Levi’s mentioned Tuesday that it’s going to minimize 700 workplace jobs, or about 15 per cent of its worldwide company workforce, because it offers with a pointy drop in gross sales because of the coronavirus pandemic.
The San Francisco-based denims maker mentioned the layoffs will put it aside about $100 million US a yr and will not have an effect on staff at its shops or factories.
Like different clothes corporations, Levi’s needed to briefly shut its shops because of the virus. Most of the department shops that promote its denims have been additionally shut.
Levi Strauss & Co. mentioned its second quarter income sank 62 per cent to $497.5 million US. It reported a lack of $363.5 million US, after reporting a revenue a yr in the past. Adjusted losses got here to 48 cents per share, beating Wall Avenue expectations, in line with Zacks Funding Analysis.
The corporate mentioned most of its shops at the moment are open and seeing gross sales at about 80 per cent of the place they have been a yr in the past.