Levi Strauss & Co’s stock surged by 20%, reaching a more than two-year high, after the jeans maker raised its yearly profit forecast. This boost in profit comes from cost-cutting measures by the new CEO and a focus on selling directly to customers through their own stores and website.
The company has been relying more on its own stores and website to make sales, especially as some of its wholesale partners like Macy’s and Kohl’s have been struggling to attract shoppers.
Sales through the direct-to-customer (DTC) channel accounted for nearly half of the total revenue in the first quarter, which ended on February 25th, up from 42% in the previous quarter.
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