• Funding
  • Investing
  • Lending
  • Insurance
  • Banking
  • Wealth
  • Fintech
  • Venture
  • Crypto
Subscribe
No Result
View All Result
  • Equity Funding
  • Stocks
  • Mutual Funds
  • Credit Cards
  • Loans
  • Insurances
  • Savings
  • Crypto Trading
Home News Feed Earning

Levi’s holiday-quarter sales fall 12%, despite online gains

CNBC NewsbyCNBC News
January 27, 2021

Levi’s clothes are seen on a store shelf in Miami, Florida.

Joe Raedle | Getty Images

Levi Strauss & Co. reported Wednesday its total holiday-quarter sales dropped 12%, marking an improvement from a more than 20% decline in the prior period, as weak shopper traffic at its stores was partially offset by double-digit growth online.

Shares were recently up more than 1% in after-hours trading after initially falling more than 4%.

Chief Executive Chip Bergh told CNBC that the results for the latest quarter topped the denim maker’s internal expectations, nearly meeting the “best-case scenario” that Levi laid out back when the Covid pandemic first started to hit the United States and disrupt many businesses.

“We pivoted very hard to [direct to consumer] and especially to e-commerce,” Bergh said in a phone interview. “Our e-commerce business was profitable in the fourth quarter, and profitable for the full year.”

Levi’s global digital sales, which include the online sales of its merchandise at wholesale partners, made up 23% of fourth-quarter sales, up from 15% in the prior-year period.

Here’s how Levi Strauss & Co. did during its fiscal fourth quarter compared with what analysts were expecting, using Refinitiv data:

  • Earnings per share: 20 cents, adjusted, vs. 15 cents, expected
  • Revenue: $1.39 billion vs. $1.34 billion, expected

For the three-month period ended Nov. 29, Levi earned $57 million, or 14 cents per share, compared with $96 million, or 23 cents per share, a year earlier. Excluding one-time charges, it earned 20 cents per share, which was better than the 15 cents expected by analysts, using Refinitiv data.

Net revenue fell 12% to $1.39 billion from $1.57 billion a year earlier. That was better than the $1.34 billion forecast by analysts.

Digital sales globally were up 34%, which includes sales made on its partner platforms like Amazon.

Levi said revenue from its wholesale partners dropped 15% during the quarter, while its direct-to-consumer revenue was down 5%, due to lower visits to its stores.

As the coronavirus pandemic continues to disrupt normal business operations, the company said that currently roughly 40% of its stores in Europe, and 17% globally including franchisee-operated locations, are closed.

“The recent resurgence of the virus underscores that the ultimate impact of the Covid-19 pandemic remains highly uncertain,” Levi said in its earnings release. “The company expects that its business … will continue to be significantly adversely impacted for at least the first half of 2021, and there remains the possibility of additional Covid-19 related inventory and other charges.”

Levi shares, as of Wednesday’s market close, are up a little more than 8% from a year ago. The company has a market cap of $8.8 billion.

Find the full press release from Levi Strauss & Co. here.

Read The Original Article on CNBC News

Related Topics

Bitcoin

First North American Bitcoin ETF Approved by Canadian Securities Regulator

Bitcoin

Enterprise Blockchain Firm R3 Launches Confidential Business Computing Platform

Prev Next

You May Like

Bitcoin

First North American Bitcoin ETF Approved by Canadian Securities Regulator

Bitcoin

Enterprise Blockchain Firm R3 Launches Confidential Business Computing Platform

Bitcoin

Binance-Backed DeFi Credit Union Platform Secures Partners, Funding Before Launch

Bitcoin

U.S. Woman Charged Over Attempted Dark Web Murder-for-Hire Paid With Bitcoin

Financial News

Personal Finance

Shareholders challenge the companies they invest in to promote good in the world

CNBC News
by CNBC News
Advisory

What to tell your adult kids when planning your estate

CNBC News
by CNBC News
Bitcoin

Enterprise Blockchain Firm R3 Launches Confidential Business Computing Platform

CoinDesk
by CoinDesk
Bitcoin

Rebranded Libra Still a ‘Wolf in Sheep’s Clothing’: German Finance Minister

CoinDesk
by CoinDesk
Earning

Tesla misses on earnings, expects 50% average annual growth in deliveries going forward

CNBC News
by CNBC News
Bitcoin

Bitcoin Hits $30K for 1st Time Ever; HODLers Get a Belated New Year’s Gift

CoinDesk
by CoinDesk
Bitcoin

Here Are the 2020 US Election Races Crypto Should Watch

CoinDesk
by CoinDesk
Investing

Former Chewy CEO tries to push GameStop to become the Amazon of the video-game industry

CNBC News
by CNBC News
Load More

© 2020, FinanceLane

Home | Contact | Terms and Conditions | Disclaimer | Privacy Policy

  • Home
  • News Feed
    • Equity Funding
    • Debt Funding
    • Crowdfunding
    • Real Estate Funding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Private Equity
    • Merging & Acquisition
    • Real Estate
  • Lending
    • Personal Loan
    • Business Loan
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Auto Insurance
    • Education Insurance
    • Health Insurance
  • Banking
    • Business Banking
    • Payments Bank
    • Investment Banking
    • Individual Banking
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Alternative Financing
    • Payments
    • Asset Management
    • Digital Banks
    • Softwares
  • Venture
    • Startup Ecosystem
    • Merging & Acquisition
    • Equity Investing
    • Franchising
    • Business Offers
  • Fintech
    • Alternative Financing
    • Asset Management
    • Digital Banks
    • Softwares
    • Payments
  • Crypto
    • Crypto Investing
    • Crypto Trading
    • Crypto Coins
    • Bitcoin
    • Blockchain
    • DAPP
  • Subscribe
  • Contact
  • Login

© 2020 FinanceLane - Terms and Conditions | Disclaimer | Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

← Bill Gates was ‘very surprised’ that ‘crazy’ Covid conspiracy theories targeted him and Dr. Fauci ← Trump cut taxes for the rich. Biden wants to raise them
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.