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☆ Levi Strauss slashes guidance as wholesale revenue drops
▼ + stars: | 2023-07-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Levi Strauss on Thursday drastically cut its profit outlook for the year after the apparel retailer reported a steep drop off in wholesale revenues and soft sales in the U.S., its largest market. During the quarter, Levi reported adjusted earnings of 4 cents per share. It now expects adjusted earnings per share of $1.10 to $1.20, compared to a previous range of $1.30 to $1.40. The retailer now expects sales to grow between 1.5% to 2.5% compared to a prior range of 1.5% to 3%. "Just in light of the recent performance, and the current macro headwinds, and just the consumer dynamics in this market."

Persons: Levi Strauss, jean, Levi, Harmit Singh, we're, Chip Bergh Organizations: Refinitiv, CNBC Locations: U.S, China

☆ Levi's CEO calls Asia a 'bright spot' this quarter and is optimistic about business in China
▼ + stars: | 2023-07-06 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Levi's CEO Chip Bergh told CNBC's Jim Cramer he is optimistic about the company's business in Asia, especially China, where he business is ramping up as consumers return after Covid lockdowns. "Asia is a bright spot this quarter for sure, and that is definitely helped by China," Bergh said. However, according to Bergh, the company is optimistic about its international business, especially in China. "We are seeing the post-lockdown spending spree as consumers come back, and that is definitely lifting our business and contributing to the strength that we're seeing in China," Bergh said. "So we're very optimistic about China and about Asia overall, and yeah, we're putting our chips on the table in these markets that are really growing."

Persons: Chip Bergh, CNBC's Jim Cramer, Covid, Bergh, Levi's, Wall Locations: Asia, China, Bergh

☆ The recycling idea at Levi's, Adidas, Zara to stop trillions in fast fashion from going to waste
▼ + stars: | 2023-06-11 | by ( Carolyn Chun | ) www.cnbc.com time to read: +8 min

The multi-trillion dollar fashion industry contributes significant greenhouse gas emissions, between 8% to 10% of total global emissions, according to the United Nations. With the majority of textiles in the fashion industry blended, it is harder to recycle one fiber without harming another. Spinnova partnered with the world's largest pulp and paper company this year, Suzano, to turn wood and waste into recycled textile fiber. Textile waste, by some measures, is a bigger issue than plastics waste, and it has a similar problem. Late last year it worked on a limited collection with fast fashion clothing giant — and consumer consumption flashpoint — Zara, using its recycled textile waste material.

Persons: LEVI, Alexander Donka, Paul Dillinger, Levi Strauss, Spinnova, Chloe Songer, Songer, Victor J, Levi's Levi Strauss, Dillinger, You've, we're, —, Stacy Flynn, Flynn, Levi's, Stella McCartney, — Zara Organizations: McKinsey, United Nations, McKinsey Sustainability, Co, Shoppers, Blue, Bloomberg, Getty, Adidas, CNBC Locations: Sweden, Africa, Zara, New York

☆ Worker emergency-savings initiative reaches more than $2 billion in net new savings
▼ + stars: | 2023-06-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Levi's has run a worker savings program since 2015 but in recent years has participated in BlackRock's initiative. When new employees get hired at the Levi's store in Lone Tree, Colorado, there's one job perk for them that really stands out, says store manager Debbra Ward — a company emergency-savings program that includes a match. If store workers save $40 per month, Levi's will match that with another $40 per month; in addition, they get a $20 sign-on bonus. But even after it ends, Ward expects the workers who have enrolled will continue to participate after they have built a habit of savings. Levi's has been running a program to help workers boost their emergency savings since 2015.

Persons: Levi's, perk, Debbra Ward, Ward, Jenny Calvert Rodriguez Organizations: Finance, IRS, Levi's, BlackRock Emergency Savings Initiative, Red Tab Foundation Locations: San Rafael , California, Lone Tree , Colorado, Debbra Ward —, Colorado, California, BlackRock

☆ The average shopper with student loans is a 37-year old earning $65,000 whose philosophy is 'Live for Today'
▼ + stars: | 2023-06-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

The survey results reveal a bunch of fascinating findings, especially when student loan consumers are compared against the average US adult over 18. The average income for student loan consumers was $65,400, slightly less than the $66,200 for the average US consumer. Student loan consumers are more likely to have purchased something from Nike over the past six months than any other brand. UBS argues the end of the student loan payment moratorium will hit a bunch of brands and retailers like American Eagle Outfitters, Nike, and Gap. As my colleague Ayelet Sheffey has reported, the Biden administration remains confident that the Supreme Court will rule in its favor over the legality of its student debt forgiveness.

Persons: —, Jay Sole, They're, Levi's Jeans, Calvin Klein, Armour, Zers, Ayelet Sheffey, Biden Organizations: UBS, Service, Student, Nike, American Eagle Outfitters, TIAA Institute

☆ The mother-daughter duo behind the thrift store Buffalo Exchange explains how they built a $103 million company from used clothes
▼ + stars: | 2023-06-05 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +6 min

Kerstin and Spencer Block founded the resale chain Buffalo Exchange in 1974. Back then, secondhand clothing carried a stigma as a lower-class necessity, said Kerstin Block, the president and co-owner of Buffalo Exchange. The industry is expected to double in size, reaching $350 billion by 2027, and Buffalo Exchange is at the forefront of resale's emerging appeal. Popularizing the 'buy, sell, trade' modelKerstin (left) and Spencer Block in their first resale store in Tucson, Arizona. "It really is the fun part of the job — being in the store and helping customers," Rebecca said.

Persons: Kerstin, Spencer Block, Rebecca, —, Kerstin Block, Rebecca Block, Tucson , Arizona . Buffalo Exchange Kerstin, Spencer, Jennifer Le Zotte, Le Zotte, Buffalo Exchange Spencer, Buffalo Exchange's Organizations: Buffalo Exchange, Service, Google, Buffalo, Tucson , Arizona . Buffalo Exchange, University of North, tote, Nike Locations: Buffalo, Tucson , Arizona, University of North Carolina, New York, Buffalo Exchange's Ventura , California

☆ 10 Things in Tech: Hype House for generative AI developers, why Apple is jumping into the metaverse, and a long-range, electric Toyota
▼ + stars: | 2023-06-02 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Like my fully-remote colleague Rebecca Knight, I miss sharing random thoughts with my colleagues. My colleague Darius Rafieyan breaks down the novel setup that's helping unprofitable startups raise money. In other news:Hacker Fellowship Zero is cultivating batches of tech developers, many who are jumping into the generative AI wave, per a New York Times report. Welcome home: A Hype House for generative AI developers. Generative AI has a Digital Blackface problem.

Persons: It's, I'm, Siu, Rebecca Knight, Rebecca, Rebecca Zisser, Darius Rafieyan, Simon McGill, Marc Benioff, Sam Altman, Altman, Mark Zuckerberg, Alistair Barr, GirlfriendGPT, bro, Putin, Diamond Naga Siu, Nathan Rennolds Organizations: Bank of America, New York Times, Getty, San, Toyota, Ryanair, Patryk, Software, VMware, Employees Locations: New Jersey, San Francisco, techies, New York, San Diego, London

☆ Generative AI has a Digital Blackface problem
▼ + stars: | 2023-06-02 | by ( Ryan Joe | Lauren Johnson | ) www.businessinsider.com time to read: +4 min

Advertisers using generative AI to depict BIPOC human models are raising alarm bells among critics who say this use case is Digital Blackface. There are cost-savings from using generative AI, not just for not hiring models but also to replace sets and backgrounds. "It's not like AI models are only created by white folks who then are using this digital blackface, digital yellowface, et cetera. There are people of color who have created generative AI models." Despite the need for caution, some advertisers want to train generative AI engines to be more representative of diverse experiences.

Persons: Levi's, Renee Miller, It's, Michael Mente, Revolve's, Theory's Miller, Miller, Gram, Slack, Brian Yamada, Yamada, Alex Coles, Coles, Megan Thee, Cheyanne Moore Organizations: Apparel Locations: Instagram

☆ Russian clothing brands plug gap left by Western rivals
▼ + stars: | 2023-05-31 | by ( Roman Churikov | ) www.reuters.com time to read: +3 min

[1/2] People line up to enter an H&M store, which was reopened to sell the remaining stock before the company exits the Russian market, in Moscow, Russia August 2, 2022. Spain's Inditex (ITX.MC) has sold some of its more than 500 Russian stores to a UAE-based buyer. Gloria Jeans, once a re-seller of Levi's jeans, has taken over Swedish retailer H&M's central Moscow store. Russians have developed solutions with small-scale imports and online sellers helping to keep foreign brands alive, but some things remain difficult to find. Shopper Irina Nikulina said she did not miss foreign brands too much, except when needing something simple, like a reasonably priced white t-shirt.

Persons: Maxim, Spain's, Anton, Antonina, Oleg Klimov, Gloria Jeans, Ksenia Zhdanova, Zhdanova, Irina Nikulina, Tatiana Vakhonina, Roman Churikov, Lev Sergeev, Alexander Reshetnikov, Alexander Paramoshin, Alexander Marrow, Mark Potter Organizations: REUTERS, Reuters, Russia's, Shopping, Thomson Locations: Moscow, Russia, Ukraine MOSCOW, Ukraine, UAE, Zara, Soviet Union, Kazakhstan

☆ The most-wanted clothing brands at resale are probably hanging in your closet
▼ + stars: | 2023-04-11 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Resale clothing shoppers are bypassing previously-owned luxury brands at discounted prices in favor of scoring secondhand mid-tier brands for less. As many as 75% of consumers have shopped, or are open to shopping, for secondhand clothing – and demand has only grown during the pandemic. Mid-tier brands like Zara, Levi's and Abercrombie & Fitch have emerged as some of the most popular clothing brands among resale shoppers. In this environment, he said secondhand shoppers are hyper-focused on value, especially when buying clothes, and mid-tier brands are sitting in this sweetspot. ThredUp competitor Poshmark said mid-tier brands like Nike, Free People, Zara and J.

☆ Levi's CEO Chip Bergh speaks with Jim Cramer on sales environment and most recent quarter
▼ + stars: | 2023-04-06 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Levi's CEO Chip Bergh speaks with Jim Cramer on sales environment and most recent quarterLevi's CEO Chip Bergh speaks with "Mad Money" host Jim Cramer about the denim company's most recent quarter.

☆ The dollar's dominance on the world stage isn't going away. Here's why.
▼ + stars: | 2023-04-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The move makes sense, given Russia's growing status as a pariah state, but it also highlights a push to unseat the dollar as a dominant force in global trade. But to strategists at the Carson Group, a scenario where the dollar isn't the world's primary reserve currency simply isn't in the cards in the near future. Are you convinced that the dollar won't lose its status as a dominant global reserve currency? Some companies in this batch of oil stocks have upsides of up to 180%, according to strategists at Bank of America. An expert from the World Gold Council pointed out that history says gold performs well in a recession.

☆ 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.

☆ Levi's says AI models are not a substitute for action on diversity following backlash
▼ + stars: | 2023-03-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Levi's responded to backlash over its decision to use new AI-generated diverse models. The denimwear label said it did not regard AI models as a substitute for real action. Levi's was criticized for using AI as a replacement for hiring and paying diverse models. However, critics said AI-generated models were a lazy way to address diversity issues, and meant that diverse models would miss out on opportunities to be hired and paid by Levi's. Levi's addressed some of the concerns raised in its statement Wednesday but did not provide further details on how it planned to address diversity issues.

☆ The success of resale businesses right now hinges on consumer costs, say the investors of 'Shark Tank'
▼ + stars: | 2023-02-25 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Mark Cuban invested $300,000 for 25% equity in the resale startup Retold Recycling on "Shark Tank." Here's what the cofounders learned about running a resale business on "Shark Tank." Yeoh and Trumble are hoping to do this by tapping consumer and investor interest in the resale and sustainable-clothing spaces. Here's what the cofounders learned from the celebrity investors about running a sustainable-resale business during their time in the tank. Christopher Willard/Getty ImagesWhile the sharks supported the mission of Retold Recycling, many didn't see a business opportunity for themselves or a way to turn a profit.

☆ Nike, Rumpl and Instant Pot: Best online sales right now
▼ + stars: | 2023-02-03 | by ( Caroline Curran | ) edition.cnn.com time to read: +6 min

This weekend, you’ll find a deal on the Philips SmartSleep sunrise lamp, a discounted Instant Pot and savings on Crap Eyewear sunglasses. Instant Pot Duo Plus $150 $110 at Amazon Instant Pot Score a variant of our favorite pressure cooker, the Instant Pot Duo Plus, up to 27% off, alongside a range of other models from the brand. Rumpl 30% off Original Puffy Football Blankets Rumpl Versatile and machine-washable, Rumpl blankets are durable enough for the outdoors yet cozy enough for the couch. Deals you may have missedKindle Paperwhite $150 $110 at Amazon Amazon Our pick for the best budget e-reader, the Kindle Paperwhite boasts a lightweight design and a glare-free screen with adjustable warmth to reduce strain on your eyes. Right now you can score our pick for the best full-size low-profile keyboard at an all-time low price on Amazon.

China's population is shrinking. This shocking statistic is only the start of China's population decline. This year India is set to surpass China's population, and in a few years it will surpass China's working-age population — people 20 to 69. Because of its manufacturing prowess and importance to supply chains, China's shrinking working-age population has enormous, direct effects on the global economy. Among today's largest economies, only the US has a projection of positive population growth, though at very low levels.

☆ Kohl's vs. T.J. Maxx: 5 reasons I find shopping at Kohl's faster, cheaper, and less overwhelming
▼ + stars: | 2023-01-30 | by ( Danielle Bauter | ) www.businessinsider.com time to read: +5 min

Danielle Bauter recently compared shopping at her local Kohl's and T.J. Maxx in Upland, California. Though T.J. Maxx offers more variety, Bauter said shopping there makes her feel a bit overwhelmed. T.J. Maxx also has a rewards program, but it requires that you sign up for a TJX Rewards credit card. Kohl's carries fewer brands than T.J. Maxx, but they speak more to my styleBauter compared shopping at T.J. Maxx to shopping at Kohl's. Though T.J. Maxx carries a wider variety of designers, I can be easily overwhelmed by too many options.

☆ Skinny jeans still a great fit in shrinking economy, Levi CEO says
▼ + stars: | 2023-01-26 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/2] 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. REUTERS/Andrew KellyJan 26 (Reuters) - Reports on the death of skinny jeans have been greatly exaggerated. At least that's what Levi Strauss & Co (LEVI.N) boss Chip Bergh wants everyone to believe. Once a wardrobe staple, skinny jean has recently lost favor among shoppers, especially after the pandemic accelerated a shift toward comfortable clothing like baggy jeans among young consumers. "The skinny jean is not going anywhere anytime soon," Bergh said.

☆ Skinny jeans aren't dead. Actually, they're Levi's top seller.
▼ + stars: | 2023-01-26 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Skinny jeans were Levi's top seller during the fourth quarter, CEO Chip Bergh said. That's despite trend forecasters and Gen Z heralding the end of skinny jeans for nearly two years. "I've been known to say skinny jeans will never die." Stylists and trend forecasters have heralded the end of skinny jeans for the past two years. Still, he said: "The skinny jean is not going anywhere anytime soon."

☆ Elon Musk is mulling over ways to whittle down some of his Twitter debt
▼ + stars: | 2023-01-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

And speaking of cold hard reality, the Wall Street Journal reported that Elon Musk is trying to raise fresh funds to pay off some of the pricier bits of his $13 billion Twitter loan. New fundraising to the tune of $3 billion could help Musk repay the obligations he took on in his Twitter takeover. For every quarter that goes by without refinancing, the interest rate goes up by an additional 0.50 percentage point, regulatory filings show. That said, if Twitter can pay back those unsecured bridge loans, meeting its debt obligations would be much more manageable. What are some ways you think Elon Musk could boost revenue at Twitter?

☆ Levi Strauss gives upbeat 2023 sales outlook as demand holds up
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - Levi Strauss & Co (LEVI.N) forecast annual sales above Wall Street estimates on Wednesday, in a sign that demand for its jeans is holding up better than feared. Shares of the denim maker were up nearly 8% in extended trading after it also topped fourth-quarter sales and profit estimates. However, Levi's said it saw more consumers shopping at its stores in the Americas and Asia, boosting its direct-to-consumer business. Levi's fourth-quarter net revenue of $1.59 billion edged past estimates of $1.57 billion, while adjusted profit of 34 cents per share topped expectations of 29 cents. Reporting by Deborah Sophia in Bengaluru and Kate Masters in New York; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street is still obsessed with Tesla. Here's what experts are saying as the EV-maker's key earnings report looms.
▼ + stars: | 2023-01-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm senior reporter Phil Rosen, here to ring in a pivotal Tesla earnings report with you this morning. But his wealth — and the wealth of his shareholders — could whipsaw today, depending on what comes across in a particularly important earnings report. But amid the bearishness (not to mention distractions from Twitter), Elon Musk's car maker is still a favorite on Wall Street. FactSet data shows that 64% of analysts give Tesla stock a "buy" or "overweight" rating. US stock futures fall early Wednesday, after Microsoft earnings delivered a bleak outlook that added to investors' worries about earnings growth.

☆ Levi Strauss beats estimates, offers upbeat guidance for fiscal year
▼ + stars: | 2023-01-25 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +2 min

Levi Strauss on Wednesday posted earnings and revenue that topped Wall Street's expectations. Shares of the company rose in after-hours trading as the company also offered upbeat sales guidance for its new fiscal year. Levi has been grappling with a slowdown in discretionary spending and a reduced demand for denim, leading some analysts to downgrade the stock. Europe will remain a strong focus for Levi in the coming fiscal quarter, Bergh said. Wall Street is estimating $6.27 billion in sales and $1.35 earnings per share.

☆ Beyond the 'yips': Dallas kicker Maher faces mental battle in playoffs
▼ + stars: | 2023-01-21 | by ( Amy Tennery | ) www.reuters.com time to read: +3 min

On Friday he seemed to end speculation over Maher's future - for now, at least - telling reporters, "Brett has the ball." "The goal is to get back into whatever routine he's had in the past that has made him so successful," said Beilock. So they're really in the zone, if you will," said Perea. "The sad thing about all this, is that when you have an outing like that, people will doubt you," said Perea. Reporting by Amy Tennery in New York; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

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