Levi's CEO Blames Hot Summer for Soft Denim Sales, Cuts Full-Year Forecast
Levi Strauss CEO Chip Bergh attributes the softness in denim wholesale figures to the historically hot summer, stating that it's difficult to sell jeans when it's 110 degrees outside. However, the company's direct-to-consumer business performed better, with its own stores offering weather-appropriate products like shorts and dresses. Levi's cut its profit outlook for the year due to a drop in wholesale revenues, but remains cautiously optimistic for the holiday season despite the tough economic environment.