Companies that make jeans are struggling today after privately held Levi Strauss & Co. said sales have been soft in Europe and Asia.
“It is clear that the economic headwinds are getting stronger,” said Chief Executive Chip Bergh, according to the Wall Street Journal. “While our business grew in the Americas, primarily driven by our own retail stores, Europe continues to be a challenge, and for the first time in two years our business in Asia declined.”
Higher cotton prices are also hurting results.
Guess (GES) fell 7.4%, True Religion (TRLG) fell 7.1% and VF Corp. (VFC) fell 2.2%.
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