BofA analysts downgraded Levi Strauss & Co., saying demand for denim 'remains challenged.'
The nation’s pants ecosystem is showing signs of rebalancing, potentially at the expense of jeans maker Levi Strauss & Co., BofA analysts said on Wednesday.
Demand for denim is slowing, they say, pointing to recent commentary from executives. More customers have begun buying cargo pants, chinos and other nondenim pants as they return to the office and other places that demand more formal attire. The analysts pointed to other recent earnings calls as well. Abercrombie & Fitch Co. ANF Chief Executive Fran Horowitz noted during the company’s earnings call in November that there was “a lot happening in nondenim bottoms. We’ve chased into categories like cargo pants, which the consumer responded to quite well during back-to-school. We didn’t have enough, so we’ve chased into those.” And at Gap Inc.
In the U.S., the BofA analysts said Wednesday, retailers will be aiming for tighter inventories after ending up with too much unwanted clothing, as higher prices last year kept more shoppers away from leisure buying. In Europe, a warmer winter and an ongoing energy crisis seem likely to hurt demand as well.
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