By Sabela OjeaShares of Levi Strauss on Thursday fell after the company cut its revenue growth outlook for the year and swung to a loss in its latest quarter on a hit to wholesale revenue in the U.S. Three months ago, the company backed its guidance for the year ending in November amid a 2% rise in wholesale revenue. However, this positive trend reversed in the latest quarter and Levi Strauss recorded a 22% drop in wholesale revenue. Just like Nike, Levi Strauss is shifting its strategic focus toward growing its direct-to-consumer business across its operated physical stores and online channel. Among the measures Levi Strauss is taking to restore growth to its U.S. wholesale business are discounts to its Red Tab Tier-3 awards program wholesale offerings, the company said.

Source: Wall Street Journal July 07, 2023 10:02 UTC