With the consumer spending slowdown impacting the retail sector, Levi Strauss & Co. (LEVI) experienced a significant decrease in its second-quarter sales, prompting a downward revision of its revenue projections for the year ahead.
LEVI’s second-quarter revenue plunged 9% year-over-year to $1.34 billion. The company also reported a net loss of $1.60 million, a striking contrast to a net income of $49.7 million reported during the same quarter last year.
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