Levi Strauss cuts annual forecasts as promotions, wholesale weakness weigh

Levi Strauss & Co. cut its annual forecasts for the second time on Thursday after missing third-quarter sales estimates, reeling from hefty promotions and falling demand at wholesale channels in North America.

Gloomy consumer spending has hit retailers like Macy’s and Nordstrom as high prices and borrowing rates squeeze budgets, denting demand for Levi’s denims bottoms, tops and cargo pants.

Unseasonably warm weather through the late summer and fall also hurt sales, particularly of men’s jeans in wholesale channels where Levi has less control over product displays.

Read more at CNN Business.