Denim maker Levi Strauss & Co. on Tuesday reported a quarterly sales decline of 27% due to coronavirus pandemic-related store closures.
Levi's sales fell 27% year-over-year due to its shops and its wholesale partners' locations being temporarily shut during the coronavirus pandemic.The denim maker said it expects its business to be "significantly adversely impacted" for at least the rest of 2020.Chris Ratcliffe | Bloomberg | Getty Imageson Tuesday reported a quarterly sales decline of 27% due to coronavirus pandemic-related store closures.
"This quarter was much better than we expected, and it's a little bit of an out-of-body experience for me to say that when revenues are down 27% ... but we were profitable," Bergh said in an interview with CNBC. Levi's net income fell to $27 million, or 7 cents per share, from $124 million, or 30 cents a share, a year earlier. Excluding one-time charges, Levi's earned 8 cents per share, better than an expected loss of 22 cents, according to Refinitiv.
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