KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Levi Strauss announced on Wednesday that it is considering a sale of its underperforming Dockers brand, prompting its shares to fall 10% in extended trading. The move comes as the company seeks to focus on growing its core Levi's brand and its activewear line, Beyond Yoga.
"We are narrowing our focus to realise the full potential of the Levi's brand and accelerate Beyond Yoga. As a result, we are evaluating strategic alternatives for the Dockers business," said CEO Michelle Gass during the post-earnings call.
The company has retained Bank of America as its financial adviser for the strategic review of Dockers, which saw a 15% decline in sales in the third quarter. Dockers contributed about 5% to Levi’s total quarterly revenue of US$1.52 billion, which missed analysts' estimates of US$1.55 billion.
Despite the underperformance of Dockers, Levi’s direct-to-consumer channel saw 10% growth, driven by strong demand for women's denim clothing. Levi expects fourth-quarter revenue to grow in the mid-single-digit range, below analysts' forecasts of 7.36% growth due to weak sales from Dockers and reduced consumer spending in China.
Additionally, Levi has made alternate shipping arrangements to ensure timely delivery for the holiday season, in light of the ongoing strike at US East and Gulf Coast ports, shifting some shipments to the US West Coast and using air freight where necessary.
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