Source: Pixabay | Photographer: MabelAmber
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The latest earnings report by the popular denim maker Levi Strauss & Co revealed that the company’s sales for the fiscal period tumbled by a whopping 62% as even online sales couldn’t compensate for the fact that the chain’s physical stores were closed for 10 weeks straight due to the COVID-19 pandemic.
Another possible reason for the weak sales is the new trend that has emerged among users who now buy loungewear and other comfortable clothes instead as they spend most of their time at home—that is, if they need (or could afford) any new garments to begin with.
Due to this, Levi’s has recently announced that it will be slashing close to 15% of its global workforce, translating to roughly 700 jobs, as the company desperately tries to tie its finances together in the wake of the coronavirus. According to the denim maker, this move should result in annualised savings of $100 million.
Surprisingly, investors’ reaction to the news wasn’t as negative as expected—the share price slid by less than 1% in after-hours trading.
“Although we are starting to see some green shoots, we need to continue to be cautious. There could be a second wave of COVID-19 cases and resulting in store closures.”
Chip Bergh, CEO
According to Bergh, while about 90% of Levi’s stores have reopened worldwide, traffic and sales performance is still lagging compared to a year ago.
Here is Levi’s Q2 financial performance in numbers:
– Loss per share: 48 cents
– Revenue: $498 million (down 62% year-over-year)
– Net loss: $364 million
– Sales: down 59% in America, 68% in Europe, and 61% in Asia
– Inventories: up by 10%
– Price per share: down 27% year-over-year
Upcoming reports
See the full list of upcoming earnings reports for 13 – 18 July in the tables below.
Monday, 13 June 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| United Kingdom | Bodycote Plc | Half year 2020 |
| United Kingdom | Dnb ASA | Second quarter of 2020 |
| United States | Nordic Semiconductor ASA | Second quarter of 2020 |
| India | Orkla ASA | Second quarter of 2020 |
| India | PepsiCo Inc | Second quarter of 2020 |
Tuesday, 14 July 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| United States | Ocado Group Plc | Half year 2020 |
| Norway | Wipro Ltd | First quarter of 2021 |
| Norway | Aker BP ASA | Second quarter of 2020 |
| United States | Citigroup Inc | Second quarter of 2020 |
| Kingdom of the Netherlands | Fastenal Co | Second quarter of 2020 |
| United States | Gerresheimer AG | Second quarter of 2020 |
| United States | Gjensidige Forsikring ASA | Second quarter of 2020 |
| United States | JPMorgan Chase & Co | Second quarter of 2020 |
| United States | United Airlines Holdings Inc | Second quarter of 2020 |
| Kingdom of the Netherlands | Wells Fargo & Co | Second quarter of 2020 |
| United States | Cintas Corp | Fourth quarter of 2020 |
Wednesday, 15 July 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| United States | Progressive Corp | Report for June 2020 |
| Sweden | Aker Solutions ASA | Second quarter of 2020 |
| United States | Alcoa Corp | Second quarter of 2020 |
| Germany | ASML Holding NV | Second quarter of 2020 |
| Norway | Bank of New York Mellon Corp | Second quarter of 2020 |
| United States | eBay Inc | Second quarter of 2020 |
| United States | Goldman Sachs Group Inc | Second quarter of 2020 |
| Sweden | Omnicom Group Inc | Second quarter of 2020 |
| United States | PNC Financial Services Group Inc | Second quarter of 2020 |
| United States | Skandinaviska Enskilda Banken AB | Second quarter of 2020 |
| United States | Storebrand ASA | Second quarter of 2020 |
| United States | U.S. Bancorp | Second quarter of 2020 |
| Finland | UnitedHealth Group Inc | Second quarter of 2020 |
Thursday, 16 July 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| Norway | Abbott Laboratories | Second quarter of 2020 |
| United States | Bank of America Corp | Second quarter of 2020 |
| United States | Domino's Pizza Inc | Second quarter of 2020 |
| Norway | Honeywell International Inc | Second quarter of 2020 |
| United States | Husqvarna AB | Second quarter of 2020 |
| United States | Johnson & Johnson | Second quarter of 2020 |
| Sweden | Morgan Stanley | Second quarter of 2020 |
| Sweden | Nucor Corp | Second quarter of 2020 |
| Norway | Sandvik AB | Second quarter of 2020 |
| Sweden | Taiwan Semiconductor Manufacturing Co Ltd | Second quarter of 2020 |
| United States | Telenor ASA | Second quarter of 2020 |
| Norway | Truist Financial Corp | Second quarter of 2020 |
| Taiwan | Microsoft Corp | Fourth quarter of 2020 |
Friday, 17 July 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| Sweden | BlackRock Inc | Second quarter of 2020 |
| Norway | Electrolux AB | Second quarter of 2020 |
| Sweden | Netflix Inc | Second quarter of 2020 |
| United States | Nordea Bank Abp | Second quarter of 2020 |
| United States | Saab AB | Second quarter of 2020 |
| United States | Schibsted ASA | Second quarter of 2020 |
| United States | State Street Corp | Second quarter of 2020 |
| Sweden | Telefonaktiebolaget LM Ericsson | Second quarter of 2020 |
| United States | Telia Company AB | Second quarter of 2020 |
| Norway | Volvo AB | Second quarter of 2020 |
| United States | Yara International ASA | Second quarter of 2020 |
Saturday, 18 July 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| United States | HDFC Bank Ltd | First quarter of 2021 |
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