With a rough 2023 in the rearview, Levi Strauss & Co. this year is trying to tackle its problems with new pants.That includes pants with lighter-weight denim; pants for women that can be worn as high-rise or low-rise; and even non-denim pants that management, during Levi’s LEVI, +1.27% earnings call on Thursday, referred to as a “tech pant” for men with “moisture control and 360 mobility.” The company also plans to expand its offerings of Performance Cool pants intended to keep the wearer cool and dry on ho ...

Levi Strauss & Co. announced plans to cut up to 15% of its global workforce as it restructures under new leadership.  The cuts are part of the company's global productivity initiative and are expected to take place over the first half of the year under incoming CEO Michelle Gass. The company is trying to rapidly tighten its belt as it contends with macroeconomic challenges and ongoing issues within its U.S. wholesale business.  "There's been a lot of volatility this past year, some in our control, some outs ...

KEY TAKEAWAYSLevi Strauss plans layoffs of 10% to 15% of its global workforce to cut costs.The job cuts are expected to take place in the first half of this year, with the costs of restructuring estimated between $110 million and $120 million.Levi Strauss reported its net income fell 57% from a year ago, with revenue stagnating as inflation squeezed consumers.Levi Strauss & Co. (LEVI) shares lost 1% in early trading Friday after the denim maker announced plans to cut between 10% and 15% of its workforce.The ...

Levi Strauss (NYSE:LEVI) layoffs are coming for the company’s employees in 2024 as it prepares to cut costs and save money in a tough economy.That update came in the company’s earnings report for Q4 2023. In that update, Levi Strauss said the layoffs will affect between 10% and 15% of its corporate workforce and save it $100 million this year.Levi Strauss notes that these layoffs are set to take place in the first half of 2024. The company also expects to suffer $110 million to $120 million in charges in th ...

Levi Strauss & Co has unveiled plans to cut jobs in its corporate division after reporting a fall in net income during 2023. Between 10% and 15% of the denim giant’s global corporate workforce will be cut under the move, which will aim to reduce costs and simplify organisation across the business. This will be part of a two-year initiative, Levi’s said in Thursday’s full-year results announcement, with the cuts representing the initial phase of the plan. Levi’s announced the reductions as the firm reported ...

While competitors were hustling to land deals with retailers and forge partnerships to reach more consumers, Levi’s boldly went all-in on its direct-to-consumer (D2C) strategy in October.  “Over the last decade, the company has made phenomenal progress, more than doubling our D2C revenue while engaging consumers … in our stores,” said Michelle Gass, president of Levi Strauss & Co., during the company’s third quarter earnings call on Oct. 5. Read more: Levi’s Puts Its Faith in D2C Strategy With Loyal Shopper ...

Levi Strauss (LEVI) reported $1.64 billion in revenue for the quarter ended November 2023, representing a year-over-year increase of 3.4%. EPS of $0.44 for the same period compares to $0.34 a year ago.The reported revenue represents a surprise of -1.18% over the Zacks Consensus Estimate of $1.66 billion. With the consensus EPS estimate being $0.42, the EPS surprise was +4.76%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determin ...

Levi Strauss forecast annual sales and profit below Wall Street expectations on Thursday and said it would cut 10% to 15% of global corporate jobs as the denim maker seeks to rein in costs amid weakness in its wholesale business.Levi attributed the weak forecast to plans to exit its Denizen brand and cut back on off-price sales, as well as weaker foreign currency exchanges. The company also missed fourth-quarter revenue estimates.The fallout of an inventory glut last year and consumers feeling the pinch fr ...

Levi Strauss (LEVI) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this jeans maker would post earnings of $0.27 per share when it actually produced earnings of $0.28, delivering a surprise of 3.70%. Over the last four quarters, the compan ...

Jeans-maker Levi Strauss & Co. LEVI, +0.19% on Thursday said it plans to lay off between 10% and 15% of its global corporate staff in the first half of this year, part of a new multi-year plan to save money and speed its shift to direct-to-consumer sales. The company said that initiative would save $100 million in costs in its ficsal 2024, which ends in November. Still, shares slid 3% after hours, after management forecast full-year adjusted per-share profit of $1.15 to $1.25, below FactSet forecasts for $ ...