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<\/div>\nLevi Strauss has lowered its annual profit outlook, revealing a plunge in wholesale revenues and US soft sales.<\/p>\n
The fashion retailer\u2018s predicts its adjusted profit to be between $1.10 and $1.20 (\u00a30.90) per share for this year, compared to its previous prediction of $1.30 (\u00a31.00) to $1.40 (\u00a31.10).<\/p>\n
Net sales fell 9% for Q2 ended 28 May, making it the biggest quarterly decline since Q1 2021, Refinitiv data reports.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nThe jeans company\u2019s chief executive Chip Bergh explained it had plans to lower the price of roughly six items sold across wholesale channels in efforts to win back shoppers.<\/p>\n
\u201cWhile US wholesale remains pressured, we are pursuing initiatives to stabilise this business and drive market share gains. We are confident in our ability to navigate near-term headwinds and remain as optimistic as ever about the company\u2019s future,\u201d he said.<\/p>\n
Levi\u2019s net sales for the year are predicted to rise 1.5% to 2.5% from the year before.<\/p>\n
Meanwhile, direct-to-consumer sales were up 13% for Q2, while its wholesale revenues dropped 22%. Sales in the Americas dropped by 22%, while sales in Europe fell by 2%.<\/p>\n
The news comes after Michelle Gass was named the new president and CEO of Levi\u2019s, following Bergh spending 13 years in the role.<\/p>\n
Gass joined the office in January, and will continue reporting to Bergh before succeeding him in May 2024.<\/p>\n
The jeans company\u2019s chief executive Chip Bergh explained it had plans to lower the price of roughly six items sold across wholesale channels in efforts to win back shoppers.<\/p>\n
\u201cWhile US wholesale remains pressured, we are pursuing initiatives to stabilise this business and drive market share gains. We are confident in our ability to navigate near-term headwinds and remain as optimistic as ever about the company\u2019s future,\u201d he said.<\/p>\n
Levi\u2019s net sales for the year are predicted to rise 1.5% to 2.5% from the year before.<\/p>\n
Meanwhile, direct-to-consumer sales were up 13% for Q2, while its wholesale revenues dropped 22%. Sales in the Americas dropped by 22%, while sales in Europe fell by 2%.<\/p>\n
The news comes after Michelle Gass was named the new president and CEO of Levi\u2019s, following Bergh spending 13 years in the role.<\/p>\n
Gass joined the office in January, and will continue reporting to Bergh before succeeding him in May 2024.<\/p>\n