Levi Strauss Q3 profit dropped to $27 millionChristian Fernsby ▼ | October 7, 2020
Levi Strauss profit for the third quarter dropped to $27 million from $124 million last year.
Levi Strauss Levi Strauss profit for the third quarter dropped from $124 million
Topics: Levi Strauss
Analysts polled by Thomson Reuters expected the company to report a loss of $0.22 per share.
Third-quarter revenues declined 27% to $1.06 billion from $1.45 billion last year.
Analysts had a consensus revenue estimate of $822.24 million.
Revenue decreased largely due to the impacts of the coronavirus pandemic, including reduced traffic and ongoing closures of company-operated and third-party retail locations for portions of the quarter and in certain markets.
However, Levi's e-commerce revenue surged 52 percent. ■