Levi strauss & co withdraws prior annual guidance

Levi strauss & co - due to uncertainty related to covid-19, co withdraws prior annual guidance & is not providing further guidance at this time.levi strauss & co - q1 gross margin 55.7% of net revenue versus 54.6%.levi strauss & co - in the americas, q1 net revenue grew 4%.levi strauss & co - in europe, q1 net revenue grew 10% on reported basis, 13% on constant-currency basis.levi strauss & co - in asia, q1 net revenue fell 2% on reported basis, 1% on constant-currency basis.levi strauss & co - mid-quarter outbreak of covid-19 adversely impacted q1 net revenue in asia by estimated $20 million.levi strauss & co - in short term, co is reducing costs, capital spend while managing inventory, gross margin.levi strauss & co - cash at quarter end of $0.9 billion and total available liquidity of $1.8 billion.levi strauss & co - quarter-end total inventories down 7%.levi strauss & co - all co-operated doors, all but 6 franchisee doors have reopened in mainland china, including beacon store in wuhan.levi strauss & co - is in process of converting stores in guangzhou and chengdu from franchise to company-operated.levi strauss & co - adverse impact to q2 net revenues, earnings, cash flows is expected to be materially significant due to covid-19.levi strauss & co - suspended its share buyback program until further notice.
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