{"id":166854,"date":"2020-07-08T10:19:00","date_gmt":"2020-07-08T10:19:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/"},"modified":"2021-08-06T12:06:27","modified_gmt":"2021-08-06T12:06:27","slug":"levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/","title":{"rendered":"Levi's to cut 700 jobs as it reports 62% net revenue decline"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.theindustry.fashion\/intelligence\/levi-strauss-co\">Levi Strauss &amp; Co.<\/a> <strong>recorded a net loss of $364 million for the second quarter<\/strong> in its earnings results.<\/p>\n\n\n\n<p>The company is<strong> also cutting hundreds of jobs<\/strong>, as Levi's is the latest fashion retailer to show signs of financial distress as coronavirus impacts the business.<\/p>\n<p class=\"content__segment combx meterwall__content\"><strong>Net revenues declined 62% year-on-year to $498 million<\/strong> for the second quarter, which ended 24 May. Gross profit was $170 million in Q2 compared with $700 million for the same quarter in 2019.<\/p>\n<p class=\"content__segment combx meterwall__content\">The San Francisco-based retailer<strong> plans to reduce its headcount of its non-retail and non-manufacturing workforce by approximately 700 (15%).<\/strong><\/p>\n<p><strong>In Europe, net revenues declined 68% on a reported basis.<\/strong> Net revenues decreased due to the impact of COVID-19, with the exception of the e-commerce business, where increasing growth rates accelerated to 35% growth in May after an initial slowdown in response to COVID-19.<\/p>\n<p>Levi's company-operated and third-party retail locations began to close mid-March, with some markets reopening by the end of April and others during the month of May.<\/p>\n<p>Europe's operating loss was due to the adverse impacts of COVID-19, as lower net revenues were only partially offset by declines in discretionary and variable expenses driven by the company\u2019s cost reduction initiatives in response to COVID-19.<\/p>\n<p>Chip Bergh, President and CEO of Levi Strauss &amp; Co, said: \u201cWe started the year with strong momentum, but the global pandemic and economic crises had a significantly negative impact on our second quarter results, as our stores and most wholesale doors were closed around the world for the majority of the quarter.<\/p>\n<p>\"<strong>I\u2019m proud of how the team stepped up in response, accelerating our activation of key e-commerce and omni-channel capabilities, proactively cutting costs and managing cash smartly,<\/strong> and finding innovative ways to connect the Levi\u2019s brand with its fans<\/p>\n<p>\"We have made the difficult decision to reduce our non-retail, non-manufacturing workforce by about 700 positions, or roughly 15 percent, which we expect will generate annualised savings of $100 million.<\/p>\n<p>\"The pandemic is accelerating retail landscape shifts and consumer behaviour in ways that play to the strength of the Levi\u2019s brand. And <strong>we are doubling down on our digital transformation, incorporating the power of AI and data science<\/strong>, and leveraging our iconic brands to have an even stronger focus on Gen Z and sustainability. We believe this will enable us to further grow our market leadership position and emerge from this crisis a stronger company.\"<\/p>\n<p>Harmit Singh, Executive Vice President and CFO of Levi Strauss &amp; Co, added: \u201cWe have taken measures to improve the structural economics of our company, prudently manage inventories and further solidify liquidity. <strong>As a result of our actions, in the second quarter, we increased total liquidity to $2 billion<\/strong>, reduced Adjusted SG&amp;A by $157 million and managed inventories to only a ten-percent increase over prior year.\"<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/podcasts\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-143937 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Podcast-add.png\" alt=\"\" width=\"1930\" height=\"282\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":49,"featured_media":139290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[10449,19121,5202,5707,9929,11222,20145,10990,10510,4039],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Levi&#039;s to cut 700 jobs as it reports 62% net revenue decline - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Levi Strauss &amp; Co. recorded a net loss of $364 million for the second quarter in its earnings results. The company is also cutting hundreds of jobs,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Levi&#039;s to cut 700 jobs as it reports 62% net revenue decline - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"Levi Strauss &amp; Co. recorded a net loss of $364 million for the second quarter in its earnings results. The company is also cutting hundreds of jobs,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-08T10:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:06:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/xLevis-SuperMario-1.pagespeed.ic_.uI7KTCUohL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"745\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tom Shearsmith\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tom Shearsmith\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\"},\"author\":{\"name\":\"Tom Shearsmith\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/0ef585178e99d23ac0b525337547c9be\"},\"headline\":\"Levi's to cut 700 jobs as it reports 62% net revenue decline\",\"datePublished\":\"2020-07-08T10:19:00+00:00\",\"dateModified\":\"2021-08-06T12:06:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\"},\"wordCount\":466,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"AI\",\"Chip Bergh\",\"Coronavirus\",\"Covid-19\",\"Denim\",\"Finance\",\"Harmit Singh\",\"Jobs\",\"Levi's\",\"Sustainability\"],\"articleSection\":[\"Finance\",\"News &amp; Insight\",\"Retail &amp; Etail\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\",\"url\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\",\"name\":\"Levi's to cut 700 jobs as it reports 62% net revenue decline - TheIndustry.fashion\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#website\"},\"datePublished\":\"2020-07-08T10:19:00+00:00\",\"dateModified\":\"2021-08-06T12:06:27+00:00\",\"description\":\"Levi Strauss &amp; Co. recorded a net loss of $364 million for the second quarter in its earnings results. The company is also cutting hundreds of jobs,\",\"breadcrumb\":{\"@id\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.theindustry.fashion\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Levi's to cut 700 jobs as it reports 62% net revenue decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.theindustry.fashion\/#website\",\"url\":\"https:\/\/www.theindustry.fashion\/\",\"name\":\"TheIndustry.fashion\",\"description\":\"Fashion news, insights, podcasts and events for professionals from across the fashion sector.\",\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.theindustry.fashion\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\",\"name\":\"TheIndustry.fashion\",\"url\":\"https:\/\/www.theindustry.fashion\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png\",\"contentUrl\":\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png\",\"width\":585,\"height\":217,\"caption\":\"TheIndustry.fashion\"},\"image\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/theindustryfashion\/\",\"https:\/\/twitter.com\/theindustryfash\",\"https:\/\/www.instagram.com\/theindustryfashion\/\",\"https:\/\/www.linkedin.com\/company\/10970016\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/0ef585178e99d23ac0b525337547c9be\",\"name\":\"Tom Shearsmith\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1993ae8ec37cfdfcf1fe2dc8bb0c7b8a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1993ae8ec37cfdfcf1fe2dc8bb0c7b8a?s=96&d=mm&r=g\",\"caption\":\"Tom Shearsmith\"},\"description\":\"Tom Shearsmith is the News Editor &amp; Senior Writer at TheIndustry.fashion, joining the company in January 2019. Tom also produces the podcasts for TheIndustry.fashion\",\"sameAs\":[\"http:\/\/www.theindustry.fashion\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Levi's to cut 700 jobs as it reports 62% net revenue decline - TheIndustry.fashion","description":"Levi Strauss &amp; Co. recorded a net loss of $364 million for the second quarter in its earnings results. The company is also cutting hundreds of jobs,","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/","og_locale":"en_GB","og_type":"article","og_title":"Levi's to cut 700 jobs as it reports 62% net revenue decline - TheIndustry.fashion","og_description":"Levi Strauss &amp; Co. recorded a net loss of $364 million for the second quarter in its earnings results. The company is also cutting hundreds of jobs,","og_url":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/","og_site_name":"TheIndustry.fashion","article_publisher":"https:\/\/www.facebook.com\/theindustryfashion\/","article_published_time":"2020-07-08T10:19:00+00:00","article_modified_time":"2021-08-06T12:06:27+00:00","og_image":[{"width":1200,"height":745,"url":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/xLevis-SuperMario-1.pagespeed.ic_.uI7KTCUohL.jpg","type":"image\/jpeg"}],"author":"Tom Shearsmith","twitter_card":"summary_large_image","twitter_creator":"@theindustryfash","twitter_site":"@theindustryfash","twitter_misc":{"Written by":"Tom Shearsmith","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#article","isPartOf":{"@id":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/"},"author":{"name":"Tom Shearsmith","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/0ef585178e99d23ac0b525337547c9be"},"headline":"Levi's to cut 700 jobs as it reports 62% net revenue decline","datePublished":"2020-07-08T10:19:00+00:00","dateModified":"2021-08-06T12:06:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/"},"wordCount":466,"commentCount":0,"publisher":{"@id":"https:\/\/www.theindustry.fashion\/#organization"},"keywords":["AI","Chip Bergh","Coronavirus","Covid-19","Denim","Finance","Harmit Singh","Jobs","Levi's","Sustainability"],"articleSection":["Finance","News &amp; Insight","Retail &amp; Etail"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#respond"]}],"copyrightYear":"2020","copyrightHolder":{"@id":"https:\/\/www.theindustry.fashion\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/","url":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/","name":"Levi's to cut 700 jobs as it reports 62% net revenue decline - TheIndustry.fashion","isPartOf":{"@id":"https:\/\/www.theindustry.fashion\/#website"},"datePublished":"2020-07-08T10:19:00+00:00","dateModified":"2021-08-06T12:06:27+00:00","description":"Levi Strauss &amp; Co. recorded a net loss of $364 million for the second quarter in its earnings results. The company is also cutting hundreds of jobs,","breadcrumb":{"@id":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.theindustry.fashion\/levis-to-cut-700-jobs-as-it-reports-62-net-revenue-decline\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.theindustry.fashion\/"},{"@type":"ListItem","position":2,"name":"Levi's to cut 700 jobs as it reports 62% net revenue decline"}]},{"@type":"WebSite","@id":"https:\/\/www.theindustry.fashion\/#website","url":"https:\/\/www.theindustry.fashion\/","name":"TheIndustry.fashion","description":"Fashion news, insights, podcasts and events for professionals from across the fashion sector.","publisher":{"@id":"https:\/\/www.theindustry.fashion\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.theindustry.fashion\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.theindustry.fashion\/#organization","name":"TheIndustry.fashion","url":"https:\/\/www.theindustry.fashion\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/","url":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png","contentUrl":"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/06\/LOGO.png","width":585,"height":217,"caption":"TheIndustry.fashion"},"image":{"@id":"https:\/\/www.theindustry.fashion\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/theindustryfashion\/","https:\/\/twitter.com\/theindustryfash","https:\/\/www.instagram.com\/theindustryfashion\/","https:\/\/www.linkedin.com\/company\/10970016\/"]},{"@type":"Person","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/0ef585178e99d23ac0b525337547c9be","name":"Tom Shearsmith","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.theindustry.fashion\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1993ae8ec37cfdfcf1fe2dc8bb0c7b8a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1993ae8ec37cfdfcf1fe2dc8bb0c7b8a?s=96&d=mm&r=g","caption":"Tom Shearsmith"},"description":"Tom Shearsmith is the News Editor &amp; Senior Writer at TheIndustry.fashion, joining the company in January 2019. Tom also produces the podcasts for TheIndustry.fashion","sameAs":["http:\/\/www.theindustry.fashion"]}]}},"_links":{"self":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts\/166854"}],"collection":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/comments?post=166854"}],"version-history":[{"count":0,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/posts\/166854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/media\/139290"}],"wp:attachment":[{"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/media?parent=166854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/categories?post=166854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theindustry.fashion\/wp-json\/wp\/v2\/tags?post=166854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}