Levi's reports solid quarterly earnings, CEO says jeans maker will come out of coronavirus stronger [Yahoo! Finance News]
JC PENNEY (JCP)
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Source: Yahoo! Finance News
In any other situation, Levi’s LEVISales beat handily. Inventory fell 7% always good to see for a retailer when sales are gaining). Earnings beat nicely. Sales in tops, bottoms, women’s and men’s all increased, no small achievement. Results reflect solid momentum in the business before the worst of the coronavirus hit the globe — Levi’s quarter ended Feb. 23.Here are the results:But as we all know, these are not normal times for consumers and retailers.Stores are closed across the countryLevi’s gave investors a taste of the current situation in its earnings report.Second quarter earnings and cash flow are expected to be “materially” adversely impacted from its own stores being closed in the U.S., Europe and other parts of the world. The company said Tuesday it will furlough its U.S. store workers as it moves to contain costs. After noting it will pay out a 16% higher dividend to shareholders, the company added it “will reassess dividend payments for the balance of the year as circumst
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