Levi Strauss & Co.’s finance chief is ramping up the jeans maker’s capital spending, aiming to spend two-thirds of it on digital initiatives to aid the company’s recovery from the effects of the coronavirus pandemic.
San Francisco-based Levi’s this year plans to allocate about $210 million toward capital expenditures, up from last year’s budget, which was trimmed to around $130 million, according to Chief Financial Officer Harmit Singh. “We are reallocating our costs in a way that we drive synergies and savings, and invest in areas of growth,” Mr. Singh said.
Levi’s on Thursday reported net revenue of $1.31 billion for the quarter ended Feb. 28, down 13% compared with the prior-year quarter, before the pandemic hit Europe and the U.S. Digital revenue made up 26%, or about $340 million of net revenue in the quarter, up from about 16% during the prior-year period.
Source: WSJ
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