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Levi & # 39; s Jeans online sales explode, the action soars

(New York) Online sales of iconic Levi & # 39; s jeans have risen since the start of the pandemic and now represent a quarter of the revenues of US group Levi Strauss, which flew to Wall Street on Tuesday.

Posted Oct 6, 2020 at 5:06 PM

Agence France-Presse

The company's total sales declined 27% in the three months ending August 23, due to fewer customers in stores and the closure of some stores, the company noted in a statement.

But the revenues generated by online sales, on the sites of the group or those of its partners, increased by about 50%.

In total, sales reached $ 1.06 billion, surprising analysts expecting only 822 million.

At the same time, the group brought in $ 27 million in profits. Adjusted per share, it comes down to 8 cents when analysts expected a loss.

In electronic trading after the close of the New York Stock Exchange, the share rose more than 13% after the publication of these results.

At just over $ 16, it remains below pre-pandemic levels at around $ 20.

The group took some time to adjust to the advent of COVID-19, with sales by 62% fell at the height of the containment. In July, he announced the layoff of 15% of the office workers, or 700 people.

"Although the trend appears to be improving quarter after quarter than expected, the ultimate impact of the COVID-19 pandemic remains highly uncertain," the group said Tuesday.

Written by Rahis

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