The jeans manufacturering giant, Levi Strauss & Co upped its annual profit prediction on Thursday, and its new CEO’s cost-cutting measures and emphasis on direct-to-customer (DTC) sales sent the company’s shares to a 20% increase and a two-year high.
Since some of its wholesale partners, like department store giants Macy’s and Kohl’s, are having trouble drawing customers, the firm has resorted to using its own stores and website to push sales.
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Up from 42% in the previous quarter, the DTC channel brought in almost half of the total income in the first quarter that concluded on February 25.
