Levi Strauss & Co forecast annual sales above Wall Street estimates on Wednesday, banking on a stronger back-half of the year even as higher costs and currency pressures cloud its near-term outlook.
The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew Kellyforecast annual sales above Wall Street estimates on Wednesday, banking on a stronger back-half of the year even as higher costs and currency pressures cloud its near-term outlook.
The San Francisco-based company is seeing a boost from its direct-to-consumer business, with strong demand for non-denim clothing and women's apparel helping it offset slumping sales in Europe and an overall decline in wholesale revenue."We're thinking about as a tale of two halves, with the first half weaker than the second half," said Chief Financial and Growth Officer Harmit Singh.
"They seem very bullish on their numbers for the year, but I do have to say that Levi is one of the top brands, their product is very good ... and it is a brand that the customer will go back to if they are shopping," said Jane Hali & Associates analyst Jessica Ramirez.
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