Levi's to Cut Jobs Following 62 Percent Net Revenue Drop in Q2

The denim brand also warns of a tough second half of the year.

By
Fashion 
3,551 Hypes 3 Comments

Levi Strauss & Co. has reported a 62 percent decline in net revenue in Q2 and, as a result, has announced 700 job cuts in order to save $100 million USD annually.

Furthermore, it has warned that business would be further hit in the second half of the year despite its shops being reopened following the COVID-19 pandemic. Levi’s did report that sales have been better since reopening stores, and that online sales grew by 25 percent in the second quarter ending May 24, with a month-over-month rise of nearly 80 percent in May.

However, store closures still made a considerable impact on the denim apparel brand. As a result, around 15 percent of its workforce in non-retail, non-manufacturing segments will be cut. The company also noted that it is concerned about how it will offload excess unsold inventory, thus affecting the brand’s margins.

According to IBES data from Refinitiv, the 62 percent fall in Q2 net revenue equated to a total income of $497.5 million USD, which beat analysts’ expectations of $485.5 million USD.

In other business news, Facebook reported that 86 percent of its energy used in 2019 was from renewable sources.

Read Full Article

What to Read Next

Erode Your Walls at Home With Daniel Arsham's Calico Wallpaper Collaboration
Arts

Erode Your Walls at Home With Daniel Arsham's Calico Wallpaper Collaboration

A crystal and plaster-like print adds a 3D effect to any living space.

Converse Uses Extra-Terrestrial Desert Scenes for "Twisted Resort" Collection
Footwear

Converse Uses Extra-Terrestrial Desert Scenes for "Twisted Resort" Collection

Including the Run Star Hike and two Chuck 70s.

Uber is Extending its Offering to Boats
Tech

Uber is Extending its Offering to Boats

Catch an “Uber Boat” across London this summer.


More Information Points to a Foldable Apple iPhone
Tech

More Information Points to a Foldable Apple iPhone

An off-center hinge will give the device an easy-access notifications screen.

Dr. Martens' 1460 and 1461 Receive Jean-Michel Basquiat Artwork
Footwear

Dr. Martens' 1460 and 1461 Receive Jean-Michel Basquiat Artwork

New canvases for the artist’s legacy.

'The Office' Is Getting an "Oral History" Podcast on Spotify
Entertainment

'The Office' Is Getting an "Oral History" Podcast on Spotify

Hosted by Kevin (Brian Baumgartner).

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.