The denim retailer said momentum at its own stores and website did not offset weaker wholesale trends in the U.S.
Levi Strauss cut its full-year sales forecast, citing weak sales of its denim at department stores and big-box retailers.
"All the things that are impacting that middle-income consumer are impacting our wholesale business," he said. In the fiscal third quarter, net revenues from Levi's direct-to-consumer business increased 14% compared with the year-ago period. E-commerce revenuer shot up by 19% year over year, as the company posted double-digit growth across all of its brands.
Retailers had control over when to cut those prices, but some took effect in early August — the final month of the third quarter, Bergh said.
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