Dublin, Oct. 14, 2020 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the Denim industry "Strong Online Sales Growth Sees Levi Shares Climb 10%"
Levi Strauss & Co shares increased by 10% on Tuesday after the company reported online sales growth of 52% which has helped to offset losses elsewhere in the business. Levi has also benefited from moving into the key women's apparel sector as well as the launch of its new buy back program, Levi's SecondHand, which will allow customers to shop for secondhand jeans and jackets online. Levi expects the strong performance will continue into the fourth quarter though it does expect sales to be down by 14 to 15% year over year. The company will also stop paying a dividend in the fourth quarter but aims to resume payouts in 2021.
Amid pandemic related store closures, wholesale revenue fell by 29% with sales from wholesale partners currently making up about 10% of the company's total business compared to 15% historically. Although Levi has announced plans to increase the number of Target stores its Red Tab jeans are sold at in 2021 as well as launching products at some Dick's sporting goods stores, the company intends to keep its wholesale business at the 10% target in the longer term as it focuses on expanding its growing direct to consumer business.
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