Levi Strauss expands its retail footprint and forecast
On Tuesday, Levi Strauss & Co (LEVI.N) announced its plans to expand its retail footprint and forecast in light of the high demand for its online business sales.
“While growth in our direct consumer business will outpace that of our wholesale channel, we continue to see opportunities to reach new consumers with new and expanded wholesale distribution,” Levi Strauss’ Chief Executive Officer Chip Bergh said in an interview.
Levi’s shares rose by 10% in extended trading on Tuesday after the clothing company said that it would sell its Red Tab jeans collection at 500 Target Corp (TGT.N) stores by the fall of 2021.
Moreover, Levi launched its clothing products at Dick’s Sporting Goods (DKS.N) stores amid the coronavirus pandemic.
The American clothing company stated that it expects a 14% to 15% decline in its fourth-quarter revenue this year.
According to IBES data from Refinitiv, Levi’s net profit fell by 27% to $1.06 billion but beat estimates of $822.3 Million.