Levi Strauss & Co. has reported a net revenue decline of 62% for the second quarter of 2020 as COVID-19-driven store closures and reduced footfall negatively impacted business. This included sales drops of 68% in Europe and 61% in Asia. Offsetting some of these losses, ecommerce sales grew by 25% globally in the quarter as some shoppers moved online.
Levi Strauss & Co. announced that it would take measures to make the company more lean and market responsive. As part of the restructure the company said that roughly 700 positions would be made redundant to reduce costs. The company also took steps to improve its liquidity position.