Despite a double-digit drop in revenue in the third quarter, Levi's managed to not only turn a profit but also make its e-commerce business profitable, CEO Chip Bergh told CNBC's Jim Cramer Wednesday." interview. "We're profitable a year ahead of schedule, despite all of the accelerated investments that we've made."
Levi's has invested heavily in both online and brick-and-mortar operations as the retailer looks to build up its direct-to-consumer services. The company also built out its omnichannel capabilities, which Bergh said has benefitted greatly from the pandemic environment. Outside of the impact of coronavirus on sales, fashion trends further influenced by the new normal have also been a positive for Levi.
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