Levi Strauss foresees struggling second half as pandemic presses, to cut 700 jobs

Levi Strauss & Co (LEVI.N) expects that its business would lose footing in the second half of the year. The company deemed it possible even as its sales were seen recovering at its reopened stores, following virus-related lockdowns imposed by the government.

The denim apparel maker also said that it would slash 700 jobs in the non-retail and non-manufacturing segment, cutting an estimated 15% from its workforce. This is to be conducted in an effort to save $100 million annually.

The company reported a 25% jump in its online business in the second quarter ended May 24. More so, it recorded an 80% month-on-month increase in May. Levi had also monitored an improvement in its weekly sales performance, with productivity hitting 80% in the final week of June compared to records in 2019.