As Wall Street anxious over signs of somewhat fading at Levi Strauss & Co., chief executive officer Chip Bergh told WWD that the denim leader continues to be very much in its groove.
Shares of Levi’s fell 16 percent to $15.14 after the corporate turned in first-quarter earnings that topped expectations, but were accompanied by gross margin declines, still-heavy inventories and weakness at wholesale.
“The market’s going to do what the market’s going to do,” Bergh said. “We’re going to at all times run this business for the long term.”
Like many of the fashion industry, Levi’s loaded up on inventory early last 12 months when the patron was stronger and the provision chain was slower.
Bergh said the concept was: “Stonewashed 501s don’t...
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