MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	LEVI STRAUSS & CO.
Registered Office :	1155 Battery Street, San Francisco, CA, 94111, San Francisco County
Country :	United States
Financials (as on) :	27.11.2011
Date of Incorporation :	1853
Legal Form :	Private Parent
Line of Business :	Engaged in designing and marketing products that include jeans, casual and dress pants, tops, skirts, jackets, footwear, and related accessories for men, women and children
No. of Employees :	17,000

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families

Source : CIA

Company name and address

Levi Strauss & Co.

1155 Battery Street
San Francisco, CA 94111
United States
Tel:	415-501-6000
Fax:	415-501-7112
Toll Free:	(800) 872-5384
www.levistrauss.com

Employees:	17,000
Company Type:	Private Parent
Corporate Family:	246 Companies
Incorporation Date:	1853
Auditor:	PricewaterhouseCoopers LLP

Fiscal Year End:	27-Nov-2011
Reporting Currency:	US Dollar
Annual Sales:	4,761.6 ^1
Net Income:	138.0
Total Assets:	3,279.6

Business Description

Levi Strauss & Co. is a United States-based Company, which engaged in designing and marketing products that include jeans, casual and dress pants, tops, skirts, jackets, footwear, and related accessories for men, women and children. The Company also licenses its trademarks for an array of products, including accessories, pants, tops, footwear, home and other products. It operates its business through three geographic regions: Americas, Europe and Asia Pacific. The Company distributes its Levi’s and Dockers products primarily through chain retailers and department stores in the United States and primarily through department stores, specialty retailers, and franchised stores outside of the United States. It also distributes Signature by Levi Strauss & Co. brand products primarily through mass channel retailers in the United States and Canada and franchised stores in Asia Pacific, and it distributes Denizen products through franchised stores in Asia Pacific. For the three months ended 27 February 2011, Levi Strauss & Co's revenues increased 8% to $1.12B. Net income decreased 28% to $40.7M. Revenues reflect an increase in income from America, Europe and in Asia pacific. Net income was offset by an increase in selling, general & administrative expenses, higher cost of goods sold, a decrease in operating income and an increase in interest expenses.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	1351 - Clothing Manufacturing
NACE 2002:	1822 - Manufacture of other outerwear
NAICS 2002:	315224 - Men's and Boys' Cut and Sew Trouser, Slack and Jean Manufacturing
UK SIC 2003:	18221 - Manufacture of other men's outerwear
UK SIC 2007:	14131 - Manufacture of men's outerwear, other than leather clothes and workwear
US SIC 1987:	2325 - Men's and Boys' Separate Trousers and Slacks

Key Executives   (Emails Available)

Name	Title
Charles V. Bergh	President, Chief Executive Officer, Director
Beng-Keong Boey	EVP, Pres. - Commercial Operations Asia Pacific and Global Denizen brand
Joelle Maher	Executive Vice President and President Global Retail
Beto Guajardo	Global Vice President of Strategy
James Curleigh	Executive Vice President, President - Levi's(R) Brand

Topic	#*	Most Recent Headline	Date
Debt Financing / Related	1	Levi Strauss and Co Commences Senior Notes Offering	24-Apr-2012

* number of significant developments within the last 12 months

News

Title	Date
Levi's to phase out low-cost Denizen brand from Asia Times of India (297 Words)	23-Sep-2012
United States : AECOM appoints Thomas Peck as senior vice president, chief information officer Mena Report (276 Words)	18-Sep-2012
AECOM appoints Thomas Peck as senior vice president, chief information officer Business Wire (456 Words)	17-Sep-2012
Dubai Outlet Mall adds more brands Gulf News (United Arab Emirates) (78 Words)	10-Sep-2012
Levi's scales down after India retail rush Times of India (455 Words)	9-Sep-2012

Financial Summary

As of 27-May-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.29	2.75
Quick Ratio (MRQ)	1.45	1.45
Sales 5 Year Growth	2.58	10.05
Net Profit Margin (TTM) %	2.90	7.39
Return on Assets (TTM) %	4.59	7.59

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
1155 Battery Street
San Francisco, CA, 94111
San Francisco County
United States

Tel:	415-501-6000
Fax:	415-501-7112
Toll Free Tel:	(800) 872-5384

www.levistrauss.com

Sales USD(mil):	4,761.6
Assets USD(mil):	3,279.6
Employees:	17,000
Fiscal Year End:	27-Nov-2011

Industry:	Apparel and Accessories

Incorporation Date:	1853
Company Type:	Private Parent
Quoted Status:	Not Quoted

President, Chief Executive Officer, Director:	Charles V. Bergh

Industry Codes

ANZSIC 2006 Codes:
1351	-	Clothing Manufacturing
1352	-	Footwear Manufacturing
4251	-	Clothing Retailing

NACE 2002 Codes:
1822	-	Manufacture of other outerwear
1824	-	Manufacture of other wearing apparel and accessories not elsewhere classified
1823	-	Manufacture of underwear
5242	-	Retail sale of clothing
1930	-	Manufacture of footwear

NAICS 2002 Codes:
315224	-	Men's and Boys' Cut and Sew Trouser, Slack and Jean Manufacturing
315232	-	Women's and Girls' Cut and Sew Blouse and Shirt Manufacturing
448110	-	Men's Clothing Stores
316213	-	Men's Footwear (except Athletic) Manufacturing
315239	-	Women's and Girls' Cut and Sew Other Outerwear Manufacturing
316214	-	Women's Footwear (except Athletic) Manufacturing
315228	-	Men's and Boys' Cut and Sew Other Outerwear Manufacturing
315223	-	Men's and Boys' Cut and Sew Shirt (except Work Shirt) Manufacturing
448120	-	Women's Clothing Stores

US SIC 1987:
2325	-	Men's and Boys' Separate Trousers and Slacks
2331	-	Women's, Misses', and Juniors' Blouses and Shirts
5611	-	Men's and Boys' Clothing and Accessory Stores
3143	-	Men's Footwear, Except Athletic
3144	-	Women's Footwear, Except Athletic
2321	-	Men's and Boys' Shirts, Except Work Shirts
5621	-	Women's Clothing Stores
2339	-	Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified
2329	-	Men's and Boys' Clothing, Not Elsewhere Classified

UK SIC 2003:
18221	-	Manufacture of other men's outerwear
52424	-	Retail sale of other men's clothing
18231	-	Manufacture of men's underwear
1824	-	Manufacture of other wearing apparel and accessories not elsewhere classified
52423	-	Retail sale of other women's clothing
18222	-	Manufacture of other women's outerwear
1930	-	Manufacture of footwear
18232	-	Manufacture of women's underwear

UK SIC 2007:
14131	-	Manufacture of men's outerwear, other than leather clothes and workwear
14141	-	Manufacture of men's underwear
1419	-	Manufacture of other wearing apparel and accessories n.e.c.
14142	-	Manufacture of women's underwear
1520	-	Manufacture of footwear
14132	-	Manufacture of women's outerwear, other than leather clothes and workwear
4771	-	Retail sale of clothing in specialised stores

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Business Description

Levi Strauss & Co. is a United States-based Company, which engaged in designing and marketing products that include jeans, casual and dress pants, tops, skirts, jackets, footwear, and related accessories for men, women and children. The Company also licenses its trademarks for an array of products, including accessories, pants, tops, footwear, home and other products. It operates its business through three geographic regions: Americas, Europe and Asia Pacific. The Company distributes its Levi’s and Dockers products primarily through chain retailers and department stores in the United States and primarily through department stores, specialty retailers, and franchised stores outside of the United States. It also distributes Signature by Levi Strauss & Co. brand products primarily through mass channel retailers in the United States and Canada and franchised stores in Asia Pacific, and it distributes Denizen products through franchised stores in Asia Pacific. For the three months ended 27 February 2011, Levi Strauss & Co's revenues increased 8% to $1.12B. Net income decreased 28% to $40.7M. Revenues reflect an increase in income from America, Europe and in Asia pacific. Net income was offset by an increase in selling, general & administrative expenses, higher cost of goods sold, a decrease in operating income and an increase in interest expenses.

More Business Descriptions

Jeans & Apparel Mfr & Marketer

Establishments primarily engaged in the retail sale of clothing, furnishings, and accessories for men, women, and children, without specializing in sales for an individual sex or age group.

Levi Strauss & Co. (Levi's) is the brand- name apparel company in the US. The company is involved in manufacturing, distribution, and retailing of apparels. The company product range includes jeans and jeans-related pants, casual and dress pants, tops, jackets, footwear, and related accessories. The company has a broader customer base that involves men, women, children, teenagers. The brands of the company such as dENiZEN, Levi's, Dockers and Signature by Levi Strauss & Co. are popular in the worldwide market. The company is focused on both developed markets such as the US, Japan, Western Europe and developing markets such as India, China, Brazil and Russia. The company operates its business in three geographical reportable segments, namely, Americas, Europe and Asia Pacific. For the fiscal year ended November 2011, the Americas region accounted for 57% of the company's total revenue, followed by, Europe region with 24.6% and Asia Pacific region with 18.4% revenue. The company sells its products through dedicated stores, multi branded stores, franchise stores, company owned stores, mass channel retailers. The company operates websites such as www.levi.com and www.dockers.com. and retailer websites. As of November 2011, the company had 498 company-operated stores situated in 32 countries across its three regions. The company operated 211 stores in the Americas, 178 stores in Europe and 109 stores in Asia Pacific. The company also operated 1,800 franchisee-owned stores.Levi's is the foundation brand of the company. Levi's includes the products under the brand names Levi’s Red Tab, Levi’s Blue, Levi’s Lady Style, Levi’s Capital E and Levi’s Vintage Clothing. Apart from Levi’s Red Tab brand, the rest of the brands are classified as premium brands. Its product range includes jeans and jeans wear in variety fits, fabrics, finishes, styles and price points. Its products are sold in more than 110 countries. For the fiscal year ended November 2011, it contributed 83% of the company's total sales. Dockers known as Dockers San Francisco, includes apparels for men and women. This product fills the gap between jeans and dress pants. The brand leverages its khaki specialty to deliver a range of women’s products in selected key markets. It represents casual clothing for occasions such as work, weekend, dress and golf. The brand is sold in more than 50 countries. For the fiscal year ended November 2011, it contributed 12% of the company's total sales.Signatures by Levi Strauss & Co.’s products target the more value conscious consumers those seek fashion, high quality. The products under this brand is retailed through mass retail channels in US and Canada, through franchisees in Asia Pacific. The product range include denim jeans, casual pants, tops and jackets. For the fiscal year ended November 2011, it contributed 5% to the total sales of the company. The company owns manufacturing, distribution and administrative facilities in the US and abroad. As of November 2011, the company leased or owned 110 administrative and sales offices in 41 countries, as well as leased 17 warehouses in nine countries. In March 2012, the company's Levi's brand introduced WaterLess Jeans collection for spring season that would reduce the water consumption in the finishing process of jeans manufacturing by making simple changes to the process.

Levi Strauss & Co. (Levi's) is a brand-name apparel and jeanswear company. The company manufactures and markets jeans, casual wear and related accessories for men, women and children. The company offers its products under brands such as Levi's, Dockers, dENiZEN and Signature by Levi Strauss & Co. The company sells its products through dedicated stores, multi branded stores, franchise stores, company owned stores and mass channel retailers. The company operates more than 2,300 franchised stores and company-operated stores. Levi Strauss & Co., along with its subsidiaries, sells its products in 110 countries across three geographical regions namely, Americas, Europe and Asia Pacific. The company is headquartered in San Francisco (California), the US. The company's Levi's brand introduced WaterLess Jeans collection for spring season in a strategic intent to expand its product portfolio and serve its customers with better offers.

Levi Strauss & Co (USA) is one of the world's largest brand-name apparel marketers with sales in more than 110 countries.

Founded in 1853, Levi Strauss & Company is one of the world's largest brand-name apparel marketers, with sales in more than 110 countries. There is no other company with a comparable global presence in the jeans and casual pants markets. Its market-leading apparel products are sold under the Levi's, Dockers and Levi Strauss Signature brands. The Levi's trademark is one of the most recognized in the world and is registered in more than 160 countries. The company is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. Levi Strauss & Company is a worldwide corporation organized into three geographic divisions that include Levi Strauss North America, based in the company's San Francisco headquarters; Levi Strauss Europe, based in Brussels; and the Asia Pacific Division, based in Singapore.

Brand/Trade Names
Color Bond - Jeans - men's Levi's Engineered Jeans - Apparel and accessories Dockers Authentic - Apparel - men's Action - Apparel - men's L2 - Apparel and accessories Dockers - Eyeglasses Levis For Women - Jeans - women's Original Spin - Apparel and accessories Engineered Jeans - Apparel and accessories	Personal Pair - Apparel and accessories Fashion Jeans - Apparel and accessories, now out of production Slates - Slacks - men's 569 - Apparel and accessories Go Khaki - Slacks - men's Travelers - Apparel and accessories Authentics - Apparel and accessories Levi's - Apparel and accessories
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Financial Data

Financials in:	USD(mil)
Revenue:	4,761.6
Net Income:	138.0
Assets:	3,279.6
Long Term Debt:	1,819.6
Total Liabilities:	3,438.1
Working Capital:	0.6
Date of Financial Data:	27-Nov-2011

1 Year Growth

8.0%

NA

NA

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Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Bank:	Arrow Sign Co, Bank Of America Business Cptl
Auditor:	PricewaterhouseCoopers LLP

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Additional Infomation
ABI Number:	894586148
Fortune 1000 Rank:	501
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Levi Strauss & Co.

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Marketing

Segments. We manage our business according to three regional segments: the Americas, Europe and Asia Pacific. In each of 2010 and 2011, accountability for certain information technology, human resources, advertising and promotion, and marketing staff costs of a global nature, that in prior years were captured in our geographic regions, was centralized under corporate management in conjunction with our key strategy of driving productivity. Subsequent to these changes, these costs were classified as corporate expenses. These costs were not significant to any of our regional segments individually in any of the periods presented herein, and accordingly, business segment information for prior years has not been revised.

Partnerships

In 2011, the company opened bespoke two-story store at Kalverstraat, Amsterdam, the Netherlands, under the Levi brand. This store offers selection of fits and finishes of Levi’s Curve ID jeans for women among others, and men's products including the Best of Levi’s collection - pinnacle products. The company entered into a collaboration with Mark Werts for a new denim concept called Industrie Denim, which will be operated by Industrie Denim LLC and through online at www.IndustrieDenim.com. Through this collaboration, it has concept stores in Scottsdale, Arizona and San Francisco, the US. Industie Denim will offer over 100 denim collections, including Levi’s Red Tab, Levi’s Made & Crafted, Levi’s Vintage Clothing (LVC), Dockers, and other premium denim brands.New DevelopmentsThe company has undertaken several business initiatives to strengthen and expand its portfolio. During 2011, its Docker brand expanded its offerings through the introduction of a new denim style, the Alpha khaki.

Levi Strauss & Co.

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Distribution Networks · Geographical Landscape · Renowned Brands	Weaknesses · Weak Profitability Indicators · Substantial Debt Burden
External Origin (attributes of the environment)	Opportunities · Stores Expansion · New Developments · Growing Opportunities in E-Retailing	Threats · Fast Changing Fashion Trends · Global Economic Scenario · Growing Counterfeit Products · Competitive Landscape

Overview

Levi Strauss & Co. is among the largest brand-name apparel companies offering a wide range of products, such as jeans, casual and dress pants; tops; shorts; skirts; jackets; footwear and related accessories. The company leverages on its geographical landscape, distribution network and renowned brands to tap immense market potential, thereby accelerating its business growth. However, highly competitive environment, global economic scenario, counterfeit products and changing fashion trends might have an adverse impact on the company's financial and business operations.

Strengths

Distribution Networks

The company maintains a robust base of distribution networks, which helped it to fulfill its objectives related to sourcing, manufacturing and distribution of products in an effective and efficient manner. It markets and sells its products in over 110 countries. The company sells its products to over 55,000 retail locations across the world, consisting of nearly 2,300 retail stores related to its own brands. These 2,300 retail stores consist of 498 company-operated retail stores and nearly 1,800 franchised and other stores. As of November 27, 2011, the company operated 498 retail and outlet stores in leased locations in over 32 countries, consisting of 211 stores in the Americas, 109 stores in Asia-Pacific and 178 stores in Europe. The retailers include chain retailers such as Kohl's, JC Penny, Target, Wal-Mart; department stores including Nordstorm, Macy's, Barney's; specialty retailers including J Crew, Urban Outfitters, J Crew; and other retailers' online stores. The company also operates over 330 shop-in-shops outside the US. Levi Strauss & Co operates four manufacturing facilities internationally and nine distribution centers. The company also markets its products through its websites, www.levi.com, www.dockers.com, www.levistrausssignature.com, and www.denizen.com.

Geographical Landscape

The company's widespread geographical presence insulates it from its operational decline in a specific market. The company operates across the Americas, Europe and Asia-Pacific offering its product across 110 countries. The company owns manufacturing, finishing and distribution facility at Corlu, Turkey; and leases manufacturing facilities in Plock, Poland and Cape Town, South Africa. It owns three distribution centers in the US, one in Canada, one in the UK, and one in Japan; and one leased distribution facilities in Australia, one data center in Texas, the US, and one finishing facility in Vietnam. As of November 27, 2011, the company owned or leased 110 administrative and sales offices in nearly 41 countries, and leased 17 warehouses in nine countries. For the fiscal year ended 2011, the Americas region accounted for 57.03%, followed by Europe with 24.65% and Asia-Pacific region with 18.3%.

Renowned Brands

The company is one among the largest brand-name apparel company that offers a wide range of products, such as jeans, casual and dress pants; tops; shorts; skirts; jackets; footwear and related accessories. The company markets its products under its established brands, namely, Levi's and Dockers, and other brands, namely, Signature by Levi Strauss & Co. and Denizen. Its Levi's brand is the most widely recognized brand in the apparel domain. Under its Levi's brand, it offers a wide range of products including Levi’s Red Tab products that consist of jeans and jeanswear offered in a variety of fits, fabrics, finishes, styles and price. The Levi's Red Tab product line includes the company's flagship 501 jean, the best-selling five-pocket jean, which accounted for the major portion of the total revenue generated by Levi's brand. Levi's brand also offers premium products across the world. Its Dockers brand has been in the market for over 25 years offering khaki apparel products for men and women. The company's Signature by Levi Strauss & Co. brand offers denim jeans, tops, jackets and casual pants in a variety of fits, finishes and fabrics for men, women and kids. It offers Signature by Levi Strauss & Co. through the retail channel in the US and Canada, and through franchised stores in Asia-Pacific. Its Denizen brand includes a variety of jeans, tops and accessories, which are marketed in Asia-Pacific, the US and Mexico catering to the middle class consumers. For the fiscal year ended 2011, Levi's brand accounted for 83% of the total revenue of the company, followed by Dockers brand with 12%, signature by Levi Strauss & Co. and Denizen with 5%.

Weaknesses

Weak Profitability Indicators

The company reported weak profitability in 2011. Although the company's revenue increased from $4,410.6m in 2010 to $4,761.6m in 2011, its operating income declined from $381.4m in 2010 to $336.4m in 2011, and its net income declined from $149.4m in 2010 to $135.1m in 2011. This can be attributed to the increment in the sales in its discount channels and increase in its operating expenses in 2011. The company's selling, general and administrative expenses increased from $1,841.5m in 2010 to $1,955.8m in 2011, indicating an increase of 6.2% over that of 2010. Its corporate expenses also increased from $270.9m in 2010 to $347.9m in 2011, indicating an increase of 28.4%. The corporate expenses include selling, general and administrative expenses not related to its regional operating segments. As a result, its gross margin declined from 50.4% in 2010 to 48.1 % in 2011, and its operating margin declined from 8.6 % in 2010 to 7.1 % in 2011.

Substantial Debt Burden

Increasing debt could have a major impact on the operational performance of the company as a major portion of the company's earnings would be diverted to servicing its debt obligations. This could be of concern to the investors and make it difficult for the company to raise funds on favorable terms from the market. The company's total debt stood at $2 billion in the fiscal year ended 2011 consisting of total long term debt of $1.81 billion. This obligations comprise $100m secured senior revolving credit facility, $324.03m senior term loan due 2014, $350m unsecured senior notes due 2016 at interest of 8.87%, $525m unsecured senior notes due 2020 at 7.62%. Moreover, the company and its subsidiaries' long term debt agreements has customary covenants. The company incurred this debt to meet its working capital and capital expenditure needs. If it fails to comply with any of the debt service requirements, the debt could become due and payable prior to its scheduled maturity. The company needs to dedicate a significant portion of its cash flow from operations to service interest and principal payments. Any reduction in revenues and operating cash flows could hinder the company’s ability to repay interest and principal, resulting in default.

Opportunities

Stores Expansion

The company expands its network of stores to cater to the needs and demands of a large number of customer base, maintaining its brand value. In 2011, the company opened bespoke two-story store at Kalverstraat, Amsterdam, the Netherlands, under the Levi brand. This store offers selection of fits and finishes of Levi’s Curve ID jeans for women among others, and men's products including the Best of Levi’s collection - pinnacle products. The company entered into a collaboration with Mark Werts for a new denim concept called Industrie Denim, which will be operated by Industrie Denim LLC and through online at www.IndustrieDenim.com. Through this collaboration, it has concept stores in Scottsdale, Arizona and San Francisco, the US. Industie Denim will offer over 100 denim collections, including Levi’s Red Tab, Levi’s Made & Crafted, Levi’s Vintage Clothing (LVC), Dockers, and other premium denim brands.

New Developments

The company has undertaken several business initiatives to strengthen and expand its portfolio. During 2011, its Docker brand expanded its offerings through the introduction of a new denim style, the Alpha khaki. The company under its Docker brand entered into agreements with apparel designer Alexander Wang and five other American menswear designers for the introduction of new limited-edition collection. Its Levi brand entered into a partnership with Filson for the introduction of second Levi's workwear by Filson collection, which is to be showcased at the select Levi and Filson stores. The company launched its Denizen brand in the US through the introduction of a new line of jeans at the Target stores and on Target.com. Under its Levi brand, the company introduced men's commuter cycling products and launched new Water

Growing Opportunities in E-Retailing

Online shopping, also called e-retailing, has been witnessing a strong growth in the recent years, mostly due to the rising internet penetration and the user-friendly shopping interface created by the retailers. With brand promotions and attractive features in its website, Levi Strauss & Co. could attract more customers and generate higher revenue. With Levi Strauss & Co.'s strong brand equity, it can expect a huge sales growth in the near future. The company markets its brands through the websites, www.levi.com, www.dockers.com, www.levistrausssignature.com, and www.denizen.com. According to industry experts, the online retail sales in the US are expected to reach $229 billion in 2013. The market is expected to grow at a compound average growth rate (CAGR) of 10% from 2009 to 2013. Further, according to Internet World Stats, the internet penetration in the world population stood at 32.7% in 2011, compared to 28.7% before. Besides, during 2000-2011, internet penetration recorded a growth of 528.1%. The rising popularity of e-retailing has encouraged more and more customers to shop online and place their orders through credit cards, thereby avoiding the time consuming journey and billing queues.

Threats

Fast Changing Fashion Trends

The company is engaged in specialty and casual apparel retailing. Its business depends principally on the customer preferences and the changing trends. The company has to adapt quickly to these changes to increase or maintain its business in the competitive apparel industry. The fashion trends change at a rapid pace and depend on seasons and current trends. The consumers’ purchasing decisions are highly subjective and could be influenced by various factors, such as brand image, marketing programs and product design. The company should anticipate and respond to these changing consumer preferences in a time based manner. Although the company has a consistent focus on innovation and creativity to stay abreast of emerging lifestyle and fashion trends affecting accessories and clothing, however, any failure to identify and respond to change in consumer preference and the rapidly changing fashion trends could adversely affect consumer acceptance of company’s products and brands in turn affecting its future business growth. Moreover, as a major player in the apparels industry, the company faces significant pricing pressure due to various factors such as change in consumer demand, intense competition, consolidation in the retail industry, and pressure from retailers to reduce the costs. These factors could adversely affect the company's profitability and business.

Global Economic Scenario

The global economic slowdown and vague recovery scenario are likely to create challenges for the company over the next few years. The global recovery is facing challenges related to tough economic environment in the euro area and weak business environment elsewhere. According to recent world economic outlook (WEO) report by IMF, global output is projected to expand by 3.25% in 2012, a downward revision of about 0.75% point relative to the September 2011 WEO forecast. The primary reason for the downward revision is the situations in the Euro region, which is expected to witness a mild recession in 2012, mainly due to the increment in sovereign yields, fiscal consolidation, and the effects of bank deleveraging. The growth in emerging economies is also expected to slow down, mainly due to the declining external environment and weak internal demand. According to the report, the world output is expected to decline from 3.8% in 2011, to 3.3% in 2012, and is expected to witness an increase in 2013 with figures of 3.9% in 2013. The output of advanced economies is projected to decline from 1.6% in 2011 to 1.2% in 2012, and the output of emerging and developing economies are expected to decline from 6.2% in 2011, to 5.4% in 2012. Growth in advanced economies is expected to be lower, mainly due to adverse spillovers from the euro region. World Bank also lowered its world economic growth of 2.5% in 2012 and 3.1% in 2013, well below the 3.6 % growth for each year projected in June 2011. Furthermore, according to the World Bank estimates, high income economies are expected to expand nearly 1.4% in 2012 as the euro area shrinks 0.3%, as it witnessed sharp downward revisions from growth forecasts last June of 2.7% and 1.8%, respectively. It also lowered the growth forecast for developing economies to 5.4% for 2012 from its previous forecast of 6.2%, as the expansion in Brazil and India, Russia, South Africa and Turkey witnessed slowness. Furthermore, according to experts, the global economy is expected to have a sluggish growth in 2013, with output growth dragged down by a weak performance anticipated in the euro zone.

Growing Counterfeit Products

The company's business could be adversely affected due to the huge influx of counterfeit products across the globe. Such high penetration of counterfeit merchandise may lower the sales of the company and adversely affect its profit margins. Moreover, as the customers end up buying counterfeit products bearing the look-alike brand labels, the low quality of these counterfeits affects the consumer confidence and also tarnishes the brand image of the genuine company. With global annual sales of around $500 billion, the sales of counterfeit goods are expected to cross $2 trillion in sales by 2026. Besides, since 1982, the global trade in illegitimate goods has increased from $5.5 billion to about $600 billion annually. The company is prone to these challenges and any under performance of the counterfeit products will have a major effect on the company's revenues.

Competitive Landscape

Levis Strauss & Co operates in highly competitive apparel industry. The business is characterized by low entry barriers, brands targeted at specific consumer segments. The company competes with both national and local department stores, specialty and discount store chains, independent retail stores and internet businesses in the US markets. The company also faces competition from established regional and national chains in the overseas markets, which include retailers in Europe, Middle East and Asia. The key competitive factors include product features, brands recognition, consumer demands, retail locations, product availability and price, among others. The key competitors of the company include Gap Inc., Inditex, VF Corporation, adidas Group, Nike, Inc; and G-Star and Diesel in Europe and UNIQLO in Asia-Pacific. The company also faces competition from retailers' private and exclusive labels including Faded Glory brand by Wal-Mart Stores, Inc., Mossimo and Merona brand by Target Corporation, and Arizona brand by JC Penney. Some of the company's competitors have stronger financial and marketing resources that help them to adopt to the dynamic business environment to respond quickly to the customers' needs, to build and sustain the brand equity, and adopt effective pricing strategies. The intense competition in the apparel business could restrict the company’s growth in the near future.

Levi Strauss & Co

Credit Report as of 11/01/2011

Location
1155 Battery St San Francisco, CA 94111-1264 United States
County:	San Francisco
MSA:	San Fran, CA
Phone:	415-501-6000
Fax:	415-501-3939
Toll Free:	800-872-5384
URL:	http://levistrauss.com
ABI^©:	894586148
Annual Sales:	$4,674,426,000 (USD)
Employees:	17,000
Facility Size(ft^2):	40,000+
Business Type:	Private
Location Type:	Headquarter

BUSINESS CREDIT RATING
Primary Line of Business:
SIC:	5651-01 - Clothing-Retail
NAICS:	448140 - Family Clothing Stores
Secondary Lines of Business:
SICs:	5136-03 - Apparel-Mens-Wholesale
	5137-05 - Women's Apparel-Wholesale
	5137-09 - Childrens & Infants Wear-Wholesale
	5611-06 - Jeans
	8742-13 - Marketing Programs & Services
NAICS:	424320 - Men's & Boy's Clothing Merchant Whols
	424330 - Women's & Children's Clothing Merchant Whols
	448110 - Men's Clothing Stores
	541613 - Marketing Consulting Svcs

Similar Businesses in the Area *
Ann Taylor 3 Embarcadero Ctr Ste: Sl5 San Francisco, CA 94111-4074	Banana Republic 2 Embarcadero Ctr Ste: Sl7 San Francisco, CA 94111-3826	Nb Tailoring & Alterations 1546 Grant Ave San Francisco, CA 94133-3324
Acre SF 301 Union St San Francisco, CA 94133-3515	Gap 3 Embarcadero Ctr Ste: Sl4 San Francisco, CA 94111-4074	Crazy Fashions 966 Grant Ave San Francisco, CA 94108-1302
Therapy 1445 Grant Ave San Francisco, CA 94133-3303	Bryan-Lee Store 1499 Grant Ave San Francisco, CA 94133-3303	In Fashion 734 Broadway San Francisco, CA 94133-4304
Nisan Design Group LLC 201 Sacramento St San Francisco, CA 94111-3829

*	Similar Businesses are defined as the closest businesses sharing the same six-digit primary SIC code ( 5651-01 - Clothing-Retail) regardless of size.
Top

Closest Neighbors
Great Northern Brewing Co SF 1160 Battery St San Francisco, CA 94111-1213	Levi Strauss & Co Law Library 1155 Battery St San Francisco, CA 94111-1203	Interland Jalson 1160 Battery St San Francisco, CA 94111-1213
Retail West Inc 1105 Battery St San Francisco, CA 94111-1203	Secure Core 1160 Battery St San Francisco, CA 94111-1213	Guinness UDV/Diageo 1160 Battery St Ste: 400 San Francisco, CA 94111-1236
Levi Strauss Employee FCU 1155 Battery St San Francisco, CA 94111-1203
Top

Corporate Family	Corporate Structure News:
	Levi Strauss & Co.
Levi Strauss & Co. Total Corporate Family Members: 246

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Levi Strauss & Co.	Parent	San Francisco, CA	United States	Apparel and Accessories	4,761.6	17,000
Dockers Brand	Unit	San Francisco, CA	United States	Retail (Apparel)		10,000
Levi Strauss Poland Sp. z.o.o.	Subsidiary	Plock	Poland	Apparel and Accessories	150.0	694
Levi Strauss (U.K.) Ltd.	Subsidiary	Northampton	United Kingdom	Business Services	64.3	644
Levi Strauss Pension Trustee Ltd.	Subsidiary	Northampton	United Kingdom	Nonclassifiable Industries
Levi Strauss & Co.	Branch	Hebron, KY	United States	Apparel and Accessories		500
Levi Strauss & Co Call Center	Subsidiary	Hebron, KY	United States	Business Services	20.8	425
Levi Strauss & Co Europe	Subsidiary	Bruxelles	Belgium	Apparel and Accessories	790.2	420
Dockers Mens Footwear	Branch	Nashville, TN	United States	Retail (Apparel)	57.6	400
Levi Strauss & Co.	Branch	Little Rock, AR	United States	Apparel and Accessories		400
Levi Strauss (Philippines) Inc	Subsidiary	Metro Manila	Philippines	Apparel and Accessories	23.5	350
Levi Strauss De España Sa	Subsidiary	Barcelona	Spain	Apparel and Accessories	139.4	309
Levi Strauss & Co.	Branch	Henderson, NV	United States	Apparel and Accessories		250
Levi Strauss & Co.	Branch	Canton, MS	United States	Retail (Apparel)	74.4	245
Levi Strauss Germany GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Apparel and Accessories	136.1	220
Levi Strauss de Mexico SA de CV	Subsidiary	Mexico	Mexico	Apparel and Accessories	75.0	200
Levi Strauss De México, S.A. De C.V.	Branch	Ciudad De Mexico, Distrito Federal	Mexico	Textiles - Non Apparel	1.0	15
Levi Strauss (Hong Kong) Limited	Subsidiary	Kowloon	Hong Kong	Apparel and Accessories	51.0	200
Levi Strauss Asia Pacific Division Pte Ltd	Subsidiary	Singapore	Singapore	Apparel and Accessories	166.8	164
Levi Strauss Korea Ltd	Subsidiary	Seoul	Korea, Republic of	Textiles - Non Apparel	32.0	125
Levi Strauss Indonesia, PT	Subsidiary	Pondok Indah, Jakarta Selatan	Indonesia	Miscellaneous Capital Goods	8.0	100
Levi Strauss Continental	Subsidiary	Bruxelles	Belgium	Apparel and Accessories	163.5	158
De Varomarkt	Subsidiary	Mol	Belgium	Miscellaneous Capital Goods	0.0	7
Edeldek	Subsidiary	Wambeek	Belgium	Fish and Livestock	0.0	6
Groupe Le Pre-Clos	Subsidiary	Brye	Belgium	Beverages (Alcoholic)	0.7	3
LEVI STRAUSS JAPAN KABUSHIKI KAISHA	Subsidiary	Tokyo	Japan	Apparel and Accessories	114.6	122
Levi Strauss Italia Srl	Subsidiary	Milano, MI	Italy	Apparel and Accessories	108.7	120
Levi Strauss & Co	Branch	San Francisco, CA	United States	Retail (Apparel)	18.6	100
Levi Strauss & Co.	Subsidiary	Richmond Hill, ON	Canada	Apparel and Accessories		100
Levi Strauss & Co	Branch	Etobicoke, ON	Canada	Retail (Apparel)	49.5	200
Levi Strauss & Co	Branch	Montreal, QC	Canada	Retail (Apparel)	5.9	24
1850 Inc	Branch	Quebec, QC	Canada	Retail (Apparel)	3.8	15
Levi's Outlet	Branch	Mississauga, ON	Canada	Retail (Apparel)	3.7	15
Levi Strauss & Co	Branch	Vancouver, BC	Canada	Retail (Apparel)	3.7	15
Levi's Outlet	Branch	Niagara Falls, ON	Canada	Retail (Apparel)	3.3	13
1850 Inc	Branch	Saint-Bruno, QC	Canada	Retail (Apparel)	3.0	12
1850 Inc	Branch	Quebec, QC	Canada	Retail (Apparel)	3.0	12
Levi Strauss & Co	Branch	Toronto, ON	Canada	Retail (Apparel)	3.0	12
1850 Inc	Branch	Nepean, ON	Canada	Retail (Apparel)	2.8	11
1850 Inc	Branch	Lasalle, QC	Canada	Retail (Apparel)	2.8	11
Entrepot Levi's	Branch	Sainte-Anne-De-Beaupre, QC	Canada	Retail (Apparel)	2.6	10
Levi Strauss & Co	Branch	Laval, QC	Canada	Retail (Apparel)	2.5	10
Levi's Outlet	Branch	Cookstown, ON	Canada	Retail (Apparel)	2.1	10
Levi's Outlet	Branch	Waterloo, ON	Canada	Retail (Apparel)	2.1	8
Levi Strauss & Co	Branch	Burnaby, BC	Canada	Retail (Apparel)	1.9	8
1850 Inc	Branch	Brossard, QC	Canada	Retail (Apparel)	1.8	7
Levi Strauss & Co	Branch	Victoria, BC	Canada	Retail (Apparel)	1.7	7
1850 Inc	Branch	Saint-Hyacinthe, QC	Canada	Retail (Apparel)	1.5	6
1850 Inc	Branch	Saint-Jerome, QC	Canada	Retail (Apparel)	1.5	6
1850 Inc	Branch	Edmonton, AB	Canada	Retail (Apparel)	1.5	6
Entrepot Levi's	Branch	Saint-Hyacinthe, QC	Canada	Retail (Apparel)	1.3	5
Jean Levi's	Branch	Jonquiere, QC	Canada	Retail (Apparel)	1.3	5
Levi's Store	Branch	London, ON	Canada	Retail (Apparel)	1.3	5
Levi Strauss SA (Pty) Ltd.	Subsidiary	Cape Town	South Africa	Apparel and Accessories	43.0	85
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	14.9	80
Levi Strauss Istanbul Konfeksiyon Sanayi ve Ticaret A.S.	Subsidiary	Istanbul	Turkey	Apparel and Accessories		80
Levi Strauss do Brasil Indústria e Comércio Ltda.	Subsidiary	São Paulo, SP	Brazil	Apparel and Accessories	75.0	70
Levi's Outlet	Branch	Orlando, FL	United States	Retail (Specialty)	12.1	60
Levi Strauss & Co	Branch	Chicago, IL	United States	Retail (Apparel)	11.2	60
Levi Strauss & Co.	Branch	New York, NY	United States	Apparel and Accessories		60
Levi Strauss & Co	Branch	Tulalip, WA	United States	Retail (Apparel)	10.4	56
Levi Strauss Belgium	Subsidiary	Bruxelles	Belgium	Apparel and Accessories	104.1	54
Levi Strauss Hungary Trading Ltd	Subsidiary	Budapest	Hungary	Miscellaneous Capital Goods	30.2	52
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	9.3	50
Levi Strauss & Co Corporation Office	Branch	Frisco, TX	United States	Retail (Apparel)	6.7	50
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	8.4	45
Levi Strauss (Australia) Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Apparel and Accessories	6.7	45
Levi Strauss Malaysia Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Apparel and Accessories		45
Levi's Outlet	Branch	Las Vegas, NV	United States	Retail (Specialty)	7.0	35
Levi Strauss & Co	Branch	Seattle, WA	United States	Retail (Apparel)	5.8	31
Levi's Outlet	Branch	Ontario, CA	United States	Retail (Specialty)	6.0	30
Levi's Outlet	Branch	Miami, FL	United States	Retail (Specialty)	6.0	30
Levi Strauss & Co	Branch	Philadelphia, PA	United States	Retail (Apparel)	4.7	25
Levi Strauss & Co	Branch	Hoffman Estates, IL	United States	Retail (Apparel)	4.7	25
Levi Strauss & Co.	Branch	Miramar, FL	United States	Retail (Apparel)	0.4	25
Levi Strauss & Co	Branch	San Marcos, TX	United States	Retail (Apparel)	4.5	24
Levi Strauss & Co	Branch	Canoga Park, CA	United States	Retail (Apparel)	4.3	23
Levi Strauss Lisbon	Subsidiary	Lisbon	Portugal	Apparel and Accessories	3.0	23
Levi's Outlet	Branch	Waipahu, HI	United States	Retail (Specialty)	4.0	20
Levi's & Dockers Outlet	Branch	Orlando, FL	United States	Retail (Specialty)	4.0	20
Levi's & Dockers Outlet	Branch	Central Valley, NY	United States	Retail (Specialty)	4.0	20
Levi's Outlet	Branch	Folsom, CA	United States	Retail (Specialty)	4.0	20
Levi's Outlet	Branch	Camarillo, CA	United States	Retail (Specialty)	4.0	20
Levi's Outlet	Branch	Estero, FL	United States	Retail (Apparel)	3.9	20
Levi's Outlet	Branch	Riverhead, NY	United States	Retail (Apparel)	3.9	20
Levi Strauss & Co	Branch	Troy, MI	United States	Retail (Apparel)	3.7	20
Levi Strauss & Co	Branch	Honolulu, HI	United States	Retail (Apparel)	3.7	20
Levi Strauss & Co	Branch	Santa Monica, CA	United States	Retail (Apparel)	3.7	20
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	3.7	20
Levi Strauss Nederland B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Apparel and Accessories	3.5	20
Lvc B.V.	Subsidiary	Amsterdam, North Holland	Netherlands	Textiles - Non Apparel	16.4
Levi Dis Ticaret AS	Subsidiary	Istanbul, Istanbul	Turkey	Crops		750
Levi Strauss (Schweiz) AG	Subsidiary	Wettingen	Switzerland	Apparel and Accessories		20
d-Scan Inc.	Subsidiary	South Boston, VA	United States	Retail (Specialty)		20
Levi's Outlet	Branch	Gilroy, CA	United States	Retail (Apparel)	3.5	19
Levi Strauss & Co	Branch	West Nyack, NY	United States	Retail (Apparel)	3.2	17
Dockers Outlet	Branch	Commerce, CA	United States	Retail (Specialty)	3.2	16
Levi's Outlet	Branch	San Diego, CA	United States	Retail (Specialty)	3.2	16
Levi's Outlet	Branch	Gurnee, IL	United States	Retail (Apparel)	3.1	16
Dockers Outlet	Branch	Riverhead, NY	United States	Retail (Specialty)	3.0	15
Levi's Outlet	Branch	Rehoboth Beach, DE	United States	Retail (Specialty)	3.0	15
Dockers Outlet	Branch	Mercedes, TX	United States	Retail (Specialty)	3.0	15
Levi's Outlet	Branch	Las Vegas, NV	United States	Retail (Specialty)	3.0	15
Levi's Outlet	Branch	North Charleston, SC	United States	Retail (Specialty)	3.0	15
Levi Strauss & Co	Branch	San Francisco, CA	United States	Retail (Apparel)	2.8	15
Compucom At Levi's Strauss	Branch	Cabazon, CA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Wrentham, MA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Central Valley, NY	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Nashville, TN	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Eureka, MO	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Dallas, TX	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Evanston, IL	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	King Of Prussia, PA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Schaumburg, IL	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Monroe, OH	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Elizabeth, NJ	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Gilroy, CA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Concord, NC	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Lancaster, CA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	San Francisco, CA	United States	Retail (Apparel)	2.8	15
Compucom At Levi's Strauss	Branch	Camarillo, CA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Michigan City, IN	United States	Retail (Apparel)	2.8	15
Denim World For Levi's	Branch	Orlando, FL	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Birch Run, MI	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Mc Lean, VA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Bentonville, AR	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Las Vegas, NV	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Richmond, VA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Orlando, FL	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Natick, MA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Destin, FL	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Sevierville, TN	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Tucson, AZ	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Silverthorne, CO	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Woodbridge, VA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Dedham, MA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Mebane, NC	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Newton, MA	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Washington, DC	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	2.8	15
Levi Strauss & Co	Branch	Bloomington, MN	United States	Retail (Apparel)	2.8	15
Levi Strauss Denmark, Filial af Levi Strauss Int. USA	Subsidiary	København V	Denmark	Retail (Apparel)		15
Levi's Outlet	Branch	Canutillo, TX	United States	Retail (Specialty)	2.8	14
Levi's Outlet	Branch	Cabazon, CA	United States	Retail (Specialty)	2.8	14
Levi's Outlet	Branch	St Augustine, FL	United States	Retail (Specialty)	2.8	14
Levi Strauss & Co	Branch	San Diego, CA	United States	Retail (Apparel)	2.6	14
Levi's Outlet	Branch	Castle Rock, CO	United States	Retail (Specialty)	2.6	13
Levi's Outlet	Branch	Albertville, MN	United States	Retail (Specialty)	2.6	13
Levi's Outlet	Branch	Vacaville, CA	United States	Retail (Apparel)	2.4	13
Levi Strauss & Co	Branch	Napa, CA	United States	Retail (Apparel)	2.4	13
Levi Strauss Norway A/S	Subsidiary	Oslo	Norway	Apparel and Accessories	2.0	13
Levi's Outlet	Branch	Katy, TX	United States	Retail (Specialty)	2.4	12
Levi's Outlet	Branch	Woodburn, OR	United States	Retail (Specialty)	2.4	12
Levi's Outlet	Branch	Pottstown, PA	United States	Retail (Specialty)	2.4	12
Levi's & Dockers Outlet	Branch	Westbrook, CT	United States	Retail (Specialty)	2.4	12
Levi Strauss & Co	Branch	Dallas, TX	United States	Retail (Apparel)	2.2	12
Levi Strauss & Co	Branch	Houston, TX	United States	Retail (Apparel)	2.2	12
Levi Strauss & Co	Branch	Miami Beach, FL	United States	Retail (Apparel)	2.2	12
Levi Strauss & Co	Branch	Portland, OR	United States	Retail (Apparel)	2.2	12
Levi Strauss & Co	Branch	Boulder, CO	United States	Retail (Apparel)	2.2	12
Levi Strauss & Co	Branch	Lawrenceville, GA	United States	Retail (Apparel)	2.2	12
Levi's Outlet	Branch	Gonzales, LA	United States	Retail (Specialty)	2.2	11
Levi's Outlet	Branch	Pismo Beach, CA	United States	Retail (Specialty)	2.2	11
Levi's Outlet	Branch	Locust Grove, GA	United States	Retail (Specialty)	2.2	11
Levi's & Dockers Outlet	Branch	Hanover, MD	United States	Retail (Specialty)	2.2	11
Levi Strauss & Co	Branch	Denver, CO	United States	Retail (Apparel)	2.0	11
Levi Strauss & Co	Branch	Santa Clara, CA	United States	Retail (Apparel)	2.0	11
Levi Strauss & Co	Branch	Mercedes, TX	United States	Retail (Apparel)	2.0	11
Levi Strauss & Co	Branch	Santa Barbara, CA	United States	Retail (Apparel)	2.0	11
Levi Strauss International Inc.	Division	Napa, CA	United States	Retail (Apparel)		11
Levi Strauss Trading Kft	Subsidiary	Budapest	Hungary	Apparel and Accessories		11
Levi Strauss Praha spol sro	Subsidiary	Prague	Czech Republic	Apparel and Accessories		11
Levis Only Stores Inc.	Division	Dallas, TX	United States	Retail (Apparel)		11
Levi's Outlet	Branch	Leesburg, VA	United States	Retail (Specialty)	2.0	10
Levi's Outlet	Branch	Sunrise, FL	United States	Retail (Specialty)	2.0	10
Dockers Outlet	Branch	Canutillo, TX	United States	Retail (Specialty)	2.0	10
Levi's Outlet	Branch	Anthem, AZ	United States	Retail (Specialty)	2.0	10
Dockers Outlet	Branch	Ontario, CA	United States	Retail (Specialty)	2.0	10
Levi's Outlet	Branch	Florida City, FL	United States	Retail (Specialty)	2.0	10
Dockers Outlet	Branch	Myrtle Beach, SC	United States	Retail (Specialty)	2.0	10
Levi's Outlet	Branch	Wrentham, MA	United States	Retail (Specialty)	2.0	10
Levi's Outlet	Branch	Allen, TX	United States	Retail (Specialty)	2.0	10
Levi Strauss & Co	Branch	Atlantic City, NJ	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Lake Elsinore, CA	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Torrance, CA	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Warrenton, MO	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Tigard, OR	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Towson, MD	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Park City, UT	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Baltimore, MD	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Chicago, IL	United States	Retail (Apparel)	1.9	10
Levi's Outlet	Branch	Tucson, AZ	United States	Retail (Specialty)	1.8	9
Levi's Outlet	Branch	Lakewood, CO	United States	Retail (Specialty)	1.8	9
Levi's Outlet	Branch	Fremont, IN	United States	Retail (Specialty)	1.8	9
Levi's Outlet	Branch	Tempe, AZ	United States	Retail (Specialty)	1.8	9
Levi's Outlet	Branch	Round Rock, TX	United States	Retail (Specialty)	1.8	9
Levi Strauss & Co	Branch	Baton Rouge, LA	United States	Retail (Apparel)	1.7	9
Levi Strauss & Co	Branch	Loveland, CO	United States	Retail (Apparel)	1.7	9
Levi Strauss & Co	Branch	Etiwanda, CA	United States	Retail (Apparel)	1.7	9
Levi Strauss & Co	Branch	Irvine, CA	United States	Retail (Apparel)	1.7	9
Levi Strauss & Co	Branch	Providence, RI	United States	Retail (Apparel)	1.7	9
Levi's Outlet	Branch	Lancaster, CA	United States	Retail (Apparel)	1.7	9
Levi's Outlet	Branch	Conroe, TX	United States	Retail (Specialty)	1.6	8
Levi's Outlet	Branch	Casa Grande, AZ	United States	Retail (Specialty)	1.6	8
Dockers Outlet	Branch	Hazelwood, MO	United States	Retail (Specialty)	1.6	8
Levi's Outlet	Branch	Tracy, CA	United States	Retail (Specialty)	1.6	8
Levi's Outlet	Branch	Tilton, NH	United States	Retail (Specialty)	1.6	8
Levi Strauss & Co	Branch	North Branch, MN	United States	Retail (Apparel)	1.5	8
Levi's Outlet	Branch	Boise, ID	United States	Retail (Specialty)	1.4	7
Levi's Outlet	Branch	Laughlin, NV	United States	Retail (Specialty)	1.4	7
Levi's Outlet	Branch	Clinton, CT	United States	Retail (Specialty)	1.4	7
Levi's Outlet	Branch	Terrell, TX	United States	Retail (Specialty)	1.4	7
Levi's Outlet	Branch	Burbank, OH	United States	Retail (Specialty)	1.4	7
Levi Strauss & Co	Branch	Tempe, AZ	United States	Retail (Apparel)	1.3	7
Levi Strauss & Co	Branch	Novi, MI	United States	Retail (Apparel)	1.3	7
Levi Strauss & Co	Branch	Beverly Hills, CA	United States	Retail (Apparel)	1.3	7
Levi Strauss & Co	Branch	Annapolis, MD	United States	Retail (Apparel)	1.3	7
Levi's Outlet	Branch	Branson, MO	United States	Retail (Specialty)	1.2	6
Dockers Outlet	Branch	Reading, PA	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Commerce, CA	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Kansas City, KS	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Auburn, WA	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Troutdale, OR	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	North Branch, MN	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Grapevine, TX	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Alpine, CA	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	St George, UT	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Woodbridge, VA	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Orlando, FL	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Hazelwood, MO	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Park City, UT	United States	Retail (Specialty)	1.2	6
Levi's Outlet	Branch	Smithfield, NC	United States	Retail (Specialty)	1.2	6
Levi Strauss & Co	Branch	Reno, NV	United States	Retail (Apparel)	1.1	6
Levi Strauss & Co	Branch	Medford, MN	United States	Retail (Apparel)	1.1	6
Levi Strauss & Co	Branch	Lancaster, PA	United States	Retail (Apparel)	1.1	6
Levi Strauss & Co	Branch	Dawsonville, GA	United States	Retail (Apparel)	0.9	5
Levi's & Dockers Warehouse	Branch	Birch Run, MI	United States	Miscellaneous Capital Goods	3.8	4
Levi Strauss (New Zealand) Ltd.	Subsidiary	Auckland, Parnell	New Zealand	Apparel and Accessories		4
Slates Brand	Unit	San Francisco, CA	United States	Apparel and Accessories		3
Levi Strauss & Co	Branch	Santa Fe, NM	United States	Retail (Apparel)	0.4	2
Levi Strauss & Co	Branch	Greensboro, NC	United States	Retail (Apparel)	0.2	1
Levi Strauss Taiwan LLC	Subsidiary	Taipei	Taiwan	Textiles - Non Apparel
Levi Strauss & Co.	Branch	Knoxville, TN	United States	Apparel and Accessories
Levi Strauss Hellas SA	Subsidiary	Athens	Greece	Apparel and Accessories
Levi's Brand	Unit	San Francisco, CA	United States	Retail (Apparel)
Levi Strauss International, Inc.	Subsidiary	San Francisco, CA	United States	Apparel and Accessories

Levi Strauss & Co.

Competitors Report

CompanyName	Location	Employees	Ownership
Abercrombie & Fitch Co.	New Albany, Ohio, United States	10,000	Public
adidas AG	Herzogenaurach, Germany	46,738	Public
Benetton Group SpA	Ponzano Veneto, TV, Italy	347	Public
Calvin Klein, Inc.	New York, New York, United States	700	Private
Carter's, Inc.	Atlanta, Georgia, United States	2,619	Public
Diesel SpA	Molvena, VI, Italy	668	Public
Fifth & Pacific Companies Inc	New York, New York, United States	6,100	Public
Fruit of the Loom, Inc.	Bowling Green, Kentucky, United States	33,000	Private
Guess?, Inc.	Los Angeles, California, United States	14,300	Public
H & M Hennes & Mauritz AB	Stockholm, Sweden	94,000	Public
Hugo Boss AG	Metzingen, Germany	11,190	Public
Inditex SA	Arteixo, Spain	109,512	Public
Kellwood Company	Chesterfield, Missouri, United States	160	Private
Limited Brands, Inc.	Columbus, Ohio, United States	18,000	Public
Nautica Enterprises, Inc.	New York, New York, United States	3,300	Private
NIKE, Inc.	Beaverton, Oregon, United States	44,000	Public
Oxford Industries, Inc.	Atlanta, Georgia, United States	4,400	Public
Perry Ellis International, Inc.	Miami, Florida, United States	2,600	Public
Ralph Lauren Corp	New York, New York, United States	25,000	Public
Target Corporation	Minneapolis, Minnesota, United States	365,000	Public
Tefron Ltd.	Misgav, Israel	571	Public
The Gap Inc.	San Francisco, California, United States	132,000	Public
The Gymboree Corporation	San Francisco, California, United States	5,470	Private
Tommy Hilfiger Corporation	Kowloon, Hong Kong	5,800	Private
V.F. Corporation	Greensboro, North Carolina, United States	58,000	Public
Warnaco Group Inc	New York, New York, United States	7,136	Public

Levi Strauss & Co. San Francisco, California, United States, Tel: 415-501-6000, URL: http://www.levistrauss.com/, Executives Page

Executives Report

Board of Directors

Name	Title	Function
Robert D. Haas	Independent Chairman Emeritus	Chairman
Biography: Mr. Robert D. Haas is Independent Chairman Emeritus of Levi Strauss and Co., since February 2008. He is director since 1980. Mr. Haas joined the Company in 1973 and served in a variety of marketing, planning and operating positions including Chief Executive Officer from 1984 to 1999. In 1985, Mr. Haas led the effort to take the Company private through a leveraged buyout. As Chief Executive Officer he oversaw a business turnaround that resulted in more than a decade of substantial growth, paced by international expansion and the launch of the Dockers® brand. Age: 69 Education: Harvard Graduate School of Business, MBA University of California , Berkeley, class valedictorian Compensation/Salary:$778,846 Compensation Currency: USD
Stephen C. Neal	Chairman of the Board	Chairman
Biography: Mr. Stephen C. Neal is Independent Chairman of the Board of Levi Strauss and Co., since September 1, 2011. He is Independent Director since 2007. He is also the chairman of the law firm Cooley LLP, where he was also chief executive officer from 2001 until January 1, 2008. In addition to his experience as a trial lawyer on a broad range of corporate issues, Mr. Neal has represented and advised numerous boards of directors, special committees of boards and individual directors on corporate governance and other legal matters. Prior to joining Cooley in 1995, Mr. Neal was a partner of the law firm Kirkland & Ellis. Age: 62 Education: Stanford University, JD
Fernando G. Aguirre	Independent Director	Director/Board Member
Biography: Mr. Fernando G. Aguirre is Independent Director of Levi Strauss & Co., since October 2010, is currently Chairman of the Board, President and Chief Executive Officer of Chiquita Brands International, Inc., a position he has held since 2004. From 1980 to 2004, Mr. Aguirre served The Procter & Gamble Company (“P&G�) in various capacities, including as President of P&G’s Global Snacks and U.S. Food Products business, President of Global Feminine Care and President of Special Projects. Age: 54 Education: Southern Illinois University, BS (Business)
Troy Alstead	Director	Director/Board Member
Biography: Mr. Troy Alstead has been appointed as Director of Levi Strauss and Co., effective April 18, 2012. Mr. Alstead joined Starbucks Corporation in 1992 and has held several leadership roles at the company, both domestic and international. He was one of the original members of the Starbucks International team, contributing to the development of the international business from the beginning. He later led the company's business in Europe, Middle East, and Africa. He served as senior vice president, Global Finance and Business Operations from August 2007 to April 2008 and held the position of chief operating officer, Starbucks Greater China from April 2008 to October 2008. Mr. Alstead was named chief financial officer and chief administrative officer in November 2008. Before joining Starbucks, Mr. Alstead worked for several years in various finance, accounting, and auditing roles, domestically and internationally, for NCR Corporation and Egghead Software. He holds a Bachelor of Arts from the University of Washington. Mr. Alstead is a frequent volunteer in the Greater Seattle Community and in 2012, he was recognized as CFO of the year by the Puget Sound Business Journal. Age: 48 Education: University of Washington, BA (Business Administration)
Charles V. Bergh	President, Chief Executive Officer, Director	Director/Board Member
Biography: Mr. Charles V. Bergh is President, Chief Executive Officer, Director of Levi Strauss and Co., since September 1, 2011. Prior to joining Levi Strauss & Co., Mr. Bergh was Group President, Global Male Grooming, for The Procter & Gamble Company (“P&G�), a manufacturer and distributor of consumer products. He held a progression of leadership roles during his 28-year career at P&G. Mr. Bergh previously served on the Board of Directors for VF Corporation and on the Economic Development Board, Singapore, and was a member of the US-AESAN Business Council, Singapore. Age: 54 Education: Lafayette College, BA Compensation/Salary:$263,077 Compensation Currency: USD
Vanessa J. Castagna	Independent Director	Director/Board Member
Biography: Ms. Vanessa J. Castagna is Independent Director of Levi Strauss & Co., since 2007. She led Mervyns LLC department stores as its executive chairwoman of the board from 2005 until early 2007. Prior to Mervyns LLC, Ms. Castagna served as chairman and chief executive officer of JC Penney Stores, Catalog and Internet from 2002 through 2004. She joined JC Penney in 1999 as chief operating officer, and was both president and Chief Operating Officer of JC Penney Stores, Catalog and Internet in 2001. Ms. Castagna is currently a director of SpeedFC and Carter’s Inc. Age: 62 Education: Purdue University
Robert A. Eckert	Director	Director/Board Member
Biography: Mr. Robert A. Eckert is Director of Levi Strauss & Co., since May 2010. He is currently Chairman of the Board of Mattel, Inc. He was also chief executive officer of Mattel, Inc. from May 2000 until December 2011. He previously worked for Kraft Foods, Inc. for 23 years, most recently as President and Chief Executive Officer from October 1997 until May 2000. From 1995 to 1997, Mr. Eckert was Group Vice President of Kraft Foods, Inc., and from 1993 to 1995, Mr. Eckert was President of the Oscar Mayer foods division of Kraft Foods, Inc. Mr. Eckert has also been a director of McDonald’s Corporation since 2003. Age: 57 Education: Northwestern University, MBA University of Arizona, B
Peter E. Haas	Independent Director	Director/Board Member
Biography: Mr. Peter E. Haas Jr., is Independent Director of Levi Strauss & Co. since 1985. He is a director or trustee of each of the Levi Strauss Foundation, Red Tab Foundation, Joanne and Peter Haas Jr. Fund, Walter and Elise Haas Fund and the Novato Youth Center Honorary Board, a Trustee Emeritus of the San Francisco Foundation, and he is Vice President of the Peter E. Haas Jr. Fund. Mr. Haas was one of the managers from 1972 to 1989. He was Director of Product Integrity of The Jeans Company, one of the Company's former operating units, from 1984 to 1989. He served as Director of Materials Management for Levi Strauss USA in 1982 and Vice President and General Manager in the Menswear Division in 1980. Age: 64
S Hemalatha View Email	Executive Secretary To Director - Finance - Levi Strauss India Pvt. Ltd	Director/Board Member
Patricia Salas Pineda	Independent Director	Director/Board Member
Biography: Ms. Patricia Salas Pineda is Independent Director of Levi Strauss & Co., since 1991. She is currently Group Vice President, National Philanthropy and the Toyota USA Foundation for Toyota Motor North America, Inc., an affiliate of one of the world’s automotive firms. Ms. Pineda joined Toyota Motor North America, Inc. in September 2004 as Group Vice President of Corporate Communications and General Counsel. Prior to that, Ms. Pineda was Vice President of Legal, Human Resources and Government Relations and Corporate Secretary of New United Motor Manufacturing, Inc. with which she was associated since 1984. She is currently a director of the Congressional Hispanic Caucus Institute, a member of the corporate advisory board of the National Council of La Raza, and a member of the board of advisors of Catalyst. Age: 60 Education: Boalt Hall School of Law at the University of California , Berkeley, JD Mills College, bachelor's

Executives

Name	Title	Function
Charles V. Bergh	President, Chief Executive Officer, Director	Chief Executive Officer
Biography: Mr. Charles V. Bergh is President, Chief Executive Officer, Director of Levi Strauss and Co., since September 1, 2011. Prior to joining Levi Strauss & Co., Mr. Bergh was Group President, Global Male Grooming, for The Procter & Gamble Company (“P&G�), a manufacturer and distributor of consumer products. He held a progression of leadership roles during his 28-year career at P&G. Mr. Bergh previously served on the Board of Directors for VF Corporation and on the Economic Development Board, Singapore, and was a member of the US-AESAN Business Council, Singapore. Age: 54 Education: Lafayette College, BA Compensation/Salary:$263,077 Compensation Currency: USD
Aaron B Boey	President-Global Denizen	President
Age: 50 Education: Malaysian university, BS (Biological Sciences)
Beng-Keong Boey	EVP, Pres. - Commercial Operations Asia Pacific and Global Denizen brand	President
Biography: Mr. Beng-Keong Boey is Executive Vice President, President - Commercial Operations Asia Pacific and Global Denizen brand of Levi Strauss & Co., effective February 22, 2012. Previously, Mr. Boey was Senior Vice President and President, Levi Strauss Asia Pacific, in February 2009 after serving as interim president since October 2008, and Regional Managing Director in the Company's Asia Pacific business from 2005. Mr. Boey was Regional Managing Director for Jacuzzi, Inc. from 2003 until he joined the Company. Age: 50 Compensation/Salary:$634,648 Compensation Currency: USD
Jim Calhoun	President-Global Dockers	President
Education: University of Connecticut, bachelor's University of Southern California, MBA
James Curleigh	Global President and Executive Vice President - Levi’s® Brand	President
Peter A Jacobi	President & COO, Foreign Operations	President
Anne Rohosy View Email	Executive Vice President and President, Commercial Operations Americas and Europe	President	OSX
Biography: Ms. Anne Rohosy is Executive Vice President, President - Commercial Operations Americas and Europe, Global Dockers Brand of Levi Strauss and Co., effective February 16, 2012. Ms. Rohosy became the Company’s Executive Vice President and President, Global Dockers in May, 2011. She joined the Company in October 2009 as Senior Vice President, Levi’s North America Commercial Operations, and then served as Senior Vice President, Levi’s Wholesale, Americas, before being named President of the Global Dockers brand. Ms. Rohosy’s professional experience in the apparel industry spans more than 20 years with such global brands as Swatch, Liz Claiborne and 15 years with Nike, where she led the company’s commercial strategy development and apparel sales in the United States and Europe. Age: 53 Compensation/Salary:$431,731 Compensation Currency: USD
Seth Ellison	President of Dockers® brand	Division Head Executive
Laurie Etheridge	Global Head of Women's Merchandising & Design	Division Head Executive
Walker MacWilliam	Global Head - Mens Design	Division Head Executive
Joelle Maher View Email	Executive Vice President and President Global Retail	Division Head Executive
Biography: Ms. Joelle Maher has been appointed as Executive Vice President, President - Global Retail of Levi Strauss & Co., effective May 29, 2012. Ms. Maher is responsible for the company's e-Commerce and retail operations, including company-operated, franchise and outlet stores. Ms. Maher joined LS&Co. in 2007 as vice president and general manager of US retail and was promoted to senior vice president Americas Retail in 2009. Ms. Maher led the acquisition of MOST outlet stores for Levi Strauss & Co. and has consistently driven growth in the retail operations under her management. Prior to joining LS&Co., Ms. Maher held various leadership positions at companies across the industry including, Lucky Brand Jeans, Old Navy, Macy's and Lord & Taylor with a wide range of responsibilities including merchandising, planning & allocation, outlets and online.
Enrique Atienza View Email	Vice President Retail and Operations, Levi Strauss Americas	Operations Executive
Jan Frydenlund View Email	Bpi and Nbo Director Commercial Operations	Operations Executive
David Gonzalez View Email	Sales Operations Representative	Operations Executive
Kevin Wilson	Chief Financial Officer, Vice President, Operations Executive	Operations Executive
Manuel Baigorri View Email	Director Social and Environmental Sustainability	Environment/Safety Executive
Ken Anderson View Email	Hris Admin	Administration Executive
Alpesh Parmar View Email	Senior Grc Architect, Administrator	Administration Executive
Chris Browman View Email	Finance Manager	Finance Executive
Jennifer Chaloemtiarana	Global Finance General Counsel	Finance Executive
Andy Dischar View Email	Trade Finance Manager	Finance Executive
Amanda Gardner View Email	Senior Finance Manager	Finance Executive
S Hemalatha View Email	Executive Secretary To Director - Finance - Levi Strauss India Pvt. Ltd	Finance Executive
Stephanie Horwitz View Email	Senior Finance Manager Signature Brand	Finance Executive
Rosa Martinez View Email	Director of Finance	Finance Executive
Joo Park View Email	Finance Manager	Finance Executive
Monica Vivanco View Email	Finance Manager	Finance Executive
Chuck Vrana View Email	Senior Financial Analyst	Finance Executive
Eduardo Zanatti View Email	Senior Manager-Asset Management	Finance Executive
Janet Barry	Account Payable	Accounting Executive
Maureen Connolly View Email	Accounts Payable Lead	Accounting Executive
Ariel Lewkowicz View Email	Director-Tax Accounting	Accounting Executive
Andrea Whitelaw View Email	Accounts Manager	Accounting Executive
Rolf Genz View Email	Cash and Data Control Leader	Cash Management Executive
Jennifer Gillis View Email	Assistant To Tax Director	Corporate Tax Executive
Dan Macdonald View Email	Seniro Tax Analyst	Corporate Tax Executive
Paul Smith	Treasurer	Treasurer
Stephanie Lee View Email	Controller	Controller
Heidi L Manes	Vice President & Controller	Controller
Bev Beaudreault View Email	Senior Director of Benefits	Benefits & Compensation Executive
Gilda Rius	Manager Retirement Benefits	Benefits & Compensation Executive
Varun Bhatia	Chief Human Resources Officer	Human Resources Executive
Varun Bhatia	Human Resources Executive	Human Resources Executive
Andrea Cooper View Email	Human Resources Director	Human Resources Executive
Shannon Didonato View Email	Director, Human Resources	Human Resources Executive
Jenny Ell View Email	Director Recruiting	Human Resources Executive
Jackie Hackett View Email	Human Resources Director	Human Resources Executive
Nancy Handa View Email	Manager Human Resources	Human Resources Executive
Regis Mulot View Email	Vice President Human Resources and Director Community Affairs	Human Resources Executive
Christy Silva View Email	Senior Manager, Human Resources	Human Resources Executive
Desiree Strain View Email	Senior Recruiting Manager- Retail	Human Resources Executive
Cathy Unruh	Senior Vice President-Global Human Resources	Human Resources Executive
Education: University of California at Berkeley, Bachelor's
Radhika Pange View Email	Lead Trainer Levi Strauss (India) Pvt Ltd	Training Executive
Kristin Neirinckx View Email	Customer Marketing Manager	Customer Service Executive
Derek Chan View Email	National Sales and Retail Director - Levi's	Sales Executive
Matt Diaz View Email	Sales Manager Levis	Sales Executive
Brett Baumer	Global Information Security Engineer	International Executive
Avi Burine	Director Global Enterprise	International Executive
John Dorst View Email	International Retail Manager	International Executive
Beto Guajardo View Email	Global Vice President-Strategy	International Executive
Beto Guajardo	Global Vice President of Strategy	International Executive
David Saenz	Vice President Worldwide Security-Information Technology-Physical Se	International Executive
Leah Silva View Email	Project Manager Global Marketing	International Executive
Jennifer Sorensen View Email	Senior Manager Design Dockers Global Marketing	International Executive
Deepa Vivek View Email	Senior Manager, Global Sap Competency Center	International Executive
Adam Woollerson View Email	Program Manager, Global Sap	International Executive
Andrew Cushing View Email	Senior Information Technology Business Analyst-Ecommerce	E-Commerce Executive
Holly Rhodes View Email	Ecommerce Marketing Manager	E-Commerce Executive
Danny Acevedo	Marketing Manager	Marketing Executive
Benjamin Blake View Email	Program and Marketing Director	Marketing Executive
Wendy Brown	Marketing Manager	Marketing Executive
Richard Ceely View Email	Senior Vice President of Marketing	Marketing Executive
Michele Essayan View Email	Marketing Manager	Marketing Executive
Debbie Gebhardt View Email	Marketing Director of Levi Strauss Sa	Marketing Executive
Jen Haro View Email	Director Consumer Marketing Retail Communications	Marketing Executive
Gareth Hornberger View Email	Social Media Coordinator - Digital Marketing	Marketing Executive
Tracey James View Email	Marketing Manager	Marketing Executive
Todd Kalk View Email	Manager Vendor Marketing	Marketing Executive
Eileen King View Email	Program and Marketing Director	Marketing Executive
Manoj Lamba View Email	Social Marketing Manager	Marketing Executive
Christian Parkes View Email	Marketing Director	Marketing Executive
Johannah Portacio View Email	Assistant Internet Marketing Manager	Marketing Executive
Jessica Roessler View Email	Digital Marketing Manager	Marketing Executive
Jaime Cohen Szulc	Senior Vice President & Chief Marketing Officer-Levi’s	Marketing Executive
Education: Escola Politecnica de Universidade de Sao Paulo, bachelor's (Civil Engineering) Escola Politecnica de Universidade de Sao Paulo, BS (Civil Engineering) Source: OneSourceWeb
Barbara Tacchini View Email	Marketing Director	Marketing Executive
Jonny Demartino View Email	Manager Dockers Retail Sinage and Communications	Corporate Communications Executive
Amber Mccasland View Email	Director of Communications For Europe Middle East and Africa	Corporate Communications Executive
Jill Nash View Email	Vice President-Corporate Affairs & Chief Communications Officer	Corporate Communications Executive
Biography: Ms. Jill Nash is the chief communication officer and the senior vice president of the company. Prior to this, she served as the senior vice president and the chief communications officer of Yahoo. Previously, she held senior-level communications roles at Gap Inc. and The Charles Schwab Corporation. Earlier in her career, she held leadership positions at KPMG and Transamerica Life. Currently she is a member of the Board of Directors of the San Francisco SPCA, the Board of Governors of Commonwealth Club and the University of California Haas School Center for Responsible Business. Education: San Diego University, BA (Journalism) San Diego State University San Diego University, BA (Journalism)
Tom Davis View Email	Public Relations	Public Relations Executive
Erik Joule	Senior Vice President, Merchandising & Design - Americas	Advertising Executive
Fiona Asple View Email	Senior Information Technology Manager	Information Executive
Tony Choat View Email	Systems Mointoring Engineer	Information Executive
David Declercq View Email	Information Technology Manager	Information Executive
Roy Garcillano	Senior Information Technology Manager - Desktop Engineering	Information Executive
Cindy Goss	Senior Analyst Systems Management	Information Executive
Charles Griffith View Email	Director of Information Technology	Information Executive
Bryan Henderson View Email	Information Technology Director	Information Executive
Jose Hernandez View Email	Information Services	Information Executive
Kathryn Holleran View Email	Senior Manager Information Technology Release Quality Assurance Testing	Information Executive
Martha Johnson View Email	Information Technology Development Manager	Information Executive
Alan Lee View Email	Information Technology Consultant	Information Executive
David Love	Senior VP-Global Sourcing & Chief Supply Chain Officer	Information Executive
Biography: Mr. David Love is the chief supply chain officer and the senior vice president of the company. Mr. Love leads the company’s owned-and-operated production facilities and contracted production in more than 500 suppliers across 45 countries. Additionally, Love is responsible for the company’s worldwide Terms of Engagement and Environment, Health and Safety.
Tom Peck	Chief Information Officer	Information Executive
Biography: Mr. Tom Peck is the chief information officer and a senior vice president of Levi Strauss & Co. He responsible for leading the company’s global Information technology operations and services. Prior to joining the company, he was the chief information officer of MGM MIRAGE. In the past, he held several responsible positions within the General Electric Company including the chief information officer of NBC Universal’s global entertainment businesses, which included television, motion pictures, home entertainment, consumer products and theme parks and resorts. Education: Naval Postgraduate School, master's (Management) the United States Naval Academy, bachelor's (Economics) the United States Naval Academy, bachelor's with distinction (Economics)
Beth Perot View Email	Senior Business Intelligence Analyst Data Warehouse	Information Executive
Garth Psaradelis View Email	Information Technology Director	Information Executive
Eugene Rappaport	Information Technology	Information Executive
Richard Spaulding	Information Architect, Lusu	Information Executive
Els Van Opstal View Email	Information Technology Business Systems Consultant	Information Executive
Frances Cvetovac View Email	Manager, Network Messaging, Security Engineering	Network Management Executive
Jerry Kenan	Network	Network Management Executive
Chris Long View Email	Apd Network Services	Network Management Executive
Vicki Drake View Email	Software Change Specialist	Engineering/Technical Executive
David Jones View Email	Technology Specialist Distributive Computing Technology	Engineering/Technical Executive
Jill Krueger View Email	Senior Application Engineer	Engineering/Technical Executive
Avi Rose View Email	Senior Apps Engineer	Engineering/Technical Executive
Linda Thiebauth	Technical Services Org. Sundries Lead	Engineering/Technical Executive
Dickie Turner View Email	Base Tech Consultant	Engineering/Technical Executive
James Curleigh	Executive Vice President, President - Levi's(R) Brand	Product Management Executive
Biography: Mr. James Curleigh has been appointed as Executive Vice President, President - Levi's(R) Brand of Levi Strauss & Co., July 5, 2012. Mr. Curleigh has 20 years of experience building and expanding consumer brands around the globe. Most recently, he served as the president and chief executive officer of Keen Footwear, Inc., a footwear and accessory company. Under his direction, Keen Footwear, Inc. doubled its revenue growth and expanded its distribution to more than 60 countries around the world. Prior to Keen Footwear, Inc., Mr. Curleigh was president and chief executive officer of Salomon Sports North America, an innovative performance sports company, where he built a reputation as the winter sports and outdoor industries. Mr. Curleigh also established and led TaylorMade adidas golf division in Europe and held various leadership positions in the London offices of M&M Mars, a global consumer goods leader. Age: 46
Melissa Ladines View Email	Women's Brand Publicity Manager	Product Management Executive
Shaun Lewis View Email	Product and Publicity Manager	Product Management Executive
Terri Loewenthal View Email	Product Placement	Product Management Executive
Anne Madison View Email	Director, Product Management	Product Management Executive
Kenny Schauf View Email	Director Brand Licensing - Levi's	Product Management Executive
Rob Wiley View Email	Vice President Product Management	Product Management Executive
Michele Ridolfo View Email	Vice President Strategic Planning and Business Development	Business Development Executive
Lawrence W Ruff View Email	SVP-Strategy & Business Development & Chief Strategy Officer	Business Development Executive
Biography: Mr. Larry Ruff is the chief strategy officer and the senior vice president of the company. Prior to this, he served as global marketing officer and senior vice president, strategy and worldwide marketing of the company from 2004 though 2009. Further he served as marketing director of Levi Strauss Spain & Portugal. Education: Cornell University, MBA Rutgers College, BA
Mary Scott View Email	Business Analyst	Business Development Executive
Angela Chan View Email	Mainline Planning and Allocation	Planning Executive
Vijay Khare	Director Logistics Planning and Deployment	Planning Executive
Dani Samms View Email	Outlet Planning	Planning Executive
Wendy Yamamura View Email	Director Planning Dockers-Women	Planning Executive
Odi Colayco View Email	Regional General Counsel Asia-Pacific Division	Legal Executive
Sandrine Corblet View Email	Regional General Counsel	Legal Executive
Anne Harold View Email	Customs Compliance Specialist	Legal Executive
Seth Jaffe	Senior Vice President	Legal Executive
Jim Marshall View Email	Customs Compliance Specialist	Legal Executive
Ludene Murphree View Email	Customs Compliance Specialist	Legal Executive
Tracy Whiteman View Email	Ip Paralegal	Legal Executive
Larry Howard View Email	Transportation Manager	Logistics Executive
Linda Liang View Email	Inbound Logistics Manager	Logistics Executive
Atif Malik View Email	Regional Transport Representative	Logistics Executive
Danny Marrocco View Email	Transport and Shipping Supervisor	Logistics Executive
Tomasz Bohdziewicz View Email	Retail Manager Core Markets-Poland, Hu...	Merchandise Management Executive
Dave Evans View Email	Director, Canadian Retail	Merchandise Management Executive
Cecilia Luna View Email	Retail Application Coordinator	Merchandise Management Executive
Cindy Pahs View Email	Forms Buyer	Merchandise Management Executive
Monte Stagnaro View Email	Facilities Manager	Facilities Executive
Glen Braley	Director Supply Chain Applications	Purchasing Executive
Avelino Tong View Email	Quality Assurance Analyst	Quality Executive
Mary Furnanz	Director of Risk Management	Insurance Executive
Kelley Benander	Media Relations	Government/Public Affairs Executive
Laurie Goldman View Email	Senior Manager, Government Affairs	Government/Public Affairs Executive
Nancy Wall View Email	Community Affairs	Government/Public Affairs Executive
Donna Brooks	Doctor Coordinator	Medical Specialist
Claire Adelson View Email	Assistant To Joelle Maher, Senior Vice...	Other
Chris Amirault View Email	Vice President of Sap Business Support Service	Other
Chris Apostol View Email	Manager Performance and Analysis	Other
Susan Brennan View Email	Senior Vice President & General Manager-Signature	Other
Education: Western Illinois University, BS
Bart Bright View Email	Basis Manager	Other
Yoon Choi View Email	Deputy Manager	Other
Dave Clark View Email	Basis Specialist	Other
Camelia Cracan View Email	Merchandising Manager	Other
Kimberly Dellinger View Email	Group Leader-Office Services	Other
Stacy Doren View Email	Director Media and Online - Levi Strauss Signature	Other
Theresa Fairley View Email	Project Manager	Other
Matthew Fior	Director of Merchandising Dockers	Other
Beth French View Email	Applications Development Architect	Other
Nigel Jones	Director, Produt Management	Other
Nicole Karaica View Email	Assistant Merchandise Coordinator	Other
Elise Kent View Email	Visual Manager	Other
Seong Kim View Email	Deputy Manager	Other
Sharon Kobel View Email	Allocation Manager	Other
Lorie Larsen View Email	Manager	Other
Leon J. Level		Other
Biography: Mr. Leon J. Level is no longer Independent Director of Levi Strauss & Co., effective December 30, 2012. He is a former Chief Financial Officer and director of Computer Sciences Corporation, a global information technology services company. Mr. Level held ascending and varied financial management and executive positions at Computer Sciences Corporation from 1989 to 2006 and previously at Unisys Corporation (Corporate Vice President, Treasurer and Chairman of Unisys Finance Corporation), Burroughs Corporation (Vice President, Treasurer), The Bendix Corporation (Executive Director and Assistant Corporate Controller) and Deloitte, Haskins & Sells (now Deloitte & Touche). Mr. Level was previously a director of Allied Waste Management from 2007 until its acquisition by Republic Services in 2009. He is also currently a director of UTi Worldwide Inc. Age: 71 Education: University of Michigan, MBA University of Michigan, BBA
Heather Loftin View Email	Ap Manager	Other
Ulla Marggraff View Email	Levi Strauss Germany Gmbh	Other
Monica Melendez View Email	Consumer Relations Representative	Other
Daisy Miller View Email	Freelance Producer	Other
Adam Moffett View Email	Mailroom Manager San Francisco	Other
Tom Mooney	Project Manager	Other
Barb Murrer View Email	Senior Director Insights	Other
Chris Nelson View Email	Senior Manager	Other
Fiona O'Leary View Email	Levi Strauss Uk Ltd	Other
Sam Peterson View Email	Visual Merchandise Manager	Other
Bryan Piolatto View Email	Assistant Merchant-Mens Tops	Other
Kartik Ramaswamy View Email	Sbu Head - National Chain Stores Levi Strauss India Pvt. Ltd.	Other
Eva Reale View Email	Colorist	Other
Doreen Shew	Ergo Coordinator	Other
David Sloan View Email	Merchandise Manager	Other
Mark Stark View Email	Senior Manager Visual Merchandising	Other
Julie Stempin View Email	Vendor Relationship Manager	Other
William Swager View Email	Manager	Other
Ann Tang View Email	Vice President Levi	Other
Richard Tubman View Email	Social Media Coordinator	Other
Kristin Venema View Email	Assistant To Tom Rafferty	Other
Keith Walker	Senior Manager, Sap Fico	Other

Levi Strauss & Co.

Significant Developments

Levi Strauss and Co Commences Senior Notes Offering

Apr 24, 2012

Levi Strauss and Co announced that it is commencing a private placement of $350 million aggregate principal amount of senior notes due 2022. The senior notes are not being registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. As of the issue date, the senior notes will be general unsecured senior obligations of the Company and will rank equally with all of the Company's other senior unsecured indebtedness. The Company intends to use the net proceeds from the offering to purchase certain of its outstanding notes, to pay fees and expenses related to the offering and the purchase of such outstanding notes, and for general corporate purposes, which may include repaying other outstanding indebtedness. The senior notes are being offered pursuant only to an Offering Memorandum dated April 24, 2012.

News
	Levi's to phase out low-cost Denizen brand from Asia Sharma, Samidha, Times of India (297 Words)	23-Sep-2012
	United States : AECOM appoints Thomas Peck as senior vice president, chief information officer Mena Report (276 Words)	18-Sep-2012
	AECOM appoints Thomas Peck as senior vice president, chief information officer Business Wire (456 Words)	17-Sep-2012
	Dubai Outlet Mall adds more brands Staff Report, Gulf News (United Arab Emirates) (78 Words)	10-Sep-2012
	Levi's scales down after India retail rush Sharma, Samidha, Times of India (455 Words)	09-Sep-2012
	Woodbolt International Named to the Inc. 500|5000 List for the Second Consecutive Year PR Web (302 Words)	06-Sep-2012
	Levi Strauss Japan Sees Deeper FY Group Net Loss Y2.03B Nikkei English News (65 Words)	31-Aug-2012
	Levi Strauss Japan Sees Smaller FY Parent Pretax Loss Y405.00M Nikkei English News (57 Words)	31-Aug-2012
	Benko Products, Inc. Makes Inc. 500/5000 List for Fourth Time PR Web (277 Words)	31-Aug-2012
	Parties That Cook® Makes Inc. 500|5000 List of America's Fastest Growing Private Companies PR Web (460 Words)	30-Aug-2012

Articles
		AECOM Names Thomas Peck as CIO Manufacturing Close-Up (203 Words) (1 Page)		20-Sep-2012
		United States : AECOM appoints Thomas Peck as senior vice president, chief information officer TendersInfo News (284 Words) (1 Page)		18-Sep-2012
		US: Levi Strauss names Ellison president of Dockers Katie Smith, just-style.com (165 Words) (1 Page)		07-Sep-2012
		United States : Levi Strauss & Co. Names Seth Ellison President of Dockers Brand TendersInfo News (417 Words) (1 Page)		07-Sep-2012
		Mexico : SPAR TODOPROMO inks $4.5M CONTRACT with GLAXOSMITHKLINE TendersInfo News (170 Words) (1 Page)		30-Aug-2012
		HotSchedules Awarded by Inc. as One of the U.S.'s Fastest-Growing Private Companies Manufacturing Close-Up (241 Words) (1 Page)		30-Aug-2012
		HotSchedules Selected for Inc. 500/5000 Honor Wireless News (213 Words) (1 Page)		29-Aug-2012
		Rising Medical Solutions Makes Inc. 500/5000 Professional Services Close-Up (275 Words) (1 Page)		26-Aug-2012
		Allied Wallet Tapped for Inc. 500 List Wireless News (155 Words) (1 Page)		24-Aug-2012
		US: Levi Strauss to trial Crailar fibre in production Leonie Barrie, just-style.com (201 Words) (1 Page)		17-Aug-2012
	Levi Strauss & Co. San Francisco, California, United States, Tel: 415-501-6000, URL: http://www.levistrauss.com/		Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Sales	4,674.4	4,325.9	4,022.9	4,303.1	4,266.1
Revenue	4,674.4	4,325.9	4,022.9	4,303.1	4,266.1
Other Revenue	87.1	84.7	82.9	97.8	94.8
Other Revenue, Total	87.1	84.7	82.9	97.8	94.8
Total Revenue	4,761.6	4,410.6	4,105.8	4,400.9	4,360.9
Cost of Revenue	2,469.3	2,187.7	2,132.4	2,261.1	2,318.9
Cost of Revenue, Total	2,469.3	2,187.7	2,132.4	2,261.1	2,318.9
Gross Profit	2,205.1	2,138.2	1,890.5	2,042.0	1,947.2
Selling/General/Administrative Expense	1,955.8	1,841.6	1,595.3	1,614.7	1,401.0
Total Selling/General/Administrative Expenses	1,955.8	1,841.6	1,595.3	1,614.7	1,401.0
Other Unusual Expense (Income)	0.2	16.6	0.0	1.4	63.8
Unusual Expense (Income)	0.2	16.6	0.0	1.4	63.8
Total Operating Expense	4,425.4	4,045.9	3,727.7	3,877.3	3,783.7
Operating Income	336.1	364.8	378.1	523.7	577.2
Interest Expense - Non-Operating	-132.0	-135.8	-148.7	-154.1	-215.7
Interest Expense, Net Non-Operating	-132.0	-135.8	-148.7	-154.1	-215.7
Interest Income - Non-Operating	1.6	2.2	2.5	-	-
Investment Income - Non-Operating	-4.9	3.8	-43.9	-	-
Interest/Investment Income - Non-Operating	-3.3	6.0	-41.4	-	-
Interest Income (Expense) - Net Non-Operating Total	-135.4	-129.8	-190.1	-154.1	-215.7
Other Non-Operating Income (Expense)	2.0	0.7	1.9	-0.3	15.0
Other, Net	2.0	0.7	1.9	-0.3	15.0
Income Before Tax	202.8	235.6	189.9	369.3	376.5
Total Income Tax	67.7	86.2	39.2	138.9	-84.8
Income After Tax	135.1	149.4	150.7	230.4	461.3
Minority Interest	2.8	7.1	1.2	-1.1	-0.9
Net Income Before Extraord Items	138.0	156.5	151.9	229.3	460.4
Net Income	138.0	156.5	151.9	229.3	460.4
Income Available to Common Excl Extraord Items	138.0	156.5	151.9	229.3	460.4
Income Available to Common Incl Extraord Items	138.0	156.5	151.9	229.3	460.4
Basic/Primary Weighted Average Shares	37.4	37.3	37.3	37.3	37.3
Basic EPS Excl Extraord Items	3.69	4.19	4.07	6.15	12.35
Basic/Primary EPS Incl Extraord Items	3.69	4.19	4.07	6.15	12.35
Diluted Net Income	138.0	156.5	151.9	229.3	460.4
Diluted Weighted Average Shares	37.4	37.3	37.3	37.3	37.3
Diluted EPS Excl Extraord Items	3.69	4.19	4.07	6.15	12.35
Diluted EPS Incl Extraord Items	3.69	4.19	4.07	6.15	12.35
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	132.0	135.8	148.7	154.1	215.7
Depreciation, Supplemental	104.8	88.9	76.8	78.0	67.5
Total Special Items	0.2	16.6	0.0	1.4	63.8
Normalized Income Before Tax	203.1	252.2	189.9	370.7	440.4
Effect of Special Items on Income Taxes	0.1	6.1	0.0	0.5	22.3
Inc Tax Ex Impact of Sp Items	67.8	92.2	39.2	139.4	-62.4
Normalized Income After Tax	135.3	160.0	150.7	231.3	502.8
Normalized Inc. Avail to Com.	138.1	167.0	151.9	230.2	501.9
Basic Normalized EPS	3.70	4.48	4.07	6.17	13.46
Diluted Normalized EPS	3.70	4.48	4.07	6.17	13.46
Amort of Intangibles, Supplemental	12.1	14.8	-	-	-
Rental Expenses	174.6	161.2	151.8	-	-
Advertising Expense, Supplemental	313.8	327.8	-	-	-
Reported Gross Profit	2,292.2	2,222.9	1,973.4	-	-
Reported Operating Profit	336.4	381.4	378.1	-	-
Normalized EBIT	336.4	381.4	378.1	525.1	641.0
Normalized EBITDA	453.3	485.1	454.9	603.1	708.6
Current Tax - Domestic	20.0	12.3	17.9	-	-
Current Tax - Foreign	31.6	39.9	21.0	-	-
Current Tax - Local	0.0	2.9	5.4	-	-
Current Tax - Total	51.6	55.0	44.3	-	-
Deferred Tax - Domestic	40.4	24.5	-11.9	-	-
Deferred Tax - Foreign	-23.7	4.2	1.7	-	-
Deferred Tax - Local	-0.6	2.5	5.1	-	-
Deferred Tax - Total	16.2	31.1	-5.1	-	-
Income Tax - Total	67.7	86.2	39.2	-	-
Interest Cost - Domestic	60.3	59.7	61.7	61.6	58.2
Service Cost - Domestic	10.2	7.8	5.3	6.4	7.9
Prior Service Cost - Domestic	0.0	0.5	0.8	0.9	3.6
Expected Return on Assets - Domestic	-53.0	-46.1	-42.2	-62.8	-60.3
Actuarial Gains and Losses - Domestic	14.9	26.7	17.1	0.6	6.1
Curtailments & Settlements - Domestic	0.8	0.5	2.8	0.7	1.2
Transition Costs - Domestic	-	-	-	0.2	0.5
Other Pension, Net - Domestic	0.1	0.3	0.1	0.0	0.2
Domestic Pension Plan Expense	33.5	49.3	45.5	7.5	17.5
Interest Cost - Post-Retirement	7.6	8.7	11.0	10.8	10.8
Service Cost - Post-Retirement	0.5	0.5	0.4	0.6	0.7
Expected Return on Assets - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Actuarial Gains and Losses - Post-Retir.	5.0	5.6	1.7	4.0	4.7
Curtailments & Settlements - Post-Retir.	0.0	0.0	0.5	-5.9	-52.8
Other Post-Retirement, Net	-28.9	-29.6	-39.7	-41.4	-45.7
Post-Retirement Plan Expense	-15.8	-14.8	-26.0	-32.0	-82.3
Total Pension Expense	17.7	34.5	19.5	-24.5	-64.8
Discount Rate - Domestic	5.50%	5.80%	7.50%	6.70%	5.60%
Discount Rate - Post-Retirement	4.90%	5.20%	7.90%	6.40%	5.60%
Expected Rate of Return - Domestic	6.90%	6.90%	7.20%	7,040.00%	7.30%
Expected Rate of Return - Post-Retir.	0.00%	0.00%	0.00%	0.00%	0.00%
Compensation Rate - Domestic	4.00%	4.00%	4.00%	40.00%	3.90%
Compensation Rate - Post-Retirement	0.00%	0.00%	0.00%	0.00%	0.00%
Total Plan Interest Cost	67.9	68.4	72.7	72.4	69.1
Total Plan Service Cost	10.7	8.3	5.7	7.0	8.6
Total Plan Expected Return	-53.0	-46.1	-42.2	-62.8	-60.3
Total Plan Other Expense	-28.8	-29.3	-39.6	-41.4	-45.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
UpdateType/Date	Updated Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Updated Normal 29-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 25-Nov-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash & Equivalents	204.5	269.7	270.8	210.8	155.9
Cash and Short Term Investments	204.5	269.7	270.8	210.8	155.9
Accounts Receivable - Trade, Gross	677.6	578.0	574.8	563.4	621.8
Provision for Doubtful Accounts	-22.7	-24.6	-22.5	-16.9	-14.8
Trade Accounts Receivable - Net	654.9	553.4	552.3	546.5	607.0
Total Receivables, Net	654.9	553.4	552.3	546.5	607.0
Inventories - Finished Goods	594.5	563.7	433.5	517.9	483.3
Inventories - Work In Progress	9.8	9.4	10.9	8.9	14.8
Inventories - Raw Materials	7.1	6.8	6.8	15.9	17.8
Total Inventory	611.4	579.9	451.3	542.7	515.9
Restricted Cash - Current	-	-	3.7	2.7	1.9
Deferred Income Tax - Current Asset	99.5	137.9	135.5	114.1	133.2
Other Current Assets	172.8	110.2	92.3	88.5	75.6
Other Current Assets, Total	272.4	248.1	231.5	205.3	210.7
Total Current Assets	1,743.2	1,651.1	1,505.9	1,505.3	1,489.5
Buildings	422.0	406.6	380.6	357.2	363.4
Land/Improvements	30.2	29.7	30.1	27.9	28.7
Machinery/Equipment	764.6	680.2	651.8	607.0	596.6
Construction in Progress	17.4	55.3	32.5	16.8	64.5
Property/Plant/Equipment - Gross	1,234.2	1,171.9	1,095.0	1,008.9	1,053.2
Accumulated Depreciation	-731.9	-683.3	-664.9	-597.0	-605.9
Property/Plant/Equipment - Net	502.4	488.6	430.1	411.9	447.3
Goodwill, Net	241.0	241.5	241.8	204.7	206.5
Intangibles - Gross	104.4	108.5	68.9	0.1	43.1
Accumulated Intangible Amortization	-32.6	-23.8	-8.4	-0.1	-0.3
Intangibles, Net	71.8	84.7	103.2	42.8	42.8
Deferred Income Tax - Long Term Asset	613.2	559.1	601.5	526.1	511.1
Other Long Term Assets	108.0	110.3	107.0	86.2	153.4
Other Long Term Assets, Total	721.2	669.4	708.5	612.3	664.6
Total Assets	3,279.6	3,135.2	2,989.4	2,776.9	2,850.7
Accounts Payable	204.9	212.9	198.2	203.2	243.6
Accrued Expenses	501.5	481.3	493.8	475.2	496.5
Notes Payable/Short Term Debt	154.7	46.4	18.7	20.3	10.3
Current Portion - Long Term Debt/Capital Leases	1.7	1.8	1.9	72.5	73.6
Income Taxes Payable	9.4	17.1	13.0	17.9	9.4
Other Current Liabilities	-	-	1.4	2.4	8.8
Other Current liabilities, Total	9.4	17.1	14.4	20.3	18.2
Total Current Liabilities	872.3	759.5	727.0	791.6	842.3
Long Term Debt	1,817.6	1,816.7	1,834.2	1,762.0	1,879.2
Capital Lease Obligations	2.0	3.6	5.5	6.2	5.5
Total Long Term Debt	1,819.6	1,820.3	1,839.7	1,768.2	1,884.7
Total Debt	1,976.1	1,868.5	1,860.3	1,861.0	1,968.6
Deferred Income Tax - LT Liability	43.0	50.6	55.9	42.8	35.1
Deferred Income Tax	43.0	50.6	55.9	42.8	35.1
Minority Interest	8.8	10.8	17.7	18.0	15.8
Pension Benefits - Underfunded	643.1	650.4	636.8	458.6	418.6
Other Long Term Liabilities	51.5	54.3	43.5	46.6	48.1
Other Liabilities, Total	694.5	704.7	680.3	505.2	466.7
Total Liabilities	3,438.1	3,345.9	3,320.6	3,125.8	3,244.6
Common Stock	0.4	0.4	0.4	0.4	0.4
Common Stock	0.4	0.4	0.4	0.4	0.4
Additional Paid-In Capital	29.3	18.8	39.5	53.1	92.7
Retained Earnings (Accumulated Deficit)	150.8	33.3	-123.2	-275.0	-499.1
Translation Adjustment	-61.1	-47.1	-21.6	-43.5	-
Other Equity	7.0	9.0	1.9	0.6	4.1
Minimum Pension Liability Adjustment	-255.7	-198.8	-176.9	-68.2	-
Other Comprehensive Income	-29.2	-26.2	-51.4	-16.3	8.0
Other Equity, Total	-339.0	-263.2	-247.9	-127.3	12.2
Total Equity	-158.6	-210.6	-331.2	-348.9	-393.9
Total Liabilities & Shareholders’ Equity	3,279.6	3,135.2	2,989.4	2,776.9	2,850.7
Shares Outstanding - Common Stock Primary Issue	37.4	37.3	37.3	37.3	37.3
Total Common Shares Outstanding	37.4	37.3	37.3	37.3	37.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	-
Employees	17,000	16,200	11,800	11,400	11,550
Number of Common Shareholders	223	213	199	187	177
Accumulated Intangible Amort, Suppl.	32.6	23.8	8.4	0.1	0.3
Total Long Term Debt, Supplemental	1,972.4	1,863.1	1,852.9	1,853.2	1,960.4
Long Term Debt Maturing within 1 Year	154.7	46.4	18.7	91.2	81.2
Long Term Debt Maturing in Year 2	0.0	108.3	0.0	0.0	70.9
Long Term Debt Maturing in Year 3	324.0	0.0	108.3	0.0	36.1
Long Term Debt Maturing in Year 4	0.0	323.7	374.6	108.3	36.1
Long Term Debt Maturing in Year 5	568.2	0.0	323.3	324.5	36.1
Long Term Debt Maturing in 2-3 Years	324.0	108.3	108.3	0.0	107.0
Long Term Debt Maturing in 4-5 Years	568.2	323.7	698.0	432.8	72.2
Long Term Debt Matur. in Year 6 & Beyond	925.4	1,384.8	1,027.9	1,329.2	1,700.1
Interest Costs	-	-	-	-0.5	-0.5
Executory Costs	-	-	-	-1.6	-2.7
Total Capital Leases, Supplemental	4.0	6.0	8.0	6.2	5.5
Capital Lease Payments Due in Year 1	2.0	2.0	2.0	1.9	3.0
Capital Lease Payments Due in Year 2	2.0	2.0	2.0	1.7	5.6
Capital Lease Payments Due in Year 3	0.0	2.0	3.0	1.6	0.1
Capital Lease Payments Due in Year 4	0.0	0.0	1.0	2.8	0.0
Capital Lease Payments Due in Year 5	0.0	0.0	0.0	0.4	0.0
Capital Lease Payments Due in 2-3 Years	2.0	4.0	5.0	3.3	5.7
Capital Lease Payments Due in 4-5 Years	0.0	0.0	1.0	3.1	0.0
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	690.2	758.5	784.4	506.2	518.9
Operating Lease Payments Due in Year 1	148.9	146.9	132.5	96.4	101.4
Operating Lease Payments Due in Year 2	117.0	124.9	129.1	93.7	88.7
Operating Lease Payments Due in Year 3	90.6	99.6	112.1	87.5	81.0
Operating Lease Payments Due in Year 4	75.2	79.6	86.4	73.2	73.4
Operating Lease Payments Due in Year 5	64.2	68.8	68.8	42.9	64.9
Operating Lease Pymts. Due in 2-3 Years	207.6	224.4	241.2	181.1	169.7
Operating Lease Pymts. Due in 4-5 Years	139.4	148.4	155.3	116.1	138.3
Oper. Lse. Pymts. Due in Year 6 & Beyond	194.4	238.8	255.5	112.5	109.5
Pension Obligation - Domestic	1,203.7	1,131.8	1,061.3	840.7	957.7
Post-Retirement Obligation	156.1	164.3	176.8	151.1	179.6
Plan Assets - Domestic	771.9	731.7	601.6	883.6	838.8
Plan Assets - Post-Retirement	0.0	0.0	0.0	0.0	0.0
Funded Status - Domestic	-431.8	-400.1	-459.7	42.9	-118.9
Funded Status - Post-Retirement	-156.1	-164.3	-176.8	-151.1	-179.6
Accumulated Obligation - Post-Retirement	1,200.0	1,100.0	-	-	-
Total Funded Status	-587.8	-564.4	-636.4	-108.2	-298.5
Discount Rate - Domestic	4.90%	5.40%	5.80%	7.50%	6.70%
Discount Rate - Post-Retirement	4.50%	4.90%	5.20%	7.90%	0.00%
Compensation Rate - Domestic	3.50%	3.90%	4.00%	4.00%	4.00%
Compensation Rate - Post-Retirement	0.00%	0.00%	0.00%	6.40%	0.00%
Prepaid Benefits - Domestic	0.0	0.3	2.1	2.3	74.0
Prepaid Benefits - Post-Retirement	0.0	0.0	0.0	0.0	0.0
Accrued Liabilities - Domestic	-431.8	-400.4	-382.4	-241.4	-148.2
Accrued Liabilities - Post-Retirement	-156.1	-164.3	-176.8	-151.1	-179.6
Other Assets, Net - Domestic	-394.7	-328.5	-315.9	-208.3	-25.5
Other Assets, Net - Post-Retirement	-29.5	-3.3	18.7	89.7	116.0
Net Assets Recognized on Balance Sheet	-1,012.1	-896.2	-854.2	-508.8	-163.2
Equity % - Domestic	44.80%	47.39%	46.10%	51.10%	-
Debt Securities % - Domestic	45.80%	42.57%	44.20%	44.20%	-
Real Estate % - Domestic	7.00%	10.04%	9.70%	4.70%	-
Other Investments % - Domestic	2.40%	-	-	-	-
Total Plan Obligations	1,359.7	1,296.1	1,238.0	991.8	1,137.3
Total Plan Assets	771.9	731.7	601.6	883.6	838.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 27-Nov-2011	Updated Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010	Updated Normal 25-Nov-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income/Starting Line	135.1	149.4	150.7	230.4	460.4
Depreciation	117.8	104.9	84.6	78.0	67.5
Depreciation/Depletion	117.8	104.9	84.6	78.0	67.5
Deferred Taxes	16.2	31.1	-5.1	75.8	-150.1
Unusual Items	6.0	-7.0	16.6	20.7	26.7
Other Non-Cash Items	12.5	20.7	66.7	-22.7	-33.0
Non-Cash Items	18.5	13.6	83.4	-2.0	-6.3
Accounts Receivable	-116.0	-30.3	27.6	61.7	-18.1
Inventories	-6.8	-148.5	113.0	-21.8	40.4
Other Assets	-34.5	-27.3	-6.1	-42.2	8.6
Accrued Expenses	-55.8	-18.5	-20.1	-30.6	-87.8
Payable/Accrued	-55.3	39.9	-58.2	-100.4	16.2
Taxes Payable	-15.2	6.3	-3.4	3.9	9.5
Other Liabilities	-2.4	25.5	22.4	-28.2	-38.8
Other Operating Cash Flow	0.3	0.1	0.0	0.0	0.8
Changes in Working Capital	-285.7	-152.8	75.2	-157.4	-69.2
Cash from Operating Activities	1.8	146.3	388.8	224.8	302.3
Purchase of Fixed Assets	-130.6	-154.6	-82.9	-80.4	-92.5
Capital Expenditures	-130.6	-154.6	-82.9	-80.4	-92.5
Acquisition of Business	0.0	-12.2	-100.3	-1.0	-2.5
Sale of Fixed Assets	0.2	1.5	0.9	1.0	3.9
Investment, Net	-	-	-	-	0.0
Purchase of Investments	-	-	-	-	0.0
Other Investing Cash Flow	-10.5	-16.5	-50.8	53.5	-16.1
Other Investing Cash Flow Items, Total	-10.4	-27.1	-150.1	53.5	-14.8
Cash from Investing Activities	-141.0	-181.8	-233.0	-26.8	-107.3
Other Financing Cash Flow	-11.1	-18.2	-1.6	-2.8	-8.5
Financing Cash Flow Items	-11.1	-18.2	-1.6	-2.8	-8.5
Cash Dividends Paid - Common	-20.0	-20.0	-20.0	-50.0	0.0
Total Cash Dividends Paid	-20.0	-20.0	-20.0	-50.0	0.0
Repurchase/Retirement of Common/Preferred	-0.5	-0.1	0.0	0.0	-
Issuance (Retirement) of Stock, Net	-0.5	-0.1	0.0	0.0	-
Short Term Debt, Net	19.4	27.3	-2.7	12.2	-1.7
Long Term Debt Issued	305.0	909.4	0.0	0.0	669.0
Long Term Debt Reduction	-215.1	-866.1	-72.9	-94.9	-984.3
Long Term Debt, Net	89.9	43.3	-72.9	-94.9	-315.3
Issuance (Retirement) of Debt, Net	109.3	70.7	-75.6	-82.7	-317.0
Cash from Financing Activities	77.7	32.3	-97.2	-135.5	-325.5
Foreign Exchange Effects	-3.8	2.1	1.4	-7.6	7.0
Net Change in Cash	-65.2	-1.1	60.0	54.9	-123.6
Net Cash - Beginning Balance	269.7	270.8	210.8	155.9	279.5
Net Cash - Ending Balance	204.5	269.7	270.8	210.8	155.9
Cash Interest Paid	129.1	147.2	135.6	154.1	237.0
Cash Taxes Paid	56.2	52.9	56.9	63.1	52.3

Levi Strauss & Co. San Francisco, California, United States, Tel: 415-501-6000, URL: http://www.levistrauss.com/

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Net Sales	4,674.4	4,325.9	4,022.9	4,303.1	4,266.1
Licensing Revenue	87.1	84.7	82.9	97.8	94.8
Total Revenue	4,761.6	4,410.6	4,105.8	4,400.9	4,360.9
Cost of Goods Sold	2,469.3	2,187.7	2,132.4	2,261.1	2,318.9
Selling, general and administrative expe	1,955.8	1,841.6	1,595.3	1,614.7	1,401.0
Loss on Early Extinguishment of Debt	0.2	16.6	0.0	1.4	63.8
Total Operating Expense	4,425.4	4,045.9	3,727.7	3,877.3	3,783.7
Interest Expense	-132.0	-135.8	-148.7	-154.1	-215.7
Foreign Exchange Management Losses	15.3	-6.2	-69.6	-	-
Foreign Currency Transaction Gains	-20.3	9.9	25.7	-	-
Interest Income	1.6	2.2	2.5	-	-
Other	2.0	0.7	1.9	-0.3	15.0
Net Income Before Taxes	202.8	235.6	189.9	369.3	376.5
Provision for Income Taxes	67.7	86.2	39.2	138.9	-84.8
Net Income After Taxes	135.1	149.4	150.7	230.4	461.3
Net loss attributable to noncontrolling	2.8	7.1	1.2	-1.1	-0.9
Net Income Before Extra. Items	138.0	156.5	151.9	229.3	460.4
Net Income	138.0	156.5	151.9	229.3	460.4
Income Available to Com Excl ExtraOrd	138.0	156.5	151.9	229.3	460.4
Income Available to Com Incl ExtraOrd	138.0	156.5	151.9	229.3	460.4
Basic Weighted Average Shares	37.4	37.3	37.3	37.3	37.3
Basic EPS Excluding ExtraOrdinary Items	3.69	4.19	4.07	6.15	12.35
Basic EPS Including ExtraOrdinary Items	3.69	4.19	4.07	6.15	12.35
Diluted Net Income	138.0	156.5	151.9	229.3	460.4
Diluted Weighted Average Shares	37.4	37.3	37.3	37.3	37.3
Diluted EPS Excluding ExtraOrd Items	3.69	4.19	4.07	6.15	12.35
Diluted EPS Including ExtraOrd Items	3.69	4.19	4.07	6.15	12.35
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	203.1	252.2	189.9	370.7	440.4
Inc Tax Ex Impact of Sp Items	67.8	92.2	39.2	139.4	-62.4
Normalized Income After Taxes	135.3	160.0	150.7	231.3	502.8
Normalized Inc. Avail to Com.	138.1	167.0	151.9	230.2	501.9
Basic Normalized EPS	3.70	4.48	4.07	6.17	13.46
Diluted Normalized EPS	3.70	4.48	4.07	6.17	13.46
Interest Expense	132.0	135.8	148.7	154.1	215.7
Amort of Intangibles	12.1	14.8	-	-	-
Rental Expense	174.6	161.2	151.8	-	-
Depreciation	104.8	88.9	76.8	78.0	67.5
Advertising Expenses	313.8	327.8	-	-	-
U.S. Federal	20.0	12.3	17.9	-	-
U.S. State	0.0	2.9	5.4	-	-
Foreign	31.6	39.9	21.0	-	-
Current Tax - Total	51.6	55.0	44.3	-	-
U.S. Federal	40.4	24.5	-11.9	-	-
U.S. State	-0.6	2.5	5.1	-	-
Foreign	-23.7	4.2	1.7	-	-
Deferred Tax - Total	16.2	31.1	-5.1	-	-
Income Tax - Total	67.7	86.2	39.2	-	-
Gross profit	2,292.2	2,222.9	1,973.4	-	-
Operating income	336.4	381.4	378.1	-	-
Service Cost	10.2	7.8	5.3	6.4	7.9
Interest Cost	60.3	59.7	61.7	61.6	58.2
Expected Return on Plan Assets	-53.0	-46.1	-42.2	-62.8	-60.3
Amortization of prior Service Cost	0.0	0.5	0.8	0.9	3.6
Amortization of Transition Asset	-	-	-	0.2	0.5
Amortization of Actuarial Loss	14.9	26.7	17.1	0.6	6.1
Curtailment Loss (Gain)	0.1	0.1	1.2	0.8	1.2
Special Termination Benefit	0.1	0.3	0.1	0.0	0.2
Net settlement (Gain) Loss	0.7	0.4	1.7	-0.1	0.1
Domestic Pension Plan Expense	33.5	49.3	45.5	7.5	17.5
Service Cost	0.5	0.5	0.4	0.6	0.7
Interest Cost	7.6	8.7	11.0	10.8	10.8
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Amortization of prior Service Cost	-28.9	-29.6	-39.7	-41.4	-45.7
Amortization of Transition Asset	-	-	-	0.0	0.0
Amortization of Actuarial Loss	5.0	5.6	1.7	4.0	4.7
Curtailment Loss (Gain)	0.0	0.0	0.5	-5.9	-52.8
Special Termination Benefit	0.0	0.0	0.0	0.0	0.0
Net settlement (Gain) Loss	0.0	0.0	0.0	0.0	0.0
Post-Retirement Plan Expense	-15.8	-14.8	-26.0	-32.0	-82.3
Total Pension Expense	17.7	34.5	19.5	-24.5	-64.8
Discount Rate	5.50%	5.80%	7.50%	6.70%	5.60%
Expected Rate of Return on Plan Assets	6.90%	6.90%	7.20%	7,040.00%	7.30%
Rate of Compensation Increase	4.00%	4.00%	4.00%	40.00%	3.90%
Discount rate - Post Retirement	4.90%	5.20%	7.90%	6.40%	5.60%
Expected Rate of Return on Plan Assets	0.00%	0.00%	0.00%	0.00%	0.00%
Rate of Compensation Increase	0.00%	0.00%	0.00%	0.00%	0.00%

Annual Balance Sheet

Financials in: USD (mil)

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
UpdateType/Date	Updated Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Updated Normal 29-Nov-2009	Updated Normal 30-Nov-2008	Updated Normal 25-Nov-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Cash & Cash Equivalents	204.5	269.7	270.8	210.8	155.9
Restricted Cash	-	-	3.7	2.7	1.9
Trade receivables, net of allowance for	677.6	578.0	574.8	563.4	621.8
Allowance for Doubtful Accounts	-22.7	-24.6	-22.5	-16.9	-14.8
Inventories: Raw Materials	7.1	6.8	6.8	15.9	17.8
Inventories : Work-in-Process	9.8	9.4	10.9	8.9	14.8
Inventories: Finished Goods	594.5	563.7	433.5	517.9	483.3
Deferred Tax Assets	99.5	137.9	135.5	114.1	133.2
Other Current Assets	172.8	110.2	92.3	88.5	75.6
Total Current Assets	1,743.2	1,651.1	1,505.9	1,505.3	1,489.5
Land	30.2	29.7	30.1	27.9	28.7
Buildings & Leasehold Improvements	422.0	406.6	380.6	357.2	363.4
Machinery & Equipment	477.9	493.3	493.2	473.5	513.3
Capitalized Internal-use Software	286.7	186.9	158.6	133.6	83.4
Construction in Progress	17.4	55.3	32.5	16.8	64.5
Accumulated Depreciation	-731.9	-683.3	-664.9	-597.0	-605.9
Goodwill	241.0	241.5	241.8	204.7	206.5
Other intangible assets, net	-	-	42.7	42.8	-
Other Intangible Assets	104.4	108.5	68.9	0.1	43.1
Other Accumulated Amortization	-32.6	-23.8	-8.4	-0.1	-0.3
Non-Current Deferred Tax Assets	613.2	559.1	601.5	526.1	511.1
Other Assets	108.0	110.3	107.0	86.2	153.4
Total Assets	3,279.6	3,135.2	2,989.4	2,776.9	2,850.7
Short Term Debt	154.7	46.4	18.7	20.3	10.3
Current Maturities of Long-Term Debt	-	-	0.0	70.9	70.9
Current Maturities of Capital Lease	1.7	1.8	1.9	1.6	2.7
Accounts Payable	204.9	212.9	198.2	203.2	243.6
Restructuring Reserves	-	-	1.4	2.4	8.8
Accrued Liabilities	256.3	275.4	269.6	251.7	248.2
Accrued Salaries & Employee Benefits	235.5	196.2	195.4	194.3	218.3
Accrued Interest Payable	9.7	9.7	28.7	29.2	30.0
Accrued Income Taxes	9.4	17.1	13.0	17.9	9.4
Total Current Liabilities	872.3	759.5	727.0	791.6	842.3
Long-Term Debt, less Current Maturities	1,817.6	1,816.7	1,834.2	1,762.0	1,879.2
Long-term Capital Lease	2.0	3.6	5.5	6.2	5.5
Total Long Term Debt	1,819.6	1,820.3	1,839.7	1,768.2	1,884.7
Post-Retirement Medical Benefits	140.1	147.1	156.8	130.2	157.4
Pension Liability	427.4	400.6	382.5	240.7	147.4
Long-Term Employee Related Benefits	75.5	102.8	97.5	87.7	113.7
Long-Term Income Tax Liabilities	43.0	50.6	55.9	42.8	35.1
Other Long-Term Liabilities	51.5	54.3	43.5	46.6	48.1
Minority Interest	8.8	10.8	17.7	18.0	15.8
Total Liabilities	3,438.1	3,345.9	3,320.6	3,125.8	3,244.6
Temporary Equity	7.0	9.0	1.9	0.6	4.1
Common Stock	0.4	0.4	0.4	0.4	0.4
Additional Paid-in Capital	29.3	18.8	39.5	53.1	92.7
Accumulated Deficit	150.8	33.3	-123.2	-275.0	-499.1
Accumulated Other Comprehensive Loss	-	-	-	-	8.0
Pension & Post Retirment	-255.7	-198.8	-176.9	-68.2	-
Net Investment Hedges	-28.7	-26.4	-49.3	-12.3	-
Foreign Currency Translation	-61.1	-47.1	-21.6	-43.5	-
Loss on Marketable Securities	-0.5	0.2	-2.1	-4.0	-
Total Equity	-158.6	-210.6	-331.2	-348.9	-393.9
Total Liabilities & Shareholders' Equity	3,279.6	3,135.2	2,989.4	2,776.9	2,850.7
S/O-Common Stock	37.4	37.3	37.3	37.3	37.3
Total Common Shares Outstanding	37.4	37.3	37.3	37.3	37.3
T/S-Common Stock	0.0	0.0	0.0	0.0	-
Accumulated Intangible Amortization	32.6	23.8	8.4	0.1	0.3
Full-Time Employees	17,000	16,200	11,800	11,400	11,550
Number of Common Shareholders	223	213	199	187	177
Long Term Debt Maturing within 1 Year	154.7	46.4	18.7	91.2	81.2
Long Term Debt Maturing within 2 Years	0.0	108.3	0.0	0.0	70.9
Long Term Debt Maturing within 3 Years	324.0	0.0	108.3	0.0	-
Long Term Debt Maturing within 4 Years	0.0	323.7	374.6	108.3	-
Long Term Debt Maturing within 5 Years	568.2	0.0	323.3	324.5	108.3
Long Term Debt Maturing Thereafter	925.4	1,384.8	1,027.9	1,329.2	1,700.1
Total Long Term Debt, Supplemental	1,972.4	1,863.1	1,852.9	1,853.2	1,960.4
Capital Lease Maturing Within 1Year	2.0	2.0	2.0	1.9	3.0
Capital Lease Maturing Within 2 Years	2.0	2.0	2.0	1.7	5.6
Capital Lease Maturing Within 3 Years	0.0	2.0	3.0	1.6	0.1
Capital Lease Maturing Within 4 Years	0.0	0.0	1.0	2.8	0.0
Capital Lease Maturing Within 5 Years	0.0	0.0	0.0	0.4	0.0
Capital Lease Maturing Thereafter	0.0	0.0	0.0	0.0	0.0
Amount Representing Interest	-	-	-	-0.5	-0.5
Current Maturities of Capital Lease	-	-	-	-1.6	-2.7
Total Capital Leases	4.0	6.0	8.0	6.2	5.5
Operating Lease Maturing Within 1Year	148.9	146.9	132.5	96.4	101.4
Operating Lease Maturing Within 2 Years	117.0	124.9	129.1	93.7	88.7
Operating Lease Maturing Within 3 Years	90.6	99.6	112.1	87.5	81.0
Operating Lease Maturing Within 4 Years	75.2	79.6	86.4	73.2	73.4
Operating Lease Maturing Within 5 Years	64.2	68.8	68.8	42.9	64.9
Operating Lease Maturing Thereafter	194.4	238.8	255.5	112.5	109.5
Total Operating Leases	690.2	758.5	784.4	506.2	518.9
Projected Benefit Obligation	1,203.7	1,131.8	1,061.3	840.7	957.7
FV of Plan Assets	771.9	731.7	601.6	883.6	838.8
Funded Status	-431.8	-400.1	-459.7	42.9	-118.9
Accumulated Obligation - Post-Retirement	1,200.0	1,100.0	-	-	-
Projected Benefit Obligation - Post Beni	156.1	164.3	176.8	151.1	179.6
FV of Plan Assets - Post Benifit	0.0	0.0	0.0	0.0	0.0
Funded Status - Post Benifit	-156.1	-164.3	-176.8	-151.1	-179.6
Total Funded Status	-587.8	-564.4	-636.4	-108.2	-298.5
Discount Rate	4.90%	5.40%	5.80%	7.50%	6.70%
Rate of Return on Plan Assets	3.50%	3.90%	4.00%	4.00%	4.00%
Discount Rate - Post Retirement	4.50%	4.90%	5.20%	7.90%	0.00%
Rate of Return on Plan Assets - Post Ret	0.00%	0.00%	0.00%	6.40%	0.00%
Prepaid Benefit Cost	0.0	0.3	2.1	2.3	74.0
Accrued Benefit Liability - Current Port	-7.9	-7.9	-7.7	-7.9	-9.9
Accrued Benefit Liability - Long-Term	-423.9	-392.5	-374.7	-233.6	-138.3
AOCI Net Acturial Loss	-395.6	-326.4	-316.6	-208.0	-24.5
AOCI Net Prior Service (Cost) Benifit	0.8	-2.1	0.7	-0.3	-0.7
AOCI Net Transition Obligation	-	-	-	0.0	-0.2
Prepaid Benefit Cost	0.0	0.0	0.0	0.0	0.0
Accrued Benefit Liability - Current Port	-16.0	-17.2	-19.9	-20.9	-22.1
Accrued Benefit Liability - Long-Term	-140.1	-147.1	-156.8	-130.2	-157.4
AOCI Net Acturial Loss	-46.4	-49.1	-56.7	-27.9	-49.2
AOCI Net Prior Service (Cost) Benifit	16.8	45.8	75.4	117.6	165.2
AOCI Net Transition Obligation	-	-	-	0.0	0.0
Net Assets Recognized on Balance Sheet	-1,012.1	-896.2	-854.2	-508.8	-163.2
Equity securities	44.80%	47.39%	46.10%	51.10%	-
Debt securities	45.80%	42.57%	44.20%	44.20%	-
Real estate and other	7.00%	10.04%	9.70%	4.70%	-
Other	2.40%	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 27-Nov-2011	Updated Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010	Updated Normal 25-Nov-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified	Unqualified
Net Income	135.1	149.4	150.7	230.4	460.4
Depreciation	117.8	104.9	84.6	78.0	67.5
Asset Impairments	5.8	6.9	16.8	20.3	9.1
Gain on Disposal of Assets	0.0	-0.2	-0.2	0.0	0.4
Unrealized Foreign Exchange Gains (loss)	-5.9	-17.7	14.7	50.7	-7.2
Realized loss on settlement of forward f	9.5	16.3	50.8	-53.5	16.1
Employee benefit plans	-8.6	3.6	-19.7	-36.0	0.0
Postretirement Benefit Plan	0.1	0.1	1.6	-5.2	-52.8
Non Cash Loss on Early Extinghmt.-Debt	0.2	-13.6	0.0	0.4	17.2
Amortization of Deferred Debt Issuance	4.3	4.3	4.3	4.0	5.2
Stock Base Compensation	8.4	6.4	7.8	6.8	5.0
Provision for Doubtful Accounts	4.6	7.5	7.2	10.4	0.6
Net Deferred Taxes	16.2	31.1	-5.1	75.8	-150.1
Trade Receivables	-116.0	-30.3	27.6	61.7	-18.1
Inventories	-6.8	-148.5	113.0	-21.8	40.4
Other Current ssets	-39.2	-20.1	5.6	-25.4	19.2
Accounts Payable & Accrued Liabilities	-55.3	39.9	-58.2	-100.4	16.2
Other Non-Current Assets	4.8	-7.2	-11.8	-16.8	-10.6
Income tax Liabilities	-15.2	6.3	-3.4	3.9	9.5
Accrued salaries, wages and employee ben	-55.8	-18.5	-20.1	-30.6	-87.8
Other Long-Term Liabilites	-2.4	19.1	-4.5	6.9	2.0
Other, Net	0.3	0.1	0.0	0.0	0.8
Restruct. Reserves	-	-	-	-	-8.1
Long-Term Employee Related Benefits	-	6.3	26.9	-35.1	-32.6
Cash from Operating Activities	1.8	146.3	388.8	224.8	302.3
Capital Expenditures	-130.6	-154.6	-82.9	-80.4	-92.5
Proceeds from Sale of Fixed Assets	0.2	1.5	0.9	1.0	3.9
Cash Outflow from Net Investment Hedges	-	-	-	-	0.0
Acquisition of Turkey Minority Interests	-	-	-	-	0.0
Payments on settlement of forward foreig	-9.5	-16.3	-50.8	53.5	-16.1
Acquisition of U.K. Retail Stores	0.0	-12.2	-100.3	-1.0	-2.5
Other	-1.0	-0.1	0.0	0.0	-
Cash from Investing Activities	-141.0	-181.8	-233.0	-26.8	-107.3
Proceeds from Issuance of Long-Term Debt	0.0	909.4	0.0	0.0	669.0
Repayments of senior revolving credit fa	-213.3	0.0	0.0	-	-
Proceeds from senior revolving credit fa	305.0	0.0	0.0	-	-
Repayments of Long-Term Debt	-1.8	-866.1	-72.9	-94.9	-984.3
Net Decrease in Short-Term Borrowings	19.4	27.3	-2.7	12.2	-1.7
Debt Issuance Costs	-7.3	-17.5	0.0	-0.4	-5.3
Dividends-Minority Interest Shareholders	0.0	0.0	-1.0	-1.1	-3.1
Dividend to Stockholders	-20.0	-20.0	-20.0	-50.0	0.0
Repurchase of common stock	-0.5	-0.1	0.0	0.0	-
Increase in Restricted Cash	-3.8	-0.7	-0.6	-1.2	-0.1
Cash from Financing Activities	77.7	32.3	-97.2	-135.5	-325.5
Foreign Exchange Effects	-3.8	2.1	1.4	-7.6	7.0
Net Change in Cash	-65.2	-1.1	60.0	54.9	-123.6
Net Cash - Beginning Balance	269.7	270.8	210.8	155.9	279.5
Net Cash - Ending Balance	204.5	269.7	270.8	210.8	155.9
Cash Interest Paid	129.1	147.2	135.6	154.1	237.0
Cash Taxes Paid	56.2	52.9	56.9	63.1	52.3

Levi Strauss & Co. San Francisco, California, United States, Tel: 415-501-6000, URL: http://www.levistrauss.com/

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 27-May-2012	Quarter Ending Yr Ago	Annual Year End 27-Nov-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue	1,047.2	-4.19%	4,761.6	7.96%	2.66%	2.58%
Operating Income	37.4	-42.40%	336.1	-7.85%	-13.74%	-10.13%
Income Available to Common Excl Extraord Items	13.2	-36.90%	138.0	-11.85%	-15.58%	-10.41%
Basic EPS Excl Extraord Items	0.35	-36.95%	3.69	-11.93%	-15.64%	-10.45%
Capital Expenditures	36.6	-51.70%	130.6	-15.55%	17.57%	11.12%
Cash from Operating Activities	327.6	283.50%	1.8	-98.74%	-79.82%	-62.87%
Free Cash Flow	291.1	2,895.61%	-128.7	-	-	-
Total Assets	2,893.5	-7.14%	3,279.6	4.60%	5.70%	3.18%
Total Liabilities	3,007.7	-7.52%	3,438.1	2.76%	3.23%	-1.96%
Total Long Term Debt	1,692.1	-8.36%	1,819.6	-0.04%	0.96%	-3.81%
Employees	-	-	17000	4.94%	14.25%	9.74%
Total Common Shares Outstanding	37.3	0.06%	37.4	0.08%	0.07%	0.04%

Key Ratios
Â	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
Profitability
Gross Margin	47.17%	49.43%	46.99%	47.45%	45.64%
Operating Margin	7.06%	8.27%	9.21%	11.90%	13.24%
Pretax Margin	4.26%	5.34%	4.63%	8.39%	8.63%
Net Profit Margin	2.90%	3.55%	3.70%	5.21%	10.56%
Financial Strength
Current Ratio	2.00	2.17	2.07	1.90	1.77
Long Term Debt/Equity	-11.47	-8.64	-5.55	-5.07	-4.78
Total Debt/Equity	-12.46	-8.87	-5.62	-5.33	-5.00
Management Effectiveness
Return on Assets	4.21%	4.88%	5.23%	8.19%	16.32%
Return on Equity	-74.73%	-57.77%	-44.66%	-61.73%	-66.43%
Efficiency
Receivables Turnover	7.88	7.98	7.47	7.63	7.29
Inventory Turnover	4.15	4.24	4.29	4.27	4.35
Asset Turnover	1.48	1.44	1.42	1.56	1.54

Levi Strauss & Co. San Francisco, California, United States, Tel: 415-501-6000, URL: http://www.levistrauss.com/

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008	25-Nov-2007
Financial Strength
Current Ratio	2.00	2.17	2.07	1.90	1.77
Quick/Acid Test Ratio	0.99	1.08	1.13	0.96	0.91
Working Capital	871.0	891.6	778.9	713.6	647.3
Long Term Debt/Equity	-11.47	-8.64	-5.55	-5.07	-4.78
Total Debt/Equity	-12.46	-8.87	-5.62	-5.33	-5.00
Long Term Debt/Total Capital	1.00	1.10	1.20	1.17	1.20
Total Debt/Total Capital	1.09	1.13	1.22	1.23	1.25
Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	33.39%	36.57%	20.65%	37.61%	-22.51%
Total Capital	1,817.5	1,657.9	1,529.1	1,512.1	1,574.7
Efficiency
Asset Turnover	1.48	1.44	1.42	1.56	1.54
Inventory Turnover	4.15	4.24	4.29	4.27	4.35
Days In Inventory	88.05	86.02	85.07	85.44	83.89
Receivables Turnover	7.88	7.98	7.47	7.63	7.29
Days Receivables Outstanding	46.31	45.75	48.84	47.83	50.09
Revenue/Employee	280,092	272,262	347,946	386,045	377,570
Operating Income/Employee	19,773	22,517	32,041	45,935	49,974
EBITDA/Employee	26,650	28,918	38,550	52,775	55,820
Profitability
Gross Margin	47.17%	49.43%	46.99%	47.45%	45.64%
Operating Margin	7.06%	8.27%	9.21%	11.90%	13.24%
EBITDA Margin	9.51%	10.62%	11.08%	13.67%	14.78%
EBIT Margin	7.06%	8.27%	9.21%	11.90%	13.24%
Pretax Margin	4.26%	5.34%	4.63%	8.39%	8.63%
Net Profit Margin	2.90%	3.55%	3.70%	5.21%	10.56%
COGS/Revenue	51.86%	49.60%	51.94%	51.38%	53.17%
SG&A Expense/Revenue	41.08%	41.75%	38.86%	36.69%	32.13%
Management Effectiveness
Return on Assets	4.21%	4.88%	5.23%	8.19%	16.32%
Return on Equity	-74.73%	-57.77%	-44.66%	-61.73%	-66.43%
Valuation
Free Cash Flow/Share	-3.45	-0.22	8.20	3.88	5.63
Operating Cash Flow/Share	0.05	3.92	10.43	6.03	8.11

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.69
UK Pound	1	Rs.85.71
Euro	1	Rs.68.14

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.