Levi Strauss & Co forecast annual sales and profit below Wall Street expectations on Thursday, and said it would cut 10% to 15% of global corporate jobs as the denim maker seeks to rein in costs amid weakness in its wholesale business. Levi blamed its plan to exit its Denizen brand and cut back on off-price sales this year for the weak forecasts while also missing fourth-quarter revenue estimates. "The value-conscious consumer is under pressure … even though we have decent momentum as we enter 2024, our outlook is cautious," Chief Financial and Growth Officer Harmit Singh said in an interview.
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