Gloomy 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.
-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.Gloomy 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.
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. Analysts have said Levi might have to increase promotions and cut prices if wholesale channel sales continue to worsen, which could pressure its margins further.
Net revenue declined to $1.51 billion in the quarter ended Aug. 27 from $1.52 billion a year earlier, missing analysts' estimate of $1.54 billion, according to LSEG data.Ideally, you should have multiple income sources by the time you retire to remove the strain on government pensions. But you should still avoid a major CPP mistake. The post Retirees: Do NOT Make This Critical CPP Pension Mistake That Can Cost You Thousands appeared first on The Motley Fool Canada.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Mitchell splits first-team reps with Shiltz at Tiger-Cats practiceTiger-Cats quarterback Bo Levi Mitchell suffered a lower-leg fracture on July 28 but his return could be on the horizon as he split first-team reps with Matthew Shiltz during Tuesday's practice. TSN CFL Insider Dave Naylor has more.
Lire la suite »
Grocers commit to price freezes, discounts, price-matching: Champagne - BNN BloombergCanada’s industry minister has announced commitments from grocery chains to stabilize food prices.
Lire la suite »
U.K. plans to raise legal smoking age each year until it applies to whole populationU.K. Prime Minister Rishi Sunak on Wednesday proposed raising the legal age that people in England can buy cigarettes by one year, every year until it applies to the whole population.
Lire la suite »
AI Startup Anthropic's Burgeoning Value Has FTX Creditors Speculating About Being Made Whole - BNN BloombergVenture funding talks for artificial intelligence startup Anthropic have ignited hope for creditors of bankrupt crypto exchange FTX while Sam Bankman-Fried’s criminal trial kicks off.
Lire la suite »
Assessing SOL’s 23% surge, its latest NFT collection, and expected price pathSolana witnessed a significant surge in the last seven days. While this was good news on the price front, SOL's latest NFT collection mint was also a hit. Where will SOL head next?
Lire la suite »