Levi's Q2 sales drop 62 percent, to cut 15 percent of workforce

Levi Strauss & Co., for its second quarter reported net revenues decline of 62 percent on a reported basis to 498 million dollars; due to the temporary closure of company-operated, franchise and wholesale customer retail locations as a result of the Covid-19 pandemic, partially offset by the company’s e-commerce business which grew 25 percent for the quarter, with sequential month-over-month acceleration to nearly 80 percent growth for the month of May. Gross margin decreased 19.2 percentage points on a reported basis to 34.1 percent, while adjusted gross margin was 51.5 percent, a decline of 180 basis points. The company recorded a net loss of 364 million dollars and an adjusted net loss of 192 million dollars.