Levi Strauss cuts 2022 profit forecast on inflationary pressures, strong dollar

Levi Strauss & Co cut its full-year profit forecast on Thursday, as decades-year high inflation hits consumer spending and a strengthening U.S. dollar adds to worries alongside higher costs. Consumers are increasingly prioritizing their spending on essentials and shifting focus away from higher-priced products and clothes due to high inflation, affecting Levi's and other apparel makers such as Abercrombie & Fitch Co and Gap Inc. The jeans maker, which has been battling supply chain disruptions since the pandemic began and now further strained due to the Russia-Ukraine war, has been raising prices of its denims as Levi's aims to battle rising costs.