| Schedule of quarterly financial information |
Set forth below are the consolidated statements of operations for
the first, second, third and fourth quarters of 2016 and 2015.
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Year Ended November 27, 2016
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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(Dollars in
thousands) |
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Net revenues
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$ |
1,056,500 |
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$ |
1,011,587 |
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$ |
1,185,111 |
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$ |
1,299,541 |
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Cost of goods sold
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496,902 |
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494,389 |
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592,305 |
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640,131 |
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Gross profit
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559,598 |
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517,198 |
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592,806 |
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659,410 |
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Selling, general and administrative expenses
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441,163 |
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459,351 |
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448,525 |
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517,454 |
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Restructuring, net
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1,848 |
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(191 |
) |
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(627 |
) |
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(718 |
) |
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Operating income
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116,587 |
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58,038 |
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144,908 |
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142,674 |
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Interest expense
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(14,902 |
) |
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(20,411 |
) |
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(19,170 |
) |
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(18,687 |
) |
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Other (expense) income, net
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(2,219 |
) |
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4,295 |
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4,679 |
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11,468 |
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Income before income taxes
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99,466 |
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41,922 |
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130,417 |
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135,455 |
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Income tax expense
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33,175 |
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10,862 |
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32,713 |
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39,301 |
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Net income
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66,291 |
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31,060 |
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97,704 |
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96,154 |
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Net (income) loss attributable to noncontrolling interest
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(455 |
) |
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(335 |
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614 |
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19 |
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Net income attributable to Levi Strauss & Co.
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$ |
65,836 |
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$ |
30,725 |
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$ |
98,318 |
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$ |
96,173 |
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Year Ended November 29, 2015
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First
Quarter |
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Second
Quarter |
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Third
Quarter |
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Fourth
Quarter |
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(Dollars in
thousands) |
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Net revenues
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$ |
1,055,075 |
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$ |
1,012,180 |
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$ |
1,142,012 |
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$ |
1,285,226 |
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Cost of goods sold
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518,010 |
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511,949 |
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568,655 |
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626,898 |
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Gross profit
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537,065 |
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500,231 |
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573,357 |
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658,328 |
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Selling, general and administrative expenses
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425,282 |
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449,662 |
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454,530 |
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494,389 |
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Restructuring, net
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4,338 |
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2,954 |
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4,054 |
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2,725 |
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Operating income
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107,445 |
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47,615 |
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114,773 |
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161,214 |
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Interest expense
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(23,312 |
) |
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(21,913 |
) |
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(17,138 |
) |
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(18,851 |
) |
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Loss on early extinguishment of debt
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— |
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(14,002 |
) |
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— |
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— |
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Other (expense) income, net
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(26,028 |
) |
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7,639 |
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(8,316 |
) |
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1,272 |
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Income before income taxes
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58,105 |
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19,339 |
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89,319 |
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|
143,635 |
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Income tax expense
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19,822 |
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7,887 |
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30,858 |
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41,940 |
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Net income
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38,283 |
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11,452 |
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58,461 |
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101,695 |
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Net loss (income) attributable to noncontrolling interest
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|
109 |
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|
239 |
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(286 |
) |
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(517 |
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Net income attributable to Levi Strauss & Co.
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$ |
38,392 |
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$ |
11,691 |
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$ |
58,175 |
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$ |
101,178 |
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