According to a recent article by Bloomberg, "Levi Strauss & Co. is bracing for tepid consumer spending this holiday season after back-to-school shoppers in the U.S. balked at higher prices on its namesake jeans and Dockers pants.
“It is hard to imagine a very robust holiday season compared to last year,” Chief Financial Officer Blake Jorgensen said in a telephone interview yesterday from San Francisco, where closely held Levi is based. “We remain cautious around where the future is going over the next couple of quarters.”
Some shoppers at J.C. Penney Co., Sears Holdings Corp. (SHLD) and Kohl’s Corp. (KSS) stores bought fewer pairs of Levi jeans in the quarter that ended Aug. 28, which included the start of the back-to-school season, Jorgensen said. To clear out excess merchandise, Levi cut prices it had raised in the past year to cover soaring cotton costs, hurting profitability."
Read the Bloomberg.com fashion news article titled, Levi Says Shoppers Balk at Prices, Spurring Caution for Holidays.
“It is hard to imagine a very robust holiday season compared to last year,” Chief Financial Officer Blake Jorgensen said in a telephone interview yesterday from San Francisco, where closely held Levi is based. “We remain cautious around where the future is going over the next couple of quarters.”
Some shoppers at J.C. Penney Co., Sears Holdings Corp. (SHLD) and Kohl’s Corp. (KSS) stores bought fewer pairs of Levi jeans in the quarter that ended Aug. 28, which included the start of the back-to-school season, Jorgensen said. To clear out excess merchandise, Levi cut prices it had raised in the past year to cover soaring cotton costs, hurting profitability."
Read the Bloomberg.com fashion news article titled, Levi Says Shoppers Balk at Prices, Spurring Caution for Holidays.
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