Why Levi Strauss Stock Fell 30% in the First Half of 2020
Shares of Levi Strauss (NYSE: LEVI) slid 30.5% through the first six months of 2020, according to data provided by S&P Global Market Intelligence. The COVID-19 pandemic hit Levi's business particularly hard since it generated only 5% of its total revenue last year through e-commerce channels.
Levi Strauss was not one of Wall Street's favorite retail stocks heading into 2020. Its share price fell 14% in 2019 following Levi's initial public offering in March. Investors were discouraged by a lack of revenue growth, which can be blamed on wholesale weakness. The COVID-19 pandemic made things worse as Levi's joined most non-essential retailers in closing its stores during its second quarter.
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Source Fool.com
