Why Levi Strauss Tumbled Almost 10% Today
Shares of Levi Strauss (NYSE: LEVI) tumbled 9% on Wednesday after the company reported second-quarter results that beat analyst expectations on the top line but missed the consensus forecast by $0.03 per share on the bottom line.
The jeans maker saw a 62% drop in sales to $498 million as the coronavirus pandemic forced retailers to close their stores, but Levi Strauss was able to salvage some of the quarter with a 25% jump in e-commerce sales. Online sales also surged 80% in May compared to April.
Image source: Levi Strauss.
Source Fool.com
