Levi’s CFO Looks to Bring Down Debt Further as Business Recovers

Levi Strauss

& Co. is working to pay down the debt that the jeans maker took on during the onset of the pandemic, finance chief

Harmit Singh

said, joining other publicly traded companies that have reduced their financial obligations.

San Francisco-based Levi’s last April raised half a billion dollars in bonds to prepare for financial uncertainty after the company’s stores and those operated by third-party retailers temporarily closed due to Covid-19 restrictions.

The coronavirus dealt a heavy blow to the company’s finances, with net revenue falling to $4.5 billion during the fiscal year ended Nov. 29, down 23% from 2019. It booked a net loss of $127.14 million for the year, compared with a net profit of $395 million in 2019.

Levi’s CFO Harmit Singh.

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