Levi Strauss & Co 8-K, filed Jan 25, 2022
Levi Strauss & Co (LEVI)
8-K
2022-01-25
For: 2022-01-25
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Added on
April 12, 2026
About this 8-K
Levi Strauss & Co filed this 8-K on January 25, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
_________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 25, 2022
_________________
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(415 ) 501-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| ITEM 8.01. | Other Events | ||||
Effective with Levi Strauss & Co.’s fourth quarter of 2021, which began August 30, 2021, it has three reportable segments: Americas, Europe, and Asia, collectively comprising its Levi's Brands business, and Other Brands, which includes Dockers® and the newly acquired Beyond Yoga® business, which do not meet the quantitative thresholds for reportable segments and therefore are aggregated under the caption of Other Brands.
Further information regarding the Company’s segment reporting is set forth in the segment reporting changes filed herewith as exhibit 99.1, which are incorporated into this Item 8.01 by reference.
| ITEM 9.01. | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| 99.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LEVI STRAUSS & CO. | |||||||||||
| DATE: | January 25, 2022 | By: | /s/ LISA W. STIRLING | ||||||||
| Name: | Lisa W. Stirling | ||||||||||
| Title: | Vice President and Global Controller | ||||||||||
| (Principal Accounting Officer and Duly Authorized Officer) | |||||||||||
Exhibit 99.1
SUMMARY OF SEGMENT REPORTING CHANGES
In the fourth quarter of 2021, we changed our segment reporting as a result of operational changes in support of the ongoing efforts to globally integrate the Levi's Brands business, which includes Levi's®, Signature by Levi Strauss & Co.™ and Denizen® brands, and separate the Dockers® business. The Levi's business is defined geographically in three operating segments: Americas, Europe and Asia. The Dockers® business, which is managed separately, will no longer be reported in the three geographical regions of Americas, Europe and Asia.
Therefore, there are three reportable segments: Americas, Europe, and Asia, collectively comprising the Levi's Brands business, and Other Brands, which includes Dockers® and the newly acquired Beyond Yoga® business, which do not meet the quantitative thresholds for reportable segments and therefore are aggregated under the caption of Other Brands. While this reporting change did not impact consolidated results, the table below presents the results of the new segment reporting for the first, second, third quarters of 2021 and the first, second, third and fourth quarters of 2020 and 2019. Annual periods will be recast in the 2021 10-K, while the 2021 interim periods will be recast when presented as comparable periods in the 2022 10-Q filings.
| Year Ended November 28, 2021 | First Quarter | Second Quarter | Third Quarter | ||||||||||||||||||||
| (Dollars in thousands) (Unaudited) | |||||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Levi's Brands: | |||||||||||||||||||||||
| Americas | $ | 606,121 | $ | 661,435 | $ | 782,333 | |||||||||||||||||
| Europe | 416,717 | 354,886 | 479,114 | ||||||||||||||||||||
| Asia | 232,916 | 191,789 | 162,178 | ||||||||||||||||||||
| Total Levi's Brands net revenues | 1,255,754 | 1,208,110 | 1,423,625 | ||||||||||||||||||||
| Other Brands | 49,847 | 67,861 | 73,958 | ||||||||||||||||||||
| Total net revenues | $ | 1,305,601 | $ | 1,275,971 | $ | 1,497,583 | |||||||||||||||||
| Operating income: | |||||||||||||||||||||||
| Levi's Brands: | |||||||||||||||||||||||
| Americas | $ | 128,650 | $ | 147,542 | $ | 197,999 | |||||||||||||||||
| Europe | 110,587 | 59,387 | 138,684 | ||||||||||||||||||||
| Asia | 29,244 | 6,255 | (16,410) | ||||||||||||||||||||
| Total Levi's Brands operating income | 268,481 | 213,184 | 320,273 | ||||||||||||||||||||
Other Brands(1) | 943 | 2,430 | 5,029 | ||||||||||||||||||||
| Restructuring charges, net | — | (15,515) | 3,615 | ||||||||||||||||||||
| Corporate expenses | (92,301) | (93,644) | (112,607) | ||||||||||||||||||||
| Total operating income | $ | 177,123 | $ | 106,455 | $ | 216,310 | |||||||||||||||||
_____________
(1)Includes allocation of corporate expenses that had not previously been allocated to our segments as Dockers is now measured as a stand-alone business.
| Year Ended November 29, 2020 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
| (Dollars in thousands) (Unaudited) | |||||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Levi's Brands: | |||||||||||||||||||||||
| Americas | $ | 684,811 | $ | 259,872 | $ | 524,198 | $ | 719,018 | |||||||||||||||
| Europe | 495,241 | 126,844 | 377,800 | 391,879 | |||||||||||||||||||
| Asia | 243,748 | 85,228 | 121,294 | 213,121 | |||||||||||||||||||
| Total Levi's Brands net revenues | 1,423,800 | 471,944 | 1,023,292 | 1,324,018 | |||||||||||||||||||
| Other Brands | 82,326 | 25,598 | 39,793 | 61,838 | |||||||||||||||||||
| Total net revenues | $ | 1,506,126 | $ | 497,542 | $ | 1,063,085 | $ | 1,385,856 | |||||||||||||||
| Operating income (loss): | |||||||||||||||||||||||
| Levi's Brands: | |||||||||||||||||||||||
| Americas | $ | 113,574 | $ | (38,622) | $ | 94,350 | $ | 149,436 | |||||||||||||||
| Europe | 131,452 | (64,791) | 87,396 | 53,809 | |||||||||||||||||||
| Asia | 32,532 | (28,466) | (22,829) | (2,629) | |||||||||||||||||||
| Total Levi's Brands operating income | 277,558 | (131,879) | 158,917 | 200,616 | |||||||||||||||||||
Other Brands(1) | 8,384 | (5,703) | (7,702) | 1,683 | |||||||||||||||||||
| Restructuring charges, net | — | (67,371) | (1,071) | (21,973) | |||||||||||||||||||
| Corporate expenses | (107,160) | (243,291) | (57,819) | (88,308) | |||||||||||||||||||
| Total operating income (loss) | $ | 178,782 | $ | (448,244) | $ | 92,325 | $ | 92,018 | |||||||||||||||
_____________
(1)Includes allocation of corporate expenses that had not previously been allocated to our segments as Dockers is now measured as a stand-alone business.
| Year Ended November 24, 2019 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
| (Dollars in thousands) (Unaudited) | |||||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Levi's Brands: | |||||||||||||||||||||||
| Americas | $ | 652,571 | $ | 620,122 | $ | 701,815 | $ | 796,575 | |||||||||||||||
| Europe | 448,284 | 384,881 | 445,668 | 428,636 | |||||||||||||||||||
| Asia | 249,543 | 218,394 | 210,485 | 247,698 | |||||||||||||||||||
| Total Levi's Brands net revenues | 1,350,398 | 1,223,397 | 1,357,968 | 1,472,909 | |||||||||||||||||||
| Other Brands | 84,060 | 89,543 | 89,113 | 95,699 | |||||||||||||||||||
| Total net revenues | $ | 1,434,458 | $ | 1,312,940 | $ | 1,447,081 | $ | 1,568,608 | |||||||||||||||
| Operating income: | |||||||||||||||||||||||
| Levi's Brands: | |||||||||||||||||||||||
| Americas | $ | 112,788 | $ | 102,979 | $ | 144,519 | $ | 159,400 | |||||||||||||||
| Europe | 119,503 | 60,037 | 99,857 | 70,670 | |||||||||||||||||||
| Asia | 43,378 | 17,380 | 17,934 | 8,798 | |||||||||||||||||||
| Total Levi's Brands operating income | 275,669 | 180,396 | 262,310 | 238,868 | |||||||||||||||||||
Other Brands(1) | 7,929 | (8,237) | 4,728 | 2,752 | |||||||||||||||||||
| Corporate expenses | (82,686) | (109,261) | (95,820) | (109,973) | |||||||||||||||||||
| Total operating income | $ | 200,912 | $ | 62,898 | $ | 171,218 | $ | 131,647 | |||||||||||||||
_____________
(1)Includes allocation of corporate expenses that had not previously been allocated to our segments as Dockers is now measured as a stand-alone business.