Shares of Levi Strauss & Co soared 20% to a more than two-year high on Thursday as the jeans maker raised its annual profit forecast, powered by new CEO’s cost-cutting initiatives and a focus on direct-to-customer (DTC) sales.
The company has turned to own stores and its website to drive sales as some of its wholesale partners such as department store chains Macy’s and Kohl’s struggle to attract customers.
The DTC channel accounted for nearly half of the total revenue in the first quarter ended Feb. 25, up from 42% in the prior quarter.
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Published: 04 Apr 2024, 08:56 PM IST