'I fundamentally believe, through this crisis, strong brands are going to emerge from this stronger than ever,' Levi Strauss CEO Chip Bergh said.
CEO Chip Bergh on Monday sounded an optimistic tone for the iconic jeans manufacturer post-coronavirus pandemic, given the company's underlying financial condition.
Bergh cited the company's "strong" balance sheet as a reason for his confidence, noting that Levi Strauss had $1.8 billion of liquidity and about $900 million in cash as of the end of its quarter ending February. Just as many of its peers and other businesses, though, Levi will be making efforts to "right size the organization," he said without offering details.
Analysts are projecting losses of 39 cents per share and sales to fall 50% year-over-year to $654 million in the current quarter ending in May, according to Factset.
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