Levi Strauss cuts annual forecasts as promotions, wholesale weakness weigh
© Reuters. FILE PHOTO: The Levi's logo is seen on a shirt in a Levi Strauss store in New York City, U.S., March 19, 2019. REUTERS/Brendan McDermid/File Photo -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.
"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. Levi forecast revenue to be flat to up 1% in fiscal 2023, compared with prior estimate of 1.5% to 2.5% growth.
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