Levi Strauss cuts annual forecasts as promotions, wholesale weakness weigh

Gloomy consumer spending has hit retailers like Macy's and Nordstrom as high prices and borrowing rates squeeze budgets, denting demand for its denims bottoms, tops and cargo pants. Levi has struggled with declining sales at its overall wholesale business, particularly in North America, which has a higher exposure to the middle-income consumer. Net revenue in Levi's Americas segment decreased 5%, even as its direct-to-customer business, which serves a more affluent consumer, rose 12%.