Levi’s sales fall 62% in second quarter, to cut 15% of corporate workforce

Denim maker Levi Strauss & Co.’s sales fell 62% during the second quarter, the company announced Tuesday. 

It also announced it will be slashing about 15% of its global corporate workforce, impacting about 700 jobs. 

A complete recovery “will likely take some time,” CEO Chip Bergh said. 

The denim maker Levi Strauss & Co.’s sales fell 62% during its fiscal second quarter, the company announced Tuesday, as its online sales weren’t enough to make up for its stores being temporarily shut for roughly 10 weeks during the Covid-19 crisis. 

Consumers by and large have shifted away from tight pants and denim, opting instead for lounge wear and pants with elastic waistbands to wear around the house — if they’re even shopping for clothes. 

Levi’s also announced it will be slashing about 15% of its global corporate workforce, impacting about 700 jobs, in a bid to cut costs during the corona virus pandemic. It said the move should generate annualized savings for Levi’s of $100 million. 

Its shares initially fell in after-hours trading but recently were up less than 1%.