PVH (PVH), G-III (GIII) Others on Watch; Levi Strauss Reports 76% Drop in Q2 Net Income
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Clothiers and retailers like PVH Corp. (NYSE: PVH), Kohl's (NYSE: KSS), G-III Apparel Group (Nasdaq: GIII), Vince Holding (NYSE: VNCE), Macy's (NYSE: M) and VF Corp. (NYSE: VFC) are on watch Tuesday following quarterly results from jeanswear giant, Levi Strauss & Co.
Levi Strauss posted Q2 gross profit of $530 million, from $549 million in the same period last year. Net income was $11.5 million, down 76 percent from $48.2 million posted in Q213.
“While we are encouraged by business improvements in Europe and Asia, ongoing traffic declines and an increasingly promotional environment continue to pressure our Americas region,” said Chip Bergh, president and chief executive officer. “We will continue to focus on what’s within our control - from cost structure, to conversion in our stores, to engaging consumers with great product and innovation - in order to drive long-term profitable growth. We have a strong second half plan in place, including the launch of the new Levi’s advertising campaign that brings to life the consumer insight that ‘you wear jeans, you “Live in Levi’s."
Read more on the results here.
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