July 13, 2024

Denims are displayed at a Levi Strauss retailer in New York, March 19, 2019.

Shannon Stapleton | Reuters

Levi Strauss will lay off at the least 10% of its international company workforce as a part of a restructuring, the attire retailer stated Thursday.

The job cuts will happen within the first half of the 12 months, and will have an effect on as much as 15% of company staff, Levi’s stated. The corporate had greater than 19,000 staff as of November, however it’s unclear how a lot of that workforce is in company workplaces.

The cuts come amid a wave of early-year layoffs throughout the retail trade and throughout a spread of public firms. Macy’s and Wayfair each introduced job cuts this month, as each older and newer retailers attempt to kickstart gross sales and enhance income.

The corporate made the announcement because it reported fourth-quarter earnings. Right here’s what Levi’s reported in contrast with what Wall Avenue anticipated, in accordance with analyst estimates compiled by LSEG, previously referred to as Refinitiv:

  • Earnings per share: 44 cents adjusted vs. 43 cents anticipated
  • Income: $1.64 billion vs. $1.66 billion anticipated

The corporate’s shares fell greater than 2% in prolonged buying and selling Thursday.

That is breaking information. Please examine again for updates.