unemployment "the big offset that's helped consumer spending hang in." "I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.

Persons: Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards Organizations: Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board Locations: Waterbury , Connecticut, U.S, Italy

NEW YORK/LONDON, Aug 10 (Reuters) - Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling. Full-to-bursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth. Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. Maersk controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies. Refinitiv I/B/E/S data shows U.S. and European companies are expected to report their worst quarterly results in years.

Persons: Vincent Clerc, Hugo Boss, Moller, Stanley Black, Decker, destocking, Levi Strauss, Rajiv Sharma, Arun Sundaram, Guillermo Novo, Cyrus de la Rubia, Siddharth Cavale, David Gaffen, Josephine Mason, Mark John, Jonathan Cable, Helen Reid, Jane Merriman Organizations: U.S, Maersk, Heineken, 3M, . Bureau of Labor Statistics, CFRA Research, Retailers, BASF, London, Rutgers University, Hamburg Commercial Bank, doesn't, Thomson Locations: Ukraine, U.S, United States, Ashland, Hamburg, New York, London

☆ Here's what CEOs are saying about consumers this earnings season
▼ + stars: | 2023-08-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.

Persons: Taylor Swift’s, ” Ed Bastian, ”, Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, “, Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin

Eva Marie Uzcategui | Bloomberg | Getty ImagesIt's not your imagination: Companies are getting stingier with customer rewards. Raising the barSome of the biggest shifts in customer perks have come in the airline industry. At many retailers, customers must now pay a return fee if they want to ship back unwanted clothing, shoes or other items. "To drive that online demand, free shipping and free returns were put in place, but now we all know it costs significant money," he said. Both companies aim to make sure membership isn't shared with people who aren't paying, particularly as the companies chase new avenues of growth.

Persons: Eva Marie Uzcategui, Dunkin, Cowen, David Garfield, Yuping Liu, Stephanie Keith, Marshal Cohen, Circana, Nordstrom, Christopher Dilts, Kohl's, Macy's, they're, Amit Sharma, Heidi Isern, Levi Strauss, Ann Taylor, Crocs, Brooks, reining Organizations: Brickell City Centre, Bloomberg, Getty, Retailers, Ross, uptick, American Airlines, Delta Air Lines, United Airlines, Old Dominion, Strome School of Business, LaGuardia, American Express, American, IRI, NPD, Urban Outfitters, Abercrombie, Fitch, Nordstrom, Amazon, Foods, Netflix, Costco Locations: Brickell, Miami , Florida, Queens, New York, Delta, Schaumburg , Illinois

London Breed sailed to victory as the mayor of San Francisco. Times were good; the pandemic had yet to happen. If homelessness and crime worried San Franciscans, few of them blamed her. Now San Francisco is reeling, its downtown plagued by fentanyl markets and tent camps, its employers straining to repopulate office buildings with a decidedly more remote labor force. More than 70 percent of voters have told pollsters that the city is on the wrong track, and some 66 percent disapprove of the mayor’s job performance.

Persons: London Breed, pollsters, Breed, Ahsha, Daniel Lurie, Levi Strauss Organizations: London, Times, San Francisco, Supervisors, San Locations: San Francisco, Francisco

The benchmark S&P 500 (.SPX) was solidly higher for most of the afternoon, but stocks sold off toward the end of the session. "The jobs report today I think is consistent with what the Fed would like to see," said Josh Jamner, investment strategy analyst at ClearBridge Investments. Among S&P 500 sectors, defensive groups fell the most, with consumer staples (.SPLRCS) down 1.3%. For the week, the S&P 500 fell about 1.2%, the Dow slid roughly 2% and the Nasdaq dropped 0.9%. The S&P 500 posted 11 new 52-week highs and five new lows; the Nasdaq Composite recorded 45 new highs and 63 new lows.

Persons: Levi Strauss, Quincy Krosby, stoked, Josh Jamner, Brendan McDermid, Russell, Dow, Austan Goolsbee, Alibaba, decliners, Lewis Krauskopf, Sinead Carew, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Ganguli, Richard Chang Organizations: Dow, Nasdaq, LPL, Reserve, ClearBridge Investments, Dow Jones, Energy, New York Stock Exchange, REUTERS, Chicago Fed, Rivian Automotive, Ant Group, NYSE, Thomson Locations: U.S, New York City, New York, Bengaluru

The U.S. added the fewest jobs in 2-1/2 years in June, although persistently strong wage growth pointed to still-tight labor market conditions, U.S. government data showed. "The jobs report today I think is consistent with what the Fed would like to see," said Josh Jamner, investment strategy analyst at ClearBridge Investments. According to preliminary data, the S&P 500 (.SPX) lost 12.42 points, or 0.28%, to end at 4,399.17 points, while the Nasdaq Composite (.IXIC) lost 18.33 points, or 0.13%, to 13,660.72. Energy (.SPNY) and materials (.SPLRCM) were among the biggest-gaining S&P 500 sectors, while defensive groups including consumer staples (.SPLRCS) lagged. Friday's jobs report kicks off a busy month of data including reports on inflation and corporate earnings ahead of the Fed meeting at the end of July.

Persons: Levi Strauss, payrolls, Josh Jamner, Austan Goolsbee, Carol Schleif, Alibaba, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Ganguli, Richard Chang Organizations: Reserve, ClearBridge Investments, Nasdaq, Dow Jones, Energy, Chicago Fed, BMO Family, Rivian Automotive, Ant Group, Thomson Locations: U.S, New York, Bengaluru

"But at the same time, it just puts the Fed in a position where they've got more work to do." Wall Street's main indexes ended sharply lower in a broad selloff in the previous session, with the benchmark S&P 500 posting its biggest daily percentage drop in six weeks, after employment data on Thursday showed the number of jobs more than doubled in June. Six of the 11 major S&P 500 sectors advanced in mid-day trading, with commodity stocks such as energy (.SPNY) and materials (.SPLRCM) up over 1% each and outperforming the broader market. Among other movers, the S&P 500 banking index (.SPXBK) gained 1.4%. The S&P index recorded three new 52-week highs and four new lows, while the Nasdaq recorded 28 new highs and 49 new lows.

Persons: Levi Strauss, we're, Steve Wyett, they've, Austan Goolsbee, Russell, Wells, Tesla, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Organizations: Dow, Nasdaq, BOK, Traders, Chicago Fed, Dow Jones, JPMorgan Chase, Citigroup, Alibaba, Ant Group, NYSE, Thomson Locations: Beijing, Washington, China, Bengaluru

[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending. Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data. The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.

Persons: Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar Organizations: Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson Locations: Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York

"Today's numbers confirm the job market is still strong... and this report gives the green light to the Fed to raise rates," said Peter Cardillo, chief market economist at Spartan Capital Securities. Five out of the 11 major S&P 500 sectors declined in early trading on Thursday. Wall Street's main indexes ended sharply lower in a broad selloff, with the benchmark S&P 500 posting its biggest daily percentage drop in six weeks. Among other early movers, the S&P 500 banking index (.SPXBK) gained 1%. The S&P index recorded one new 52-week highs and three new lows, while the Nasdaq recorded 13 new highs and 22 new lows.

Persons: Levi Strauss, Dow, Peter Cardillo, we're, Wells, Tesla, Bansari Mayur Kamdar, Johann M, Caroline Valetkevitch, Shinjini Organizations: Nasdaq, Fed, Spartan Capital Securities, Traders, Dow Jones, JPMorgan Chase, Citigroup, Alibaba, Ant Group, NYSE, Thomson Locations: Beijing, Washington, China, Bengaluru

☆ Three-Stock Lunch: Meta, Biogen and Levi Strauss
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: Meta, Biogen and Levi StraussGina Sanchez, chief market strategist at Lido Advisors, joins ‘Power Lunch’ to discuss her thoughts on three stocks: Meta, Biogen and Levi Strauss.

Persons: Levi Strauss Gina Sanchez, Levi Strauss Organizations: Lido Advisors

☆ Stocks making the biggest moves midday: Rivian, Levi Strauss, Biogen, First Solar and more
▼ + stars: | 2023-07-07 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Rivian Automotive — The electric vehicle maker popped more than 16% after Wedbush raised its price target on shares to $30 from $25, citing an improved outlook. Levi Strauss — Shares of the jeans maker slumped 6.7% after the company cut its full-year profit forecast on Thursday. Levi Strauss now expects an adjusted $1.10 to $1.20 per share compared to a previous range of $1.30 to $1.40. First Solar — The solar company climbed 4.6% after receiving a five-year revolving line of credit as well as a guarantee for a $1 billion facility. The firm said it sees sales of TG Therapeutics' treatment for relapsing forms of multiple sclerosis, Briumvi, to come in above expectations for the second quarter.

Persons: Alibaba, Wedbush, Levi Strauss —, Levi Strauss, Cantor Fitzgerald, DraftKings, Jefferies, CNBC's Hakyung Kim Organizations: Reuters, Ant Group, JPMorgan, Therapeutics, TG Therapeutics, Food and Drug Administration Locations: Chicago , Illinois, Alibaba —, Thursday's

☆ Stocks making the biggest premarket moves: Levi Strauss, Biogen, Alibaba and more
▼ + stars: | 2023-07-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Check out the companies making the biggest moves before the bell:Levi Strauss — The apparel retailer fell 7.7% after slashing its profit outlook for the year postmarket Thursday. Levi now expects adjusted earnings per share of $1.10 to $1.20 for the year, down from $1.30 to $1.40 previously. Alibaba — U.S. listed shares of the Chinese ecommerce retailer gained about 3% before the opening bell. First Solar - Shares added 1.7% after the solar company secured a five-year revolving credit and guarantee facility worth $1 billion.

Persons: Levi Strauss, Levi, Alibaba, Ant, Wanxiang, JPMorgan Chase, Tesla, Twitter, —, Jesse Pound, Sarah Min Organizations: Woodbury, and Drug Administration, Medicare, Reuters, Ant Group, JPMorgan, Bloom, Bloom Energy, RBC Capital Markets, Costco —, Costco, Meta Locations: Central Valley , New York, U.S, Alibaba —, China, Shanghai

☆ Levi Strauss trims annual profit forecast on higher costs, slowing consumer spending
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Levi Strauss & Co (LEVI.N) cut its annual profit forecast on Thursday, in a sign that higher costs were weighing on the denim maker's margins at a time when its wholesale sales remained under pressure in North America. Annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. Industry peer American Eagle Outfitters (AEO.N) had also cut its full-year revenue forecast in May amid weak consumer spending environment. San Francisco-based Levi's has been grappling with higher costs, more promotions and supply chain snarls despite multiple price hikes on its products. Its quarterly revenue fell 9.1% to $1.34 billion, roughly in-line with analysts' expectations, according to Refinitiv data.

Persons: Levi Strauss, Granth, Shweta Agarwal Organizations: Dockers, Industry, Eagle Outfitters, Revenue, Target, Nordstrom, Thomson Locations: North America, United States, San Francisco, Europe, Americas, Bengaluru

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