Levi Strauss Cuts Annual Forecasts as Promotions, Wholesale Weakness Weigh

Levi Strauss & Co has revised its annual forecasts downwards for the second time this year after falling short of third-quarter sales estimates. The denim giant attributed the slump to extensive promotions and declining sales in its North American wholesale channels. The broader retail landscape, impacted by restrained consumer spending due to elevated prices and borrowing rates, has affected demand for Levi's products, leading to a 5% decrease in net revenue in its Americas segment.