Jan 30 (Reuters) - Levi Strauss & Co has shut about half of its shops in China because of
Jan 30 (Reuters) – Levi Strauss & Co has shut about
half of its shops in China because of the outbreak of a brand new
coronavirus and can take a near-term monetary hit in consequence
of the epidemic, Chief Monetary Officer Harmit Singh mentioned on
Thursday.
This comes just a few months after Levi’s opened its largest
retailer within the central Chinese language metropolis of Wuhan, the epicenter of the
coronavirus epidemic which has killed about 170 individuals, marring
its plans to faucet into the town’s 11-million robust inhabitants.
“It should put a dampener on our development aims within the close to
time period,” Singh advised Reuters in an interview.
The flu-like virus has set-off alarm bells throughout the globe
with firms comparable to Starbucks Corp closing shops
and warning of a monetary hit from slowing enterprise within the
world’s most populous nation.
Levi’s has additionally stopped all worker journey out and in of
China.
Singh mentioned the coronavirus influence was not baked into the
firm’s full yr forecast, however can be quantified when it
studies first quarter ends in April.
Levi’s, which will get about 3% of its income from China,
forecast 2020 earnings on Thursday above estimates, boosted by
demand for ladies’s attire in its personal shops and on-line.
With foot site visitors at malls and shops shrinking,
Levi’s has…