Levi's shuts half its China stores on coronavirus outbreak, expects financial hit

Levi Strauss & Co has shut about half of its stores in China due to the outbreak...

) warning of a financial hit from slowing business in the world’s most populous country. Earlier this week, Starbucks also said it closed about half its stores in China.Singh said the coronavirus impact was not baked into the company’s full year forecast, but will be quantified when it reports first quarter results in April.

Singh pointed to the strong start to 2020 fiscal year, saying Levi’s had “hit the ground running” during the crucial holiday shopping season. Fourth quarter net revenue fell 1.4% to $1.57 billion, compared with analysts’ estimates of $1.58 billion, according to IBES data from Refinitiv.

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