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- Levi Strauss & Co cut its annual forecasts for the second time on Thursday after missing third-quarter sales estimate, as the denim maker reels from hefty promotions and falling sales at its wholesale channels in North America.
Net revenue in Levi's Americas segment decreased 5%, even as its direct-to-customer business, which serves a more affluent consumer, rose 12%. "Given the ongoing uncertainty in the macro environment, we are taking a cautious approach to our outlook for the fourth quarter," said Harmit Singh, chief financial and growth officer.
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Levi Strauss cuts annual forecasts as promotions, wholesale weakness weighGloomy consumer spending has hit retailers like Macy's and Nordstrom as high prices and borrowing rates squeeze budgets, denting demand for its denims bottoms, tops and cargo pants. Levi has struggled with declining sales at its overall wholesale business, particularly in North America, which has a higher exposure to the middle-income consumer. Its margins were also hit by price cuts on certain denim bottoms sold to wholesale retailers like Macy's and Nordstrom in a bid to boost sales among more price-sensitive shoppers.
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