Levi Strauss Cuts Annual Forecasts as Promotions, Wholesale Weakness Weigh

Levi Strauss & Co cut its annual forecasts for the second time on Thursday after missing third-quarter sales estimates as the denim maker reeled from hefty promotions and falling sales at its wholesale channels in North America.

Gloomy consumer spending has hit retailers like Macy’s and Nordstrom as high prices and borrowing rates squeeze budgets, denting demand for its denims bottoms, tops and cargo pants.

Unseasonably warm weather through…