#Levi's #youtube #stockmarket
As the word 'recession' dominates the mind of consumers, retailers are fighting against the current to navigate cost-cutting. Denim-giant Levi Strauss (LEVI) is among them, and despite a hike in prices, the brand wasn't able to escape the rising cost in goods. Levi Strauss & Co. CEO Chip Bergh told Yahoo Finance Live, "We knew coming into this year that we were going to be navigating a very challenging year," adding that the U.S. market posed some of the "greatest challenges" for the brand. "In the first quarter, our U.S. wholesale business was very challenged," he says. Bergh explains that lower income consumers are making "very tough trade-offs with their monthly budgets," but reiterates that their core consumer base with higher budgets remains well intact. Yahoo Finance Executive Editor Brian Sozzi spoke to Chip Bergh about the impact of the economic slowdown, and focus on its top business at this year's Milken Conference.
Key Video Moments:
00:00:06 - We expected a "very challenging year"
00:01:01 - U.S. seeing "greatest challenges"
00:01:18 - Low income consumers making "very tough trade-offs"
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