Stock Alert: Levi's Slips 8%

(RTTNews) - Shares of Levi Strauss & Co. (LEVI) are falling more than 8% Wednesday morning at $12.65. It has traded in the range of $9.09- $23.74 in the past 52 weeks.

Tuesday, the denim maker announced job cut of about 15% or 700 jobs in its non-retail, non-manufacturing segments as the company sees its business to continue to be impacted by the coronavirus pandemic for the remaining of the year.

Levis had a revenue decline of 62% in the second quarter ended May 24, 2020, impacted by temporary store closures due to coronavirus pandemic. The company reported loss $364 million in the quarter compared with profit of $29 million in the year-ago period.