MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	LEVI STRAUSS & CO.
Registered Office :	1155 Battery Street San Francisco, CA 94111
Country :	United States
Financials (as on) :	25.11.2012
Year of Incorporation :	1971
Legal Form :	Private Parent
Line of Business :	Manufactures apparel 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 :	Regular
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 $49,800. 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. Crude 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 climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn 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. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform 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. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

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:	241 Companies
Incorporation Date:	1971
Auditor:	PricewaterhouseCoopers LLP

Financials in:	USD (mil)
Fiscal Year End:	25-Nov-2012
Reporting Currency:	US Dollar
Annual Sales:	4,610.2 ^1
Net Income:	143.9
Total Assets:	3,170.1 ^2

Business Description

Levi Strauss & Co. manufactures apparel for men, women and children. The Company operates as a clothing corporation organized into three geographic divisions: Levi Strauss, North America, Levi Strauss Europe and Asia Pacific Division. Levi Strauss & Co. designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets, footwear, and related accessories for men, women, and children under the Levis, Dockers, and Signature brands. For the fiscal year ended 25 November 2012, Levi Strauss & Co. revenues decreased 3% to $4.61B. Net income increased 4% to $143.9M. Revenues reflect Asia Pacific segment decrease of 13% to $757.7M, Europe segment decrease of 6% to $1.1B. Net income reflects North America segment income increase of 10% to $431.6M, Corporate Expense/Other segment loss decrease of 1% to $342.7M. Dividend per share totaled to $1.21.

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
Anne Rohosy	Executive Vice President and President, Commercial Operations Americas and Europe
Kevin Wilson	Vice President, Finance for the Americas Commercial Operations
Joelle Maher	Executive Vice President and President Global Retail
Jen Sey	Senior Vice President of E-commerce

Significant Developments

Topic	#*	Most Recent Headline	Date
Officer Changes	1	Levi Strauss and Co Appoints New Chief Financial Officer	16-Dec-2012

Financial Summary

As of 25-Nov-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.11	2.75
Quick Ratio (MRQ)	1.46	1.45
Sales 5 Year Growth	1.12	10.05
Net Profit Margin (TTM) %	3.06	7.39
Return on Assets (TTM) %	4.37	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):	4,610.2
Assets USD(mil):	3,170.1
Employees:	17,000
Fiscal Year End:	25-Nov-2012

Industry:

Apparel and Accessories

Incorporation Date:	1971
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
1823	-	Manufacture of underwear
1824	-	Manufacture of other wearing apparel and accessories not elsewhere classified
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
448110	-	Men's Clothing Stores
316213	-	Men's Footwear (except Athletic) Manufacturing
315228	-	Men's and Boys' Cut and Sew Other Outerwear Manufacturing
315239	-	Women's and Girls' Cut and Sew Other Outerwear Manufacturing
316214	-	Women's Footwear (except Athletic) Manufacturing
315232	-	Women's and Girls' Cut and Sew Blouse and Shirt 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
2321	-	Men's and Boys' Shirts, Except Work Shirts
5621	-	Women's Clothing Stores
3143	-	Men's Footwear, Except Athletic
2339	-	Women's, Misses', and Juniors' Outerwear, Not Elsewhere Classified
3144	-	Women's Footwear, Except Athletic
2329	-	Men's and Boys' Clothing, Not Elsewhere Classified
5611	-	Men's and Boys' Clothing and Accessory Stores

UK SIC 2003:
18221	-	Manufacture of other men's outerwear
52424	-	Retail sale of other men's clothing
18222	-	Manufacture of other women's outerwear
1824	-	Manufacture of other wearing apparel and accessories not elsewhere classified
52423	-	Retail sale of other women's clothing
18231	-	Manufacture of men's underwear
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
14142	-	Manufacture of women's underwear
4771	-	Retail sale of clothing in specialised stores
1520	-	Manufacture of footwear
14141	-	Manufacture of men's underwear
1419	-	Manufacture of other wearing apparel and accessories n.e.c.
14132	-	Manufacture of women's outerwear, other than leather clothes and workwear

Business Description

Levi Strauss & Co. manufactures apparel for men, women and children. The Company operates as a clothing corporation organized into three geographic divisions: Levi Strauss, North America, Levi Strauss Europe and Asia Pacific Division. Levi Strauss & Co. designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets, footwear, and related accessories for men, women, and children under the Levis, Dockers, and Signature brands. For the fiscal year ended 25 November 2012, Levi Strauss & Co. revenues decreased 3% to $4.61B. Net income increased 4% to $143.9M. Revenues reflect Asia Pacific segment decrease of 13% to $757.7M, Europe segment decrease of 6% to $1.1B. Net income reflects North America segment income increase of 10% to $431.6M, Corporate Expense/Other segment loss decrease of 1% to $342.7M. Dividend per share totaled to $1.21.

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 carries out the designing, marketing and sale 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 include dENiZEN, Levi's, Dockers and Signature by Levi Strauss & Co. The company focuses on both developed markets such as the US, Japan, Western Europe and developing markets such as India, China, Brazil and Russia. The company markets and sell its products directly or through third parties and licensees.The company conducts its business through three geographical segments, namely, Americas, Europe and Asia Pacific. For the fiscal year ended November 2012, the Americas region accounted for 59.64% of the company's total revenue, followed by, Europe region with 29.93% and Asia Pacific region with 16.44% revenue.The Levi's Red Tab products are the foundation of the brand, consisting of a wide spectrum of jeans and jeans wear offered in a variety of fabrics, fits, finishes and styles, among others. For the fiscal year ended November 2012, it contributed 84% of the company's total sales. Its Dockers brand has embodied the spirit of khakis for over 25 years. This product fills the gap between jeans and dress pants. 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 2012, 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 2012, it contributed 4% to the total sales of the company. The company sells its products through dedicated stores, multi branded stores, franchise stores, company owned stores, mass channel retailers. The company also sell through its websites www.levi.com and www.dockers.com. and retailer websites. As of November 2012, the company had 511 company-operated stores situated in 32 countries across the three regions. The company operated 209 stores in the Americas, 190 stores in Europe and 112 stores in Asia Pacific. The company also operate approximately 1,800 franchisee-owned stores. During 2012, the company added 56 company-operated stores and closed 43 stores. The company's products are sold in more than 110 countries. As of November 2012, the company leased or owned 111 administrative and sales offices in 43 countries, as well as leased 19 warehouses in ten countries.The company has more than 5,000 trademark registrations and pending applications in approximately 180 countries worldwide. The major trademarks of the company include The Levi's, Dockers, 501, the Tab Device, the Two Horse Design, the Housemark and the Wings.In October 2012, the company introduced its new collection of denim incorporating post-consumer waste, specifically recycled food trays and plastic bottles. 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 apparel company. The company designs, markets and sells jeans, casual wear and related accessories for men, women and children. The company offers its products in different brands including 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 along with its subsidiaries, sells its products in around 110 countries. Levi's is headquartered in San Francisco, California, the US.As a part of its expansion plan, the company introduced WaterLess Jeans collection for spring season in a strategic intent to expand its product portfolio and serve its customers with better offers.

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

Financial Data

Financials in:	USD(mil)
Revenue:	4,610.2
Net Income:	143.9
Assets:	3,170.1
Long Term Debt:	1,669.7
Total Liabilities:	3,269.1
Working Capital:	0.6
Date of Financial Data:	25-Nov-2012

1 Year Growth

-3.2%

NA

NA

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP

Additional Infomation
ABI Number:	894586148
Fortune 1000 Rank:	501

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

Partnerships

Besides 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 also 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. In October 2012, the company introduced its new collection of denim incorporating post-consumer waste, specifically recycled food trays and plastic bottles.

Source: GlobalData, April 19, 2013

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Renowned Brands · Geographical Landscape · Distribution Networks	Weaknesses · Dependence on Few Customers
External Origin (attributes of the environment)	Opportunities · Stores Expansion · New Developments · Growing Opportunities in E-Retailing	Threats · Fast Changing Fashion Trends · Competitive Landscape · Growing Counterfeit Products

Overview

Levi Strauss & Co. (Levi's) 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, counterfeit products and changing fashion trends might have an adverse impact on the company's financial and business operations.

Strengths

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.

Geographical Landscape

Extensive coverage of various markets would lead to improved sales, greater profit margins, economies of scale and recognition on a worldwide basis. The company operates across the Americas, Europe and Asia-Pacific offering its product across 110 countries. The company has manufacturing, finishing and distribution facility in Corlu, Turkey; and leases manufacturing facilities in Plock, Poland and Cape Town, South Africa. It owned 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. For the fiscal year ended November 2012, the Americas region accounted for 59.64% of the company's total revenue, followed by, Europe region with 29.93% and Asia Pacific region with 16.44% revenue. As of November 2012, the company owned or leased 111 administrative and sales offices in 43 countries, and leased 19 warehouses in ten countries.

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's products are sold in over 50,000 retail locations worldwide, including its 2,300 retail stores related to its own brands. These 2,300 retail stores consist of 511 company-operated retail stores and nearly 1,800 franchised and other stores. As of November 2012, the company operated 511 retail and outlet stores in leased locations in over 32 countries, consisting of 209 stores in the Americas, 112 stores in Asia-Pacific and 190 stores in Europe. The company also operates over 360 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.

Weaknesses

Dependence on Few Customers

The company’s dependence on limited number of customers adversely impacts the business operations of the company. For the fiscal year ended 2012, the company's top ten wholesale customers accounted for approximately 32% (30% in 2011 and 33% in 2010) of its sales. The loss of any of these customers reduces the volume of products they buy and materially impacts the profitability and cash flow of operations.

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 2012, the company added 56 company-operated stores. Besides 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 also 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. In October 2012, the company introduced its new collection of denim incorporating post-consumer waste, specifically recycled food trays and plastic bottles. This new Levi’s Waste Less product comprise a minimum of 20% post-consumer recycled content, or, on average, eight 12 to 20-ounce bottles per jean. In March 2012, the company 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. 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.

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.

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.

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.

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
Annual Sales:	$4,610,193,000 (USD)
Employees:	17,000
Facility Size(ft^2):	40,000+
Business Type:	Private
Location Type:	Headquarter

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
	541613 - Marketing Consulting Svcs
	448110 - Men's Clothing Stores

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In Fashion 734 Broadway San Francisco, CA 94133-4304	Nisan Design Group LLC 201 Sacramento St San Francisco, CA 94111-3829	Crazy Fashions 966 Grant Ave San Francisco, CA 94108-1302
Therapy Store 1445 Grant Ave San Francisco, CA 94133-3303

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

Closest Neighbors
Secure Core 1160 Battery St San Francisco, CA 94111-1213	Levi Strauss Employee FCU 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	Levi Strauss & Co Law Library 1155 Battery St San Francisco, CA 94111-1203	Guinness UDV/Diageo 1160 Battery St Ste: 400 San Francisco, CA 94111-1236

Corporate Structure News

Levi Strauss & Co.
Total Corporate Family Members: 241

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Levi Strauss & Co.	Parent	San Francisco, CA	United States	Apparel and Accessories	4,610.2	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		694
Levi Strauss & Co.	Branch	Hebron, KY	United States	Apparel and Accessories		500
Levi Strauss & Co Call Center	Subsidiary	Hebron, KY	United States	Business Services	46.8	425
Levi Strauss & Co Europe	Subsidiary	Diegem	Belgium	Apparel and Accessories	790.2	420
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
Dockers Mens Footwear	Branch	Nashville, TN	United States	Retail (Apparel)	57.1	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)	57.8	245
Levi Strauss Germany GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Apparel and Accessories	106.0	220
Levi Strauss Asia Pacific Division Pte Ltd	Subsidiary	Singapore	Singapore	Apparel and Accessories	166.8	164
Levi Strauss Korea, Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Apparel and Accessories	84.6	57
Levi Strauss Indonesia, Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Apparel and Accessories	17.4	50
Levi Strauss Continental	Subsidiary	Diegem	Belgium	Apparel and Accessories	163.5	158
Levi Strauss Italia Srl	Subsidiary	Milano, MI	Italy	Apparel and Accessories	70.1	139
LEVI STRAUSS JAPAN KABUSHIKI KAISHA	Subsidiary	Minato-Ku	Japan	Apparel and Accessories	121.2	122
Levi Strauss & Co	Branch	San Francisco, CA	United States	Retail (Apparel)	2.0	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'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	Lasalle, QC	Canada	Retail (Apparel)	2.8	11
Levi Strauss & Co	Branch	Vancouver, BC	Canada	Retail (Apparel)	2.7	11
1850 Inc	Branch	Nepean, ON	Canada	Retail (Apparel)	2.5	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)	2.0	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		85
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	1.9	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		70
Levi's Outlet	Branch	Orlando, FL	United States	Retail (Specialty)	13.9	60
Levi Strauss & Co	Branch	Chicago, IL	United States	Retail (Apparel)	9.4	60
Levi Strauss & Co.	Branch	New York, NY	United States	Apparel and Accessories		60
Levi Strauss & Co	Branch	Tulalip, WA	United States	Retail (Apparel)	9.6	56
Levi Strauss Belgium	Subsidiary	Bruxelles	Belgium	Apparel and Accessories	104.1	54
Levi Strauss & Co Corporation Office	Branch	Frisco, TX	United States	Retail (Apparel)	20.7	50
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	7.8	50
Levi Strauss (Australia) Pty. Ltd.	Subsidiary	Melbourne, VIC	Australia	Apparel and Accessories	8.3	45
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	7.0	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)	8.4	35
Levi Strauss & Co	Branch	Seattle, WA	United States	Retail (Apparel)	5.3	31
Levi's Outlet	Branch	Ontario, CA	United States	Retail (Specialty)	7.3	30
Levi's Outlet	Branch	Miami, FL	United States	Retail (Specialty)	6.9	30
Levi Strauss & Co	Branch	Philadelphia, PA	United States	Retail (Apparel)	3.8	25
Levi Strauss & Co.	Branch	Miramar, FL	United States	Retail (Apparel)	1.9	25
Levi Strauss & Co	Branch	San Marcos, TX	United States	Retail (Apparel)	4.0	24
Levi Strauss & Co	Branch	Canoga Park, CA	United States	Retail (Apparel)	3.8	23
Levi Strauss Lisbon	Subsidiary	Lisbon	Portugal	Apparel and Accessories	3.1	23
Levi's Outlet	Branch	Folsom, CA	United States	Retail (Specialty)	4.8	20
Levi's Outlet	Branch	Camarillo, CA	United States	Retail (Specialty)	4.8	20
Levi's & Dockers Outlet	Branch	Central Valley, NY	United States	Retail (Specialty)	4.6	20
Levi's Outlet	Branch	Riverhead, NY	United States	Retail (Specialty)	4.6	20
Levi's & Dockers Outlet	Branch	Orlando, FL	United States	Retail (Specialty)	4.6	20
Levi's Outlet	Branch	Waipahu, HI	United States	Retail (Specialty)	4.5	20
Levi's Outlet	Branch	Estero, FL	United States	Retail (Apparel)	3.6	20
Levi Strauss Nederland B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Apparel and Accessories	3.5	20
Lvc B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Textiles - Non Apparel	16.0
Levi Strauss Dis Ticaret Ltd Sti	Subsidiary	Istanbul (Europe)	Turkey	Apparel and Accessories
Levi Strauss & Co	Branch	Santa Monica, CA	United States	Retail (Apparel)	3.3	20
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	3.1	20
Levi Strauss & Co	Branch	Honolulu, HI	United States	Retail (Apparel)	3.0	20
Levi Strauss & Co	Branch	Troy, MI	United States	Retail (Apparel)	2.8	20
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 (Specialty)	4.6	19
Levi's Outlet	Branch	San Diego, CA	United States	Retail (Specialty)	3.9	16
Dockers Outlet	Branch	Commerce, CA	United States	Retail (Specialty)	3.9	16
Levi's Outlet	Branch	Gurnee, IL	United States	Retail (Specialty)	3.7	16
Dockers Outlet	Branch	Mercedes, TX	United States	Retail (Specialty)	3.7	15
Levi's Outlet	Branch	Las Vegas, NV	United States	Retail (Specialty)	3.6	15
Dockers Outlet	Branch	Riverhead, NY	United States	Retail (Specialty)	3.5	15
Levi's Outlet	Branch	Rehoboth Beach, DE	United States	Retail (Specialty)	3.4	15
Levi Strauss & Co	Branch	Las Vegas, NV	United States	Retail (Apparel)	2.4	15
Levi's Outlet	Branch	North Charleston, SC	United States	Retail (Specialty)	2.3	15
Levi Strauss & Co	Branch	Mc Lean, VA	United States	Retail (Apparel)	2.2	15
Levi Strauss & Co	Branch	Birch Run, MI	United States	Retail (Apparel)	2.1	15
Levi Strauss Denmark, Filial af Levi Strauss Int. USA	Subsidiary	København V	Denmark	Personal and Household Products		15
Levi's Outlet	Branch	Canutillo, TX	United States	Retail (Specialty)	3.4	14
Levi's Outlet	Branch	Cabazon, CA	United States	Retail (Specialty)	3.4	14
Levi's Outlet	Branch	St Augustine, FL	United States	Retail (Specialty)	2.5	14
Levi Strauss & Co	Branch	San Diego, CA	United States	Retail (Apparel)	2.3	14
Levi Strauss & Co	Branch	West Nyack, NY	United States	Retail (Apparel)	2.2	14
Levi's Outlet	Branch	Vacaville, CA	United States	Retail (Specialty)	3.1	13
Levi's Outlet	Branch	Castle Rock, CO	United States	Retail (Specialty)	2.9	13
Levi's Outlet	Branch	Albertville, MN	United States	Retail (Specialty)	2.7	13
Levi's Outlet	Branch	Katy, TX	United States	Retail (Specialty)	2.9	12
Levi's & Dockers Outlet	Branch	Westbrook, CT	United States	Retail (Specialty)	2.9	12
Levi's Outlet	Branch	Woodburn, OR	United States	Retail (Specialty)	2.6	12
Levi's Outlet	Branch	Pottstown, PA	United States	Retail (Specialty)	2.4	12
Levi Strauss Norway A/S	Subsidiary	Oslo	Norway	Apparel and Accessories	2.2	12
Levi Strauss & Co	Branch	Dallas, TX	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	Dallas, TX	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	Houston, TX	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	Elizabeth, NJ	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	San Francisco, CA	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	Gilroy, CA	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	Lancaster, CA	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	San Francisco, CA	United States	Retail (Apparel)	2.0	12
Levi Strauss & Co	Branch	Evanston, IL	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Schaumburg, IL	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	New York, NY	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Central Valley, NY	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Miami Beach, FL	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Orlando, FL	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Destin, FL	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Tucson, AZ	United States	Retail (Apparel)	1.9	12
Levi Strauss & Co	Branch	Boulder, CO	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Silverthorne, CO	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Santa Fe, NM	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	King Of Prussia, PA	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Lawrenceville, GA	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Portland, OR	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Concord, NC	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Mebane, NC	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Woodbridge, VA	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Natick, MA	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Dedham, MA	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Wrentham, MA	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Nashville, TN	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Sevierville, TN	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Eureka, MO	United States	Retail (Apparel)	1.8	12
Levi Strauss & Co	Branch	Michigan City, IN	United States	Retail (Apparel)	1.7	12
Levi Strauss & Co	Branch	Monroe, OH	United States	Retail (Apparel)	1.7	12
Levi Strauss & Co	Branch	Bloomington, MN	United States	Retail (Apparel)	1.7	12
Levi Strauss & Co	Branch	Washington, DC	United States	Retail (Apparel)	1.5	12
Levi's Outlet	Branch	Auburn, WA	United States	Retail (Specialty)	2.8	11
Levi's Outlet	Branch	Grapevine, TX	United States	Retail (Specialty)	2.7	11
Levi's Outlet	Branch	Pismo Beach, CA	United States	Retail (Specialty)	2.7	11
Levi's Outlet	Branch	Alpine, CA	United States	Retail (Specialty)	2.7	11
Levi's Outlet	Branch	Commerce, CA	United States	Retail (Specialty)	2.7	11
Levi's Outlet	Branch	Orlando, FL	United States	Retail (Specialty)	2.5	11
Levi's Outlet	Branch	Park City, UT	United States	Retail (Specialty)	2.5	11
Levi's & Dockers Outlet	Branch	Hanover, MD	United States	Retail (Specialty)	2.5	11
Dockers Outlet	Branch	Reading, PA	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	Locust Grove, GA	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	Troutdale, OR	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	Woodbridge, VA	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	Gonzales, LA	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	Hazelwood, MO	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	Branson, MO	United States	Retail (Specialty)	2.4	11
Levi's Outlet	Branch	North Branch, MN	United States	Retail (Specialty)	2.3	11
Levi's Outlet	Branch	Kansas City, KS	United States	Retail (Specialty)	2.3	11
Levi Strauss International Inc.	Division	Napa, CA	United States	Retail (Apparel)	2.0	11
Levi Strauss & Co	Branch	Mercedes, TX	United States	Retail (Apparel)	1.8	11
Levi Strauss & Co	Branch	Santa Barbara, CA	United States	Retail (Apparel)	1.8	11
Levi Strauss & Co	Branch	Santa Clara, CA	United States	Retail (Apparel)	1.8	11
Levi Strauss & Co	Branch	Denver, CO	United States	Retail (Apparel)	1.7	11
Levis Only Stores Inc.	Division	Dallas, TX	United States	Retail (Apparel)		11
Levi Strauss Trading Kft	Subsidiary	Budapest	Hungary	Apparel and Accessories		11
Levi's & Dockers Warehouse	Branch	Birch Run, MI	United States	Miscellaneous Capital Goods	23.1	10
Dockers Outlet	Branch	Canutillo, TX	United States	Retail (Specialty)	2.4	10
Levi's Outlet	Branch	Allen, TX	United States	Retail (Specialty)	2.4	10
Levi's Outlet	Branch	Florida City, FL	United States	Retail (Specialty)	2.3	10
Levi's Outlet	Branch	Sunrise, FL	United States	Retail (Specialty)	2.3	10
Levi's Outlet	Branch	Anthem, AZ	United States	Retail (Specialty)	2.3	10
Levi's Outlet	Branch	Leesburg, VA	United States	Retail (Specialty)	2.2	10
Levi's Outlet	Branch	Wrentham, MA	United States	Retail (Specialty)	2.2	10
Levi Strauss & Co	Branch	Park City, UT	United States	Retail (Apparel)	1.9	10
Levi Strauss & Co	Branch	Atlantic City, NJ	United States	Retail (Apparel)	1.6	10
Levi Strauss & Co	Branch	Lake Elsinore, CA	United States	Retail (Apparel)	1.6	10
Levi Strauss & Co	Branch	Torrance, CA	United States	Retail (Apparel)	1.6	10
Levi Strauss & Co	Branch	Chicago, IL	United States	Retail (Apparel)	1.6	10
Levi Strauss & Co	Branch	Baltimore, MD	United States	Retail (Apparel)	1.6	10
Levi Strauss & Co	Branch	Towson, MD	United States	Retail (Apparel)	1.6	10
Levi Strauss & Co	Branch	Tigard, OR	United States	Retail (Apparel)	1.5	10
Levi Strauss & Co	Branch	Warrenton, MO	United States	Retail (Apparel)	1.5	10
Levi Strauss & Co	Branch	Myrtle Beach, SC	United States	Retail (Apparel)	1.4	10
Levi Strauss Praha spol sro	Subsidiary	Prague	Czech Republic	Apparel and Accessories		10
Levi's Outlet	Branch	Round Rock, TX	United States	Retail (Specialty)	2.2	9
Levi's Outlet	Branch	Lancaster, CA	United States	Retail (Specialty)	2.2	9
Levi's Outlet	Branch	Tempe, AZ	United States	Retail (Specialty)	2.1	9
Levis Outlet By Most	Subsidiary	Tucson, AZ	United States	Retail (Specialty)	2.1	9
Levi's Outlet	Branch	Lakewood, CO	United States	Retail (Specialty)	2.0	9
Levi's Outlet	Branch	Fremont, IN	United States	Retail (Specialty)	1.9	9
Levi Strauss & Co	Branch	Etiwanda, CA	United States	Retail (Apparel)	1.5	9
Levi Strauss & Co	Branch	Irvine, CA	United States	Retail (Apparel)	1.5	9
Levi Strauss & Co	Branch	Loveland, CO	United States	Retail (Apparel)	1.4	9
Levi Strauss & Co	Branch	Baton Rouge, LA	United States	Retail (Apparel)	1.3	9
Levi Strauss & Co	Branch	Providence, RI	United States	Retail (Apparel)	1.3	9
Levi's Outlet	Branch	Conroe, TX	United States	Retail (Specialty)	2.0	8
Levi's Outlet	Branch	Tracy, CA	United States	Retail (Specialty)	1.9	8
Levi's Outlet	Branch	Tilton, NH	United States	Retail (Specialty)	1.8	8
Levi's Outlet	Branch	Casa Grande, AZ	United States	Retail (Specialty)	1.8	8
Dockers Outlet	Branch	Hazelwood, MO	United States	Retail (Specialty)	1.7	8
Levi Strauss & Co	Branch	North Branch, MN	United States	Retail (Apparel)	1.1	8
Levi's Outlet	Branch	Terrell, TX	United States	Retail (Specialty)	1.7	7
Levi's Outlet	Branch	Laughlin, NV	United States	Retail (Specialty)	1.7	7
Levi's Outlet	Branch	Clinton, CT	United States	Retail (Specialty)	1.7	7
Levi's Outlet	Branch	Boise, ID	United States	Retail (Specialty)	1.6	7
Levi's Outlet	Branch	Burbank, OH	United States	Retail (Specialty)	1.5	7
Levi Strauss & Co	Branch	Beverly Hills, CA	United States	Retail (Apparel)	1.1	7
Levi Strauss & Co	Branch	Tempe, AZ	United States	Retail (Apparel)	1.1	7
Levi Strauss & Co	Branch	Annapolis, MD	United States	Retail (Apparel)	1.1	7
Levi Strauss & Co	Branch	Novi, MI	United States	Retail (Apparel)	1.0	7
Levi Strauss & Co	Branch	Lancaster, PA	United States	Retail (Apparel)	1.8	6
Levi's Outlet	Branch	St George, UT	United States	Retail (Specialty)	1.4	6
Levi's Outlet	Branch	Smithfield, NC	United States	Retail (Specialty)	1.3	6
Levi Strauss & Co	Branch	Medford, MN	United States	Retail (Apparel)	0.8	6
Compucom At Levi's Strauss	Branch	Cabazon, CA	United States	Retail (Apparel)	0.8	5
Levi Strauss & Co	Branch	Dawsonville, GA	United States	Retail (Apparel)	0.7	5
Levi Strauss (New Zealand) Ltd.	Subsidiary	Auckland, Parnell	New Zealand	Apparel and Accessories		4
Denim World For Levi's	Branch	Orlando, FL	United States	Retail (Apparel)	0.5	3
Slates Brand	Unit	San Francisco, CA	United States	Apparel and Accessories		3
Compucom At Levi's Strauss	Branch	Camarillo, CA	United States	Retail (Apparel)	0.3	2
Levi Strauss & Co	Branch	Greensboro, NC	United States	Retail (Apparel)	0.1	1
Levi Strauss (Hong Kong) Limited	Subsidiary	Kowloon	Hong Kong	Apparel and Accessories
Levi Strauss Commerce (Shanghai) Limited	Subsidiary	Shanghai, Shanghai	China	Apparel and Accessories	3.9	30
Levi Strauss Commerce (Shanghai) Limited	Subsidiary	Shanghai, Shanghai	China	Apparel and Accessories	105.1
Levi Strauss de Mexico SA de CV	Subsidiary	Mexico	Mexico	Apparel and Accessories
Levi Strauss De México, S.A. De C.V.	Branch	Ciudad De Mexico, Distrito Federal	Mexico	Textiles - Non Apparel	1.0	15
Levi Strauss Hellas SA	Subsidiary	Athens	Greece	Apparel and Accessories
Levi Strauss & Co.	Branch	Knoxville, TN	United States	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 U.S.A. Llc Taiwan Branch	Branch	Taipei City, Taipei	Taiwan	Apparel and Accessories		195
Levi Strauss Magyarorszag Kereskedelmi Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Apparel and Accessories	7.3	45
Servier Malaysia Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Personal and Household Products	19.6	40
Levi Strauss (Phil.), Inc.Ii	Subsidiary	Makati	Philippines	Apparel and Accessories		40
Levi Strauss Global Trading Company Limited	Subsidiary
Levi Strauss Global Trading Company Ii, Limited	Subsidiary	Kwun Tong, Kowloon	Hong Kong	Apparel and Accessories		200

Competitors Report

CompanyName	Location	Employees	Ownership
Abercrombie & Fitch Co.	New Albany, Ohio, United States	10,000	Public
adidas AG	Herzogenaurach, Germany	40,168	Public
Calvin Klein, Inc.	New York, New York, United States	700	Private
Carter's, Inc.	Atlanta, Georgia, United States	3,498	Public
Diesel SpA	Molvena, VI, Italy	712	Public
Fifth & Pacific Companies Inc	New York, New York, United States	5,800	Public
Fruit of the Loom, Inc.	Bowling Green, Kentucky, United States	33,000	Private
Guess?, Inc.	Los Angeles, California, United States	15,200	Public
H & M Hennes & Mauritz AB	Stockholm, Sweden	104,000	Public
Hugo Boss AG	Metzingen, Germany	11,852	Public
Inditex SA	Arteixo, Spain	120,314	Public
Kellwood Company	Chesterfield, Missouri, United States	160	Private
L Brands Inc	Columbus, Ohio, United States	79,800	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	4,800	Public
Perry Ellis International, Inc.	Miami, Florida, United States	2,600	Public
PVH Corp	New York, New York, United States	11,800	Public
Ralph Lauren Corp	New York, New York, United States	25,000	Public
Target Corporation	Minneapolis, Minnesota, United States	361,000	Public
Tefron Ltd.	Misgav, Israel	571	Public
The Gap Inc.	San Francisco, California, United States	136,000	Public
The Gymboree Corporation	San Francisco, California, United States	5,470	Private
The Warnaco Group, Inc.	New York, New York, United States	7,136	Public
Tommy Hilfiger Corporation	Kowloon, Hong Kong	5,800	Private
VF Corp	Greensboro, North Carolina, United States	57,000	Public
Wolverine World Wide, Inc.	Rockford, Michigan, United States	8,299	Public

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. 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: 70 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. 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: 63 Education: Stanford University, JD
Fernando G. Aguirre	Independent Director	Director/Board Member
Biography: Mr. Fernando G. Aguirre is Independent Director of Levi Strauss and Co. He is formerly Chairman of the Board, President and Chief Executive Officer of Chiquita Brands International, Inc., a position he held from 2004 until October 2012. 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. Mr. Aguirre is also currently a director of Aetna, Inc. Age: 55 Education: Southern Illinois University, BS (Business)
Troy Alstead	Independent Director	Director/Board Member
Biography: Mr. Troy Alstead is Independent Director of Levi Strauss and Co. He is the Chief Financial Officer and Chief Administrative Officer of Starbucks Corporation, a role he has held since 2008. He joined Starbucks in 1992, previously serving as Chief Operating Officer, Starbucks Greater China from April 2008 to October 2008, Senior Vice President, Global Finance and Business Operations from August 2007 to April 2008, and Senior Vice President, Corporate Finance from September 2004 to August 2007. Mr. Alstead served in a number of other senior positions with Starbucks prior to 2004. Age: 49 Education: University of Washington, BA (Business Administration)
Jill Beraud	Director	Director/Board Member
Biography: Ms. Jill Beraud is appointed as the Director of Levi Strauss & Co. Since January 2011, Ms. Beraud has been chief executive officer of Living Proof, Inc. a privately-held company that uses advanced medical and materials technologies to create hair care and skin care products for women. Prior to that, Ms. Beraud served as PepsiCo Americas Beverages Chief Marketing Officer and President-Joint Ventures from July 2009 to June 2011, and PepsiCo’s Global Chief Marketing Officer from December 2008 to July 2009. Before PepsiCo, Ms. Beraud spent 13 years at Limited Brands in various roles, including chief marketing officer of Victoria’s Secret and executive vice president of marketing for its broader portfolio of specialty brands, including Bath & Body Works, C.O. Bigelow, Express, Henri Bendel, and Limited Stores. Ms. Beraud is also a director of New York & Company, Inc. Age: 52 Education: University of Pennsylvania's Wharton School, MBA Boston University, BS
Charles V. Bergh	President, Chief Executive Officer, Director	Director/Board Member
Education: Lafayette College, BA
Vanessa J. Castagna	Independent Director	Director/Board Member
Biography: Ms. Vanessa J. Castagna is Independent Director of Levi Strauss and Co. 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: 63 Education: Purdue University
Robert A. Eckert View Email	Independent Director	Director/Board Member
Biography: Mr. Robert A. Eckert is Independent Director of Levi Strauss and Co. He served as Chairman of the Board of Mattel, Inc. from May 2000 until December 2012, and was Chief Executive Officer 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 and a director of Amgen, Inc. since December 2012. Age: 58 Education: Northwestern University, MBA University of Arizona, BA
Peter E. Haas	Independent Director	Director/Board Member
Biography: Mr. Peter E. Haas Jr., is Independent Director of Levi Strauss and Co. 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: 65
Patricia Salas Pineda View Email	Independent Director	Director/Board Member
Biography: Ms. Patricia Salas Pineda is Independent Director of Levi Strauss and Co. 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: 61 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
Education: Lafayette College, BA
Anne Rohosy	Executive Vice President and President, Commercial Operations Americas and Europe	President
Biography: Ms. Anne Rohosy is Executive Vice President, President - Commercial Operations Americas and Europe, Global Dockers Brand of Levi Strauss and Co. Ms. Rohosy served as Executive Vice President and President of the Global Dockers® Brand in May 2011. 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, Inc. Age: 54 Compensation/Salary:$626,538 Compensation Currency: USD
Laurie Etheridge	Global Senior Vice-President Levi's Women's Merchandising and Design	Division Head Executive
Walker MacWilliam	Global Head - Mens Design	Division Head Executive
Joelle Maher	Executive Vice President and President Global Retail	Division Head Executive
Biography: Ms. Joelle Maher is Executive Vice President, President - Global Retail of Levi Strauss and Co. She joined the Company in 2007 as the Company's Vice President and General Manager of Retail Planning, Allocation and Outlet. Prior to joining the Company, she held various leadership positions at companies across the industry including Lucky Brand Jeans, Old Navy, Macy's and Lord & Taylor. Age: 46
Enrique Atienza View Email	Vice President Retail and Operations, Levi Strauss Americas	Operations Executive
Dominik Barwitzki View Email	Manager Global Operations-Merchandising and Design	Operations Executive
Cheng Chiam	Director Global Technology Operations	Operations Executive
Syam Chodagiri View Email	Director, Gmd Operations	Operations Executive
Jan Frydenlund View Email	Bpi and Nbo Director Commercial Operations	Operations Executive
Rebecca Leung View Email	Supervisor - Testing Operation	Operations Executive
Janet Myers View Email	Senior Manager, Staffing Operations	Operations Executive
Scott Paul View Email	Operations Supply Chain Finance	Operations Executive
Charlie Thomas View Email	Sales Manager	Operations Executive
Khalid Tiwana View Email	Senior Director, Manufacturing Operations, South Asia	Operations Executive
Kevin Wilson View Email	Vice President, Finance for the Americas Commercial Operations	Operations Executive
Biography: Mr. Kevin Wilson is Vice President - Finance, Americas Commercial Operations of Levi Strauss and Co. He was Interim Chief Financial Officer of the Company till January 16, 2013. He has been at the Company since 2006, in various roles including Vice President, Finance for Global Dockers® since 2009 and, prior to that, Vice President, Finance, Distribution and Indirect Procurement. Prior to his employment with the Company, he spent 17 years at Ford Motor Company in a wide range of financial roles in the United States and abroad. Age: 47 Compensation/Salary:$328,928 Compensation Currency: USD
Paul Zadoff View Email	Senior Vice President Global Operations of Wholesale Commercial Operations	Operations Executive
Coleen Kohlsaat	Environmental Affairs Manager	Environment/Safety Executive
Yayoi Nakamura View Email	Supply Chain Social and Environmental Sustainability	Environment/Safety Executive
Elena Pidgeon	Global Supply Chain Product Safety	Environment/Safety Executive
Brianna Wolf View Email	Senior Specialist For Office of Global Environmental Sustainability	Environment/Safety Executive
Maria Jones View Email	Administrator, Compensation & Benefits & Human Resources Services, Human Resources	Administration Executive
Connie Lam View Email	Product Evaluation Administrator	Administration Executive
Suzenne Roncal	Human Resources Data Administrator G Apd Levi Stra	Administration Executive
Paula Moore View Email	Senior Security Consulting	Security
Val Shamardin	Security Systems Engineer	Security
Anne-Marie Boidi View Email	Vice President, Finance & Business Planning	Finance Executive
Rebecca Chocron View Email	Director of Finance	Finance Executive
Keng Goh View Email	Senior Finance Manager	Finance Executive
Stephanie Horwitz View Email	Senior Finance Manager Signature Brand	Finance Executive
Christina Howell View Email	Vice President, Finance, Business Transformation	Finance Executive
Rosa Martinez View Email	Director of Finance	Finance Executive
Michelle Nguyen View Email	Vice President Finance	Finance Executive
John Quandt View Email	Vice President of Finance	Finance Executive
Carol Ravitz View Email	Director, Finance Process Improvement	Finance Executive
Deborah Rosler	Senior Director, Finance	Finance Executive
Harmit Singh	Chief Financial Officer, Executive Vice President	Finance Executive
Rong Wang View Email	Senior Manager Corporate Finance and Investment	Finance Executive
Mark Westerhout	Senior Financial Analyst	Finance Executive
Eduardo Zanatti	Senior Manager-Asset Management	Finance Executive
Brian Bowman View Email	Planner, Account	Accounting Executive
Lanae Bulkley	Senior Accountant	Accounting Executive
Amey Chan View Email	Quality Auditor	Accounting Executive
Gerri Couper View Email	Senior Accountant	Accounting Executive
Amy Donaghey View Email	Rtc - Accounting Analyst	Accounting Executive
Ariel Lewkowicz View Email	Director-Tax Accounting	Accounting Executive
Andrea Whitelaw View Email	Accounts Manager	Accounting Executive
Candice Wyatt	General Accountant	Accounting Executive
Anderson Chad View Email	Information Technology Senior Manager	Cash Management Executive
Susan Siefkas View Email	Cash Manager	Cash Management Executive
Paul Carlino View Email	Vice President of Tax	Corporate Tax Executive
Jennifer Gillis	Assistant To Tax Director	Corporate Tax Executive
Paul Smith	Treasurer	Treasurer
Heidi L Manes View Email	Vice President & Controller	Controller
Deanna Davis	Payroll Lead	Benefits & Compensation Executive
Evelyn Graves View Email	Analyst, Retirement Benefits	Benefits & Compensation Executive
Regina Ng View Email	Senior Manager, Comp and Benefits	Benefits & Compensation Executive
Sherry Shultz View Email	Senior Director Global Payroll	Benefits & Compensation Executive
Varun Bhatia View Email	Chief Human Resource Officer, Senior Vice President	Human Resources Executive
Biography: Mr. Varun Bhatia is Chief Human Resource Officer, Senior Vice President of Levi Strauss and Co. Mr. Bhatia was previously Vice President of Human Resources of the Asia Pacific division at Kraft Foods from 2008 to 2012. Prior to that, he held various human resources executive roles with consumer goods companies including Kraft Foods, Gillette and Proctor & Gamble. Age: 48
Laurent Durys View Email	Hris and Data Senior Analyst	Human Resources Executive
Elisa Krall View Email	Recruiting Consultant	Human Resources Executive
James Nurre View Email	Senior Manager, Human Resources	Human Resources Executive
Nick Scala View Email	Hr Manager	Human Resources Executive
Christy Silva View Email	Senior Manager, Human Resources	Human Resources Executive
Dan Suffoletta View Email	Vice President Human Resources	Human Resources Executive
Maria Vasquez View Email	Senior Manager, Human Resource	Human Resources Executive
Anjali Vichare View Email	Senior Human Resources Director	Human Resources Executive
Karina Henderson View Email	Training Manager	Training Executive
Pam Tyler View Email	Sap Business Objects Training Lead	Training Executive
Cokkie West View Email	Director of Customer Service	Customer Service Executive
Ces Carreon View Email	Lspi - Sales and Wholesale	Sales Executive
Derek Chan View Email	National Sales and Retail Director - Levi's	Sales Executive
Gregg Hammann View Email	Vice President Sales	Sales Executive
Enrique Manhao	Account Development Manager	Sales Executive
Tia Marshall View Email	Manager, Sales	Sales Executive
Eunice Salvador View Email	Key Account Manager	Sales Executive
Nathalie Schneider View Email	Sales Manager	Sales Executive
Devon Valencia View Email	Information Technology Director Sales & Marketing	Sales Executive
Tim Witzig	Senior Director Sales	Sales Executive
Tammy Amirault View Email	Vice President Global Application Services	International Executive
Brett Baumer View Email	Global Information Security Engineer	International Executive
Valerie Brown View Email	Director Planning Global Brand Marketing	International Executive
Avi Burine	Director Global Enterprise	International Executive
Julie Channing View Email	Global Director Digital Marketing	International Executive
James Curleigh View Email	Executive Vice President, President - Global Levi's® Brand	International Executive
Biography: Mr. James Curleigh is Executive Vice President, President - Global Levi's® Brand of Levi Strauss and Co. Prior to joining the Company, Mr. Curleigh served as the President and Chief Executive Officer of Keen Footwear, Inc., a footwear and accessory company, from 2008 to 2012. Before Keen, he was President and Chief Executive Officer of Salomon Sports North America, an innovative performance sports company, from 2001 to 2007. He also established and led TaylorMade adidas golf division in Europe and held various leadership positions in the London office of M&M Mars, a global consumer goods company. Age: 47
Seth Ellison View Email	Executive Vice President, President -Global Dockers® Brand	International Executive
Biography: Mr. Seth Ellison is Executive Vice President, President - Global Dockers® Brand of Levi Strauss and Co. Prior to joining the Company, Mr. Ellison was Executive Vice President and Chief Commercial Officer at Alternative Apparel from 2009 to 2012. Before Alternative Apparel, Mr. Ellison was President of the Swimwear Group at Perry Ellis from 2005 to 2009, and held various leadership positions at Nike, Inc. from 1996 to 2005. Age: 54
John Erickson View Email	Senior Manager, Global Communications	International Executive
Kerri Finn View Email	Worldwide and U S Communications	International Executive
Susan Nasca View Email	Senior Manager, Demand Planning Levi Strauss Global	International Executive
Thor Patton View Email	Senior Director of Global Internal	International Executive
Colleen Plummer	Global Portfolio Analyst	International Executive
Mellisa Reise View Email	Global Marketing Manager-Dockers Brand	International Executive
Trevor Rhodes View Email	Vice President Global Sourcing - Dockers	International Executive
Jennifer Sey	Vice President Dockers Global Marketing	International Executive
Leah Silva View Email	Project Manager Global Marketing	International Executive
Kathryn Smolen View Email	Global Facilities and Real Estate	International Executive
Terence Tsang View Email	Senior Vice President Global Standard	International Executive
Gloria Wu View Email	Manager, Global Control	International Executive
Andrew Cushing View Email	Senior Information Technology Business Analyst-Ecommerce	E-Commerce Executive
Jen Sey	Senior Vice President of E-commerce	E-Commerce Executive
Danny Acevedo	Marketing Manager	Marketing Executive
Wendy Brown	Marketing Manager	Marketing Executive
Philippe Coenon View Email	Digital Marketing Project Manager	Marketing Executive
Vincent Fontanilla View Email	Marketing Manager	Marketing Executive
Candace Gilowey View Email	Manager, Marketing	Marketing Executive
Haley Grevelding View Email	Senior Marketing Manager Online, Dockers Com	Marketing Executive
Tetsuya Hattori View Email	Senior Manager, Retail Marketing and Nbd	Marketing Executive
Gareth Hornberger View Email	Social Media Coordinator - Digital Marketing	Marketing Executive
Derek Keller View Email	Vice President Consumer Experience Marketing	Marketing Executive
Nathan Laffin View Email	Vice President Design	Marketing Executive
Manoj Lamba	Social Marketing Manager	Marketing Executive
Christian Parkes View Email	Marketing Director	Marketing Executive
Jennifer Shaw View Email	Senior Director Design	Marketing Executive
Simon Shobha View Email	Director - Human Resources	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)
David Chan View Email	Communications	Corporate Communications Executive
Louise Dolbu	Marketing Manager Brand Communications	Corporate Communications Executive
Erik Joule	Senior Vice President, Merchandising & Design - Americas	Advertising Executive
Simon Alemazkoor View Email	Senior Manager Information Technology	Information Executive
Miguel Chen View Email	Senior Systems Analyst, Information Technology Project Manager	Information Executive
Tony Choat	Systems Mointoring Engineer	Information Executive
Edurado Gallardo	Information Technology	Information Executive
Roy Garcillano	Senior Information Technology Manager - Desktop Engineering	Information Executive
Traci Gearhart View Email	Senior Manager, Information Technology	Information Executive
Cindy Goss	Senior Analyst Systems Management	Information Executive
Prashant Jhanwar	Manager Information Technology	Information Executive
Tom Kasten View Email	Vice President Information Technology	Information Executive
Melissa Knapp View Email	Director Information Technology Procurement	Information Executive
Alan Lee View Email	Information Technology Consultant	Information Executive
Todd Mazza View Email	Vice President of Information Technology Quality and Compliance	Information Executive
Tom Peck View Email	Chief Information Officer	Information Executive
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)
Eugene Rappaport	Information Technology	Information Executive
Francois Renard	Project Manager Information Technology	Information Executive
Michael Saaf	Consumer Information Specialist	Information Executive
Michael Schindler View Email	Management Information Systems-Technology Architect	Information Executive
Els Van Opstal	Information Technology Business Systems Consultant	Information Executive
Reggie Vancleve View Email	Information Technology Specialist	Information Executive
Kelly Wilke View Email	Director - IT Network Systems, Levi Strauss	Information Executive
Sanjiv Chawla View Email	Lead Software Engineer	Engineering/Technical Executive
Tammy Estill View Email	Senior Database Analyst	Engineering/Technical Executive
Bruce Hodges	Infrastructure Engineer	Engineering/Technical Executive
David Jones View Email	Technology Specialist Distributive Computing Technology	Engineering/Technical Executive
Linda Thiebauth	Technical Services Org. Sundries Lead	Engineering/Technical Executive
Harry Walden View Email	Sap Engineer	Engineering/Technical Executive
Patti Johnson View Email	Country Manager, Brand Director	Product Management Executive
Melissa Ladines View Email	Women's Brand Publicity Manager	Product Management Executive
Laura Lo View Email	Product Performance Analyst	Product Management Executive
Terri Loewenthal View Email	Product Placement	Product Management Executive
Anne Madison	Director, Product Management	Product Management Executive
Greg Mcginn View Email	Product Development Manager	Product Management Executive
Paul Reynolds View Email	Director Product Integrity and Customer Fulfillment Americas	Product Management Executive
Linda Whitaker View Email	Lsna Product Integrity	Product Management Executive
Paula Davis View Email	Business Analyst	Business Development Executive
Troy Johnson View Email	Supply Chain Business Analyst	Business Development Executive
Sue Lastra	Associate Business Analyst	Business Development Executive
Carlos Romero	Director, Business Development	Business Development Executive
Lawrence W Ruff View Email	SVP-Strategy & Business Development & Chief Strategy Officer	Business Development Executive
Biography: Larry Ruff is Global Marketing Officer and Senior Vice President, Strategy and Worldwide Marketing for Levi Strauss & Co. (LS&CO.) In this role, Ruff leads the development of all strategic marketing initiatives required to facilitate effective brand management of the Levi’s®, Dockers® and Levi Strauss Signature® brands globally. He also is responsible for leading LS&CO.’s Strategy and Worldwide Marketing department in the development and delivery of all strategic and marketing planning activities. Ruff is a member of LS&CO.’s Worldwide Leadership Team, an executive forum of the company’s senior-most management. Ruff joined LS&CO. in 1987. Since then, he has held a variety of increasingly important marketing positions in the U.S. and Europe, including, Vice President, Marketing and Development for Levi Strauss Europe, Middle East and Africa; Vice President, Global Marketing; and Senior Vice President, Worldwide Marketing Services and Business Development. Prior to joining LS&CO., he held management positions at Procter & Gamble Company and Maidenform, Inc. Larry is a member of the American Marketing Association, International Advertisers Association, The Corporate Executive Board’s Marketing Leadership Council, Marketing 50 and the Cornell University Alumni Association. Ruff received a Bachelor of Arts degree with Honors from Rutgers College in 1978 and a Masters of Business Administration from Cornell University in 1982. Education: Cornell University, MBA Rutgers College, BA
Imran Butt View Email	Director, Commercial	Commercial Executive
Sandeep Choudhary View Email	Regional Commercial Manager	Commercial Executive
John Medalla View Email	Director, Commercial	Commercial Executive
Jonathan Carpenter View Email	Director, Demand Planning	Planning Executive
Ronald Cedillos View Email	Director, Strategy and Development	Planning Executive
Vijay Khare	Director Logistics Planning and Deployment	Planning Executive
Cynthia Koster View Email	Director Demand Planning	Planning Executive
Brodbine Mary View Email	Director, Demand Planning Shared Services	Planning Executive
Sanjay Mishra View Email	Manager Strategy and Solutions	Planning Executive
Ellaine Ocampo View Email	Inventory Planning Specialist	Planning Executive
Tom Poindexter View Email	Manager Demand Planning	Planning Executive
Myla Samson View Email	Supply Planning Lead	Planning Executive
Pareen Shah View Email	Senior Manager Strategy	Planning Executive
Liza Sotelo View Email	Merchandise Manager, Planning	Planning Executive
Bob Tway View Email	Senior Director - Logistics, Customs, Supply Planning	Planning Executive
Hilary Dessouky View Email	Associate General Counsel	Legal Executive
Anne Harold View Email	Customs Compliance Specialist	Legal Executive
Seth R. Jaffe View Email	Senior Vice President, General Counsel	Legal Executive
Biography: Mr. Seth R. Jaffe is Senior Vice President, General Counsel of Levi Strauss and Co. Prior to joining the Company, Mr. Jaffe served as Senior Vice President, General Counsel and Secretary of Williams-Sonoma, Inc. from 2002 to August 2011. Mr. Jaffe also held various legal roles at the Company from 1984 to 1999 with increasing responsibilities in the United States and Europe during that time. Age: 55
Jim Marshall	Customs Compliance Specialist	Legal Executive
Ludene Murphree View Email	Customs Compliance Specialist	Legal Executive
Ken Batchelor	Director Outbound Transportation	Logistics Executive
Lisa Chan View Email	Inbound Logistics	Logistics Executive
Jerry Dixon View Email	Distribution Director	Logistics Executive
Linda Liang	Inbound Logistics Manager	Logistics Executive
Chooi Lim View Email	Regional Distribution Manager	Logistics Executive
Mario Dumindin	Coordinator, Retail Operations	Merchandise Management Executive
Anne Galsim View Email	Assistant Buyer and Merchant Lspi	Merchandise Management Executive
Richard Hurren View Email	Retail Director Uk and Ireland	Merchandise Management Executive
Hong Law View Email	Senior Manager, Buyer Merchandising	Merchandise Management Executive
Lisa Pillette View Email	Director of Retail and Wholesale Signa...	Merchandise Management Executive
Calyn Wong View Email	Manager, Buyer Merchandising	Merchandise Management Executive
Kathleen Dunlap View Email	Real Estate Manager	Facilities Executive
Joannie Cahill	Position In Purchasing	Purchasing Executive
Dena Casto	Purchasing	Purchasing Executive
Connie Jonas	Procurement Manager	Purchasing Executive
David Love View Email	Senior Vice President and Chief Supply Chain Officer	Purchasing Executive
Biography: Mr. David Love is Senior Vice President and Chief Supply Chain Officer of Levi Strauss and Co. He is responsible for development, sourcing and delivery of products worldwide. Prior to assuming this role, Mr. Love was Vice President of U.S. Supply Chain organization from 2001 to 2004 and Senior Director of Product Services for the U.S. Levi's® brand from 1999 to 2001. Age: 50 Compensation/Salary:$580,387 Compensation Currency: USD
Shawn Richardson	Manager, Procurement	Purchasing Executive
Julie Rodriguez	Manager, Supply Chain	Purchasing Executive
Iris Cheung View Email	Quality	Quality Executive
Cynthia Lee View Email	Quality Standards Manager	Quality Executive
Rebecca Jarrett	Co-Managing Partner	Partner
Kelley Benander	Media Relations	Government/Public Affairs Executive
Jennifer Egan View Email	Travel Manager	Meeting/Travel Planner
Jennifer Gordon View Email	Travel Manager	Meeting/Travel Planner
Sherman Adams	Manager	Other
Claire Adelson	Assistant To Joelle Maher, Senior Vice...	Other
Wendy Adler View Email	Licensing Manager	Other
Michelle Allen View Email	Designer, Women`S Dockers	Other
Brett Anderson	Levi's	Other
Kit Antovich View Email	Director	Other
Chris Apostol View Email	Manager, Performance and Analysis	Other
Tom Asher View Email	Director Consumer Relations North America	Other
Nic Barnes View Email	Manager Consumer Insights	Other
Wendy Bearden View Email	Expense Management	Other
Michael Boykin View Email	Manager, Performance & Analysis	Other
Susan Brennan	Senior Vice President & General Manager-Signature	Other
Education: Western Illinois University, BS
Robert Cabrera View Email	Senior Specialist	Other
David Cantrell View Email	Sd Head Manager	Other
Tammy Carpenter View Email	Manager	Other
Lizzie Casper	Coordinator	Other
Danny Chow View Email	Manager, Regional	Other
Loretta Choy View Email	Director, Women`S Merchandising	Other
Theresa Chua View Email	Senior Director	Other
Lisa Collier View Email	Vice President-General Merchandise Manager	Other
Andy Couser View Email	Claims Management Consultant	Other
Doug Cowan	Group Lead	Other
Sherry Cramer	District Manager, Mid-Atlantic	Other
Kimberly Dellinger	Group Leader-Office Services	Other
Genevieve Deniece View Email	Visual Merchandising Specialist	Other
Andrea English	Director, Sap Business Support	Other
Matthew Fior	Director of Merchandising Dockers	Other
Michael Giordano View Email	Audio & Visual Merchander	Other
Flor Goossens View Email	Enterprise Architect	Other
Christi Halverson View Email	Senior Manager, Store Development, Levi Strauss & Co.	Other
Ian Harrison View Email	Vice President, Men`S Merchandising	Other
John Heling View Email	Merchandise Coordinator	Other
Bill Hoglund View Email	Business Process Improvement	Other
Hiroshi Inamori View Email	Manager, Fos Area	Other
Jenabe Jones	Manager Strategic Sourcing	Other
Sreedhar Juttu View Email	Senior Consultant Sap Fico	Other
Jennifer Kartevold View Email	Roc Program Manager	Other
Molly Kelleher View Email	Director Retirement Plan Investments	Other
Sharon Kobel	Allocation Manager	Other
Michael Kobori	Vice President	Other
Kristin Kulp View Email	Director, Men`S Merchandising, Dockers	Other
Wing Lam	Director	Other
Minette Lerona View Email	Coordinator, Comml Operations	Other
Eills Levinson View Email	Speaker, Consumer Advocate	Other
Mike Levy View Email	Onetime Vice President	Other
Town Lim View Email	Manager, Business Plng&Perf	Other
Silvia Madella View Email	Merchanise Manager	Other
Karen Mcginn	Vice President	Other
Kim Meadows View Email	Program Manager	Other
Rich Mikolitch View Email	Senior Analyst, Licensing and Ar Reporting	Other
Jack Millam	Director Learning and Organizational Developement, N America	Other
Tom Mooney	Project Manager	Other
Debra Nguyen View Email	Promos Representative	Other
Kit Noren View Email	Director, Dockers Licensing	Other
Trenda Owens	Project Manager	Other
Sam Peterson View Email	Visual Merchandise Manager	Other
Parker Phillips View Email	Analyst	Other
Bryan Piolatto View Email	Assistant Merchant-Mens Tops	Other
Sarah Rachlin View Email	Senior Strategist	Other
Claire Raiklen	Manager	Other
Kathryn Ranada View Email	Merchant	Other
Eva Reale View Email	Colorist	Other
Nathalie Renders	Director Bottoms	Other
Brad Roslyn	Assistant Manager	Other
Shawn Rossiter View Email	Consumer Relations Representative	Other
Jamie Sakamoto View Email	Director Mens & Boys	Other
Mukesh Saraswat View Email	Senior Manager IT Integration Services	Other
Viral Shah View Email	Senior Analyst	Other
Kim Shern View Email	Director of Sourcing	Other
Doug Shimosaka	Dockers Licensing	Other
Nancy Shyer	Director	Other
James Stevens View Email	Aris Architect	Other
Mark Strange	Regional Creative Manager	Other
Carol Tan	Vice President	Other
Vania Tashjian View Email	Manager Consumer Insights	Other
Steve Tjandra	Bi Lead Developer	Other
Debbie Turner View Email	Maintenance Manager-Eastern Region	Other
Keith Walker View Email	Senior Manager, Sap Fico	Other
John Wang View Email	Senior Manager	Other
Cathy Wehde View Email	Senior Manager	Other
Sherry Wong View Email	Visual Merchandise Coordinator-Outlet Division	Other
Marina Wright	Manager, Standards and Testing Services	Other
Lisa Yanase View Email	Project Manager	Other

Significant Developments

Levi Strauss and Co Appoints New Chief Financial Officer

Dec 16, 2012

Reuters reported that Levi Strauss and Co has appointed Harmit Singh as its Chief Financial Officer. Singh will take up his new role on January 16, 2012.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 25-Nov-2012	Updated 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 with Explanation	Unqualified with Explanation
Net Sales	4,610.2	4,674.4	4,325.9	4,022.9	4,303.1
Revenue	4,610.2	4,674.4	4,325.9	4,022.9	4,303.1
Other Revenue	-	87.1	84.7	82.9	97.8
Other Revenue, Total	-	87.1	84.7	82.9	97.8
Total Revenue	4,610.2	4,761.6	4,410.6	4,105.8	4,400.9
Cost of Revenue	2,410.9	2,469.3	2,187.7	2,132.4	2,261.1
Cost of Revenue, Total	2,410.9	2,469.3	2,187.7	2,132.4	2,261.1
Gross Profit	2,199.3	2,205.1	2,138.2	1,890.5	2,042.0
Selling/General/Administrative Expense	1,865.4	1,955.8	1,841.6	1,595.3	1,614.7
Total Selling/General/Administrative Expenses	1,865.4	1,955.8	1,841.6	1,595.3	1,614.7
Other Unusual Expense (Income)	8.2	0.2	16.6	0.0	1.4
Unusual Expense (Income)	8.2	0.2	16.6	0.0	1.4
Total Operating Expense	4,284.4	4,425.4	4,045.9	3,727.7	3,877.3
Operating Income	325.8	336.1	364.8	378.1	523.7
Interest Expense - Non-Operating	-134.7	-132.0	-135.8	-148.7	-154.1
Interest Expense, Net Non-Operating	-134.7	-132.0	-135.8	-148.7	-154.1
Interest Income - Non-Operating	1.5	1.6	2.2	2.5	-
Investment Income - Non-Operating	-0.9	-4.9	3.8	-43.9	-
Interest/Investment Income - Non-Operating	0.6	-3.3	6.0	-41.4	-
Interest Income (Expense) - Net Non-Operating Total	-134.1	-135.4	-129.8	-190.1	-154.1
Other Non-Operating Income (Expense)	4.2	2.0	0.7	1.9	-0.3
Other, Net	4.2	2.0	0.7	1.9	-0.3
Income Before Tax	195.9	202.8	235.6	189.9	369.3
Total Income Tax	54.9	67.7	86.2	39.2	138.9
Income After Tax	141.0	135.1	149.4	150.7	230.4
Minority Interest	2.9	2.8	7.1	1.2	-1.1
Net Income Before Extraord Items	143.9	138.0	156.5	151.9	229.3
Net Income	143.9	138.0	156.5	151.9	229.3
Income Available to Common Excl Extraord Items	143.9	138.0	156.5	151.9	229.3
Income Available to Common Incl Extraord Items	143.9	138.0	156.5	151.9	229.3
Basic/Primary Weighted Average Shares	-	-	-	37.3	37.3
Basic EPS Excl Extraord Items	-	-	-	4.07	6.15
Basic/Primary EPS Incl Extraord Items	-	-	-	4.07	6.15
Diluted Net Income	143.9	138.0	156.5	151.9	229.3
Diluted Weighted Average Shares	-	-	-	37.3	37.3
Diluted EPS Excl Extraord Items	-	-	-	4.07	6.15
Diluted EPS Incl Extraord Items	-	-	-	4.07	6.15
Dividends per Share - Common Stock Primary Issue	1.21	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	45.1	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	134.7	132.0	135.8	148.7	154.1
Depreciation, Supplemental	110.5	104.8	88.9	76.8	78.0
Total Special Items	8.2	0.2	16.6	0.0	1.4
Normalized Income Before Tax	204.1	203.1	252.2	189.9	370.7
Effect of Special Items on Income Taxes	2.3	0.1	6.1	0.0	0.5
Inc Tax Ex Impact of Sp Items	57.2	67.8	92.2	39.2	139.4
Normalized Income After Tax	146.9	135.3	160.0	150.7	231.3
Normalized Inc. Avail to Com.	149.8	138.1	167.0	151.9	230.2
Basic Normalized EPS	-	-	-	4.07	6.17
Diluted Normalized EPS	-	-	-	4.07	6.17
Amort of Intangibles, Supplemental	11.4	12.1	14.8	-	-
Rental Expenses	186.1	174.6	161.2	151.8	-
Advertising Expense, Supplemental	260.4	313.8	327.8	-	-
Normalized EBIT	334.0	336.4	381.4	378.1	525.1
Normalized EBITDA	455.9	453.3	485.1	454.9	603.1
Current Tax - Domestic	15.3	20.0	12.3	17.9	-
Current Tax - Foreign	54.3	31.6	39.9	21.0	-
Current Tax - Local	-34.6	0.0	2.9	5.4	-
Current Tax - Total	35.1	51.6	55.0	44.3	-
Deferred Tax - Domestic	29.5	40.4	24.5	-11.9	-
Deferred Tax - Foreign	-6.7	-23.7	4.2	1.7	-
Deferred Tax - Local	-3.0	-0.6	2.5	5.1	-
Deferred Tax - Total	19.9	16.2	31.1	-5.1	-
Income Tax - Total	54.9	67.7	86.2	39.2	-
Interest Cost - Domestic	57.6	60.3	59.7	61.7	61.6
Service Cost - Domestic	9.0	10.2	7.8	5.3	6.4
Prior Service Cost - Domestic	-0.1	0.0	0.5	0.8	0.9
Expected Return on Assets - Domestic	-52.0	-53.0	-46.1	-42.2	-62.8
Actuarial Gains and Losses - Domestic	12.6	14.9	26.7	17.1	0.6
Curtailments & Settlements - Domestic	-2.0	0.8	0.5	2.8	0.7
Transition Costs - Domestic	-	-	-	-	0.2
Other Pension, Net - Domestic	0.2	0.1	0.3	0.1	0.0
Domestic Pension Plan Expense	25.2	33.5	49.3	45.5	7.5
Interest Cost - Post-Retirement	6.6	7.6	8.7	11.0	10.8
Service Cost - Post-Retirement	0.4	0.5	0.5	0.4	0.6
Expected Return on Assets - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Actuarial Gains and Losses - Post-Retir.	5.2	5.0	5.6	1.7	4.0
Curtailments & Settlements - Post-Retir.	0.0	0.0	0.0	0.5	-5.9
Other Post-Retirement, Net	-16.4	-28.9	-29.6	-39.7	-41.4
Post-Retirement Plan Expense	-4.2	-15.8	-14.8	-26.0	-32.0
Total Pension Expense	21.1	17.7	34.5	19.5	-24.5
Discount Rate - Domestic	4.90%	5.50%	5.80%	7.50%	6.70%
Discount Rate - Post-Retirement	4.50%	4.90%	5.20%	7.90%	6.40%
Expected Rate of Return - Domestic	6.70%	6.90%	6.90%	7.20%	7,040.00%
Expected Rate of Return - Post-Retir.	0.00%	0.00%	0.00%	0.00%	0.00%
Compensation Rate - Domestic	3.60%	4.00%	4.00%	4.00%	40.00%
Compensation Rate - Post-Retirement	0.00%	0.00%	0.00%	0.00%	0.00%
Total Plan Interest Cost	64.3	67.9	68.4	72.7	72.4
Total Plan Service Cost	9.3	10.7	8.3	5.7	7.0
Total Plan Expected Return	-52.0	-53.0	-46.1	-42.2	-62.8
Total Plan Other Expense	-16.2	-28.8	-29.3	-39.6	-41.4

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
UpdateType/Date	Updated Normal 25-Nov-2012	Updated Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Updated Normal 29-Nov-2009	Updated Normal 30-Nov-2008
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 with Explanation	Unqualified with Explanation
Cash & Equivalents	406.1	204.5	269.7	270.8	210.8
Cash and Short Term Investments	406.1	204.5	269.7	270.8	210.8
Accounts Receivable - Trade, Gross	521.4	677.6	578.0	574.8	563.4
Provision for Doubtful Accounts	-20.7	-22.7	-24.6	-22.5	-16.9
Trade Accounts Receivable - Net	500.7	654.9	553.4	552.3	546.5
Total Receivables, Net	500.7	654.9	553.4	552.3	546.5
Inventories - Finished Goods	504.0	594.5	563.7	433.5	517.9
Inventories - Work In Progress	9.6	9.8	9.4	10.9	8.9
Inventories - Raw Materials	5.3	7.1	6.8	6.8	15.9
Total Inventory	518.9	611.4	579.9	451.3	542.7
Restricted Cash - Current	-	-	-	3.7	2.7
Deferred Income Tax - Current Asset	116.2	99.5	137.9	135.5	114.1
Other Current Assets	136.5	172.8	110.2	92.3	88.5
Other Current Assets, Total	252.7	272.4	248.1	231.5	205.3
Total Current Assets	1,678.4	1,743.2	1,651.1	1,505.9	1,505.3
Buildings	404.4	422.0	406.6	380.6	357.2
Land/Improvements	21.3	30.2	29.7	30.1	27.9
Machinery/Equipment	759.0	764.6	680.2	651.8	607.0
Construction in Progress	56.8	17.4	55.3	32.5	16.8
Property/Plant/Equipment - Gross	1,241.6	1,234.2	1,171.9	1,095.0	1,008.9
Accumulated Depreciation	-782.8	-731.9	-683.3	-664.9	-597.0
Property/Plant/Equipment - Net	458.8	502.4	488.6	430.1	411.9
Goodwill, Net	240.0	241.0	241.5	241.8	204.7
Intangibles - Gross	104.3	104.4	108.5	68.9	0.1
Accumulated Intangible Amortization	-44.4	-32.6	-23.8	-8.4	-0.1
Intangibles, Net	59.9	71.8	84.7	103.2	42.8
Deferred Income Tax - Long Term Asset	612.9	613.2	559.1	601.5	526.1
Other Long Term Assets	120.1	108.0	110.3	107.0	86.2
Other Long Term Assets, Total	733.0	721.2	669.4	708.5	612.3
Total Assets	3,170.1	3,279.6	3,135.2	2,989.4	2,776.9
Accounts Payable	225.7	204.9	212.9	198.2	203.2
Accrued Expenses	492.9	501.5	481.3	493.8	475.2
Notes Payable/Short Term Debt	59.8	154.7	46.4	18.7	20.3
Current Portion - Long Term Debt/Capital Leases	1.8	1.7	1.8	1.9	72.5
Income Taxes Payable	16.7	9.4	17.1	13.0	17.9
Other Current Liabilities	-	-	-	1.4	2.4
Other Current liabilities, Total	16.7	9.4	17.1	14.4	20.3
Total Current Liabilities	796.9	872.3	759.5	727.0	791.6
Long Term Debt	1,669.5	1,817.6	1,816.7	1,834.2	1,762.0
Capital Lease Obligations	0.3	2.0	3.6	5.5	6.2
Total Long Term Debt	1,669.7	1,819.6	1,820.3	1,839.7	1,768.2
Total Debt	1,731.2	1,976.1	1,868.5	1,860.3	1,861.0
Deferred Income Tax - LT Liability	40.4	43.0	50.6	55.9	42.8
Deferred Income Tax	40.4	43.0	50.6	55.9	42.8
Minority Interest	5.4	8.8	10.8	17.7	18.0
Pension Benefits - Underfunded	695.9	643.1	650.4	636.8	458.6
Other Long Term Liabilities	60.9	51.5	54.3	43.5	46.6
Other Liabilities, Total	756.8	694.5	704.7	680.3	505.2
Total Liabilities	3,269.1	3,438.1	3,345.9	3,320.6	3,125.8
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	33.4	29.3	18.8	39.5	53.1
Retained Earnings (Accumulated Deficit)	274.0	150.8	33.3	-123.2	-275.0
Translation Adjustment	-65.8	-61.1	-47.1	-21.6	-43.5
Other Equity	7.9	7.0	9.0	1.9	0.6
Minimum Pension Liability Adjustment	-331.0	-255.7	-198.8	-176.9	-68.2
Other Comprehensive Income	-17.8	-29.2	-26.2	-51.4	-16.3
Other Equity, Total	-406.8	-339.0	-263.2	-247.9	-127.3
Total Equity	-99.0	-158.6	-210.6	-331.2	-348.9
Total Liabilities & Shareholders’ Equity	3,170.1	3,279.6	3,135.2	2,989.4	2,776.9
Shares Outstanding - Common Stock Primary Issue	37.4	37.4	37.3	37.3	37.3
Total Common Shares Outstanding	37.4	37.4	37.3	37.3	37.3
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0	0.0	0.0
Employees	17,000	17,000	16,200	11,800	11,400
Number of Common Shareholders	256	223	213	199	187
Accumulated Intangible Amort, Suppl.	44.4	32.6	23.8	8.4	0.1
Total Long Term Debt, Supplemental	1,729.2	1,972.4	1,863.1	1,852.9	1,853.2
Long Term Debt Maturing within 1 Year	59.8	154.7	46.4	18.7	91.2
Long Term Debt Maturing in Year 2	324.4	0.0	108.3	0.0	0.0
Long Term Debt Maturing in Year 3	0.0	324.0	0.0	108.3	0.0
Long Term Debt Maturing in Year 4	48.5	0.0	323.7	374.6	108.3
Long Term Debt Maturing in Year 5	0.0	568.2	0.0	323.3	324.5
Long Term Debt Maturing in 2-3 Years	324.4	324.0	108.3	108.3	0.0
Long Term Debt Maturing in 4-5 Years	48.5	568.2	323.7	698.0	432.8
Long Term Debt Matur. in Year 6 & Beyond	1,296.5	925.4	1,384.8	1,027.9	1,329.2
Interest Costs	-	-	-	-	-0.5
Executory Costs	-	-	-	-	-1.6
Total Capital Leases, Supplemental	2.0	4.0	6.0	8.0	6.2
Capital Lease Payments Due in Year 1	2.0	2.0	2.0	2.0	1.9
Capital Lease Payments Due in Year 2	0.0	2.0	2.0	2.0	1.7
Capital Lease Payments Due in Year 3	0.0	0.0	2.0	3.0	1.6
Capital Lease Payments Due in Year 4	0.0	0.0	0.0	1.0	2.8
Capital Lease Payments Due in Year 5	0.0	0.0	0.0	0.0	0.4
Capital Lease Payments Due in 2-3 Years	0.0	2.0	4.0	5.0	3.3
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.0	1.0	3.1
Cap. Lease Pymts. Due in Year 6 & Beyond	0.0	0.0	0.0	0.0	0.0
Total Operating Leases, Supplemental	708.9	690.2	758.5	784.4	506.2
Operating Lease Payments Due in Year 1	146.1	148.9	146.9	132.5	96.4
Operating Lease Payments Due in Year 2	114.6	117.0	124.9	129.1	93.7
Operating Lease Payments Due in Year 3	96.3	90.6	99.6	112.1	87.5
Operating Lease Payments Due in Year 4	81.4	75.2	79.6	86.4	73.2
Operating Lease Payments Due in Year 5	70.1	64.2	68.8	68.8	42.9
Operating Lease Pymts. Due in 2-3 Years	210.8	207.6	224.4	241.2	181.1
Operating Lease Pymts. Due in 4-5 Years	151.5	139.4	148.4	155.3	116.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	200.5	194.4	238.8	255.5	112.5
Pension Obligation - Domestic	1,388.7	1,203.7	1,131.8	1,061.3	840.7
Post-Retirement Obligation	155.9	156.1	164.3	176.8	151.1
Plan Assets - Domestic	894.4	771.9	731.7	601.6	883.6
Plan Assets - Post-Retirement	0.0	0.0	0.0	0.0	0.0
Funded Status - Domestic	-494.3	-431.8	-400.1	-459.7	42.9
Funded Status - Post-Retirement	-155.9	-156.1	-164.3	-176.8	-151.1
Accumulated Obligation - Post-Retirement	1,400.0	1,200.0	1,100.0	-	-
Total Funded Status	-650.2	-587.8	-564.4	-636.4	-108.2
Discount Rate - Domestic	3.80%	4.90%	5.40%	5.80%	7.50%
Discount Rate - Post-Retirement	3.30%	4.50%	4.90%	5.20%	7.90%
Compensation Rate - Domestic	3.50%	3.50%	3.90%	4.00%	4.00%
Compensation Rate - Post-Retirement	0.00%	0.00%	0.00%	0.00%	6.40%
Prepaid Benefits - Domestic	-	0.0	0.3	2.1	2.3
Prepaid Benefits - Post-Retirement	-	0.0	0.0	0.0	0.0
Accrued Liabilities - Domestic	-494.3	-431.8	-400.4	-382.4	-241.4
Accrued Liabilities - Post-Retirement	-155.9	-156.1	-164.3	-176.8	-151.1
Other Assets, Net - Domestic	-492.8	-394.7	-328.5	-315.9	-208.3
Other Assets, Net - Post-Retirement	-51.2	-29.5	-3.3	18.7	89.7
Net Assets Recognized on Balance Sheet	-1,194.1	-1,012.1	-896.2	-854.2	-508.8
Equity % - Domestic	45.95%	44.80%	47.39%	46.10%	51.10%
Debt Securities % - Domestic	44.47%	45.80%	42.57%	44.20%	44.20%
Real Estate % - Domestic	7.77%	7.00%	10.04%	9.70%	4.70%
Other Investments % - Domestic	1.81%	2.40%	-	-	-
Total Plan Obligations	1,544.5	1,359.7	1,296.1	1,238.0	991.8
Total Plan Assets	894.4	771.9	731.7	601.6	883.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 25-Nov-2012	Updated Normal 27-Nov-2011	Updated Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010
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 with Explanation	Unqualified with Explanation
Net Income/Starting Line	141.0	135.1	149.4	150.7	230.4
Depreciation	122.6	117.8	104.9	84.6	78.0
Depreciation/Depletion	122.6	117.8	104.9	84.6	78.0
Deferred Taxes	19.9	16.2	31.1	-5.1	75.8
Unusual Items	23.0	6.0	-7.0	16.6	20.7
Other Non-Cash Items	2.7	12.5	20.7	66.7	-22.7
Non-Cash Items	25.7	18.5	13.6	83.4	-2.0
Accounts Receivable	145.7	-116.0	-30.3	27.6	61.7
Inventories	87.5	-6.8	-148.5	113.0	-21.8
Other Assets	35.4	-34.5	-27.3	-6.1	-42.2
Accrued Expenses	-74.1	-55.8	-18.5	-20.1	-30.6
Payable/Accrued	46.6	-55.3	39.9	-58.2	-100.4
Taxes Payable	-27.8	-15.2	6.3	-3.4	3.9
Other Liabilities	8.0	-2.4	25.5	22.4	-28.2
Other Operating Cash Flow	0.6	0.3	0.1	0.0	0.0
Changes in Working Capital	221.8	-285.7	-152.8	75.2	-157.4
Cash from Operating Activities	531.0	1.8	146.3	388.8	224.8
Purchase of Fixed Assets	-83.9	-130.6	-154.6	-82.9	-80.4
Capital Expenditures	-83.9	-130.6	-154.6	-82.9	-80.4
Acquisition of Business	-0.5	0.0	-12.2	-100.3	-1.0
Sale of Fixed Assets	0.6	0.2	1.5	0.9	1.0
Other Investing Cash Flow	8.5	-10.5	-16.5	-50.8	53.5
Other Investing Cash Flow Items, Total	8.7	-10.4	-27.1	-150.1	53.5
Cash from Investing Activities	-75.2	-141.0	-181.8	-233.0	-26.8
Other Financing Cash Flow	-6.6	-11.1	-18.2	-1.6	-2.8
Financing Cash Flow Items	-6.6	-11.1	-18.2	-1.6	-2.8
Cash Dividends Paid - Common	-20.0	-20.0	-20.0	-20.0	-50.0
Total Cash Dividends Paid	-20.0	-20.0	-20.0	-20.0	-50.0
Repurchase/Retirement of Common/Preferred	-0.6	-0.5	-0.1	0.0	0.0
Issuance (Retirement) of Stock, Net	-0.6	-0.5	-0.1	0.0	0.0
Short Term Debt, Net	-0.7	19.4	27.3	-2.7	12.2
Long Term Debt Issued	435.0	305.0	909.4	0.0	0.0
Long Term Debt Reduction	-658.0	-215.1	-866.1	-72.9	-94.9
Long Term Debt, Net	-223.0	89.9	43.3	-72.9	-94.9
Issuance (Retirement) of Debt, Net	-223.7	109.3	70.7	-75.6	-82.7
Cash from Financing Activities	-250.9	77.7	32.3	-97.2	-135.5
Foreign Exchange Effects	-3.2	-3.8	2.1	1.4	-7.6
Net Change in Cash	201.6	-65.2	-1.1	60.0	54.9
Net Cash - Beginning Balance	204.5	269.7	270.8	210.8	155.9
Net Cash - Ending Balance	406.1	204.5	269.7	270.8	210.8
Cash Interest Paid	128.7	129.1	147.2	135.6	154.1
Cash Taxes Paid	49.3	56.2	52.9	56.9	63.1

Annual Income Statement

Financials in: USD (mil)

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

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 25-Nov-2012	Updated 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	4,610.2	4,674.4	4,325.9	4,022.9	4,303.1
Licensing Revenue	-	87.1	84.7	82.9	97.8
Total Revenue	4,610.2	4,761.6	4,410.6	4,105.8	4,400.9
Cost of Goods Sold	2,410.9	2,469.3	2,187.7	2,132.4	2,261.1
Selling, general and administrative expe	1,865.4	1,955.8	1,841.6	1,595.3	1,614.7
Loss on Early Extinguishment of Debt	8.2	0.2	16.6	0.0	1.4
Total Operating Expense	4,284.4	4,425.4	4,045.9	3,727.7	3,877.3
Interest Expense	-134.7	-132.0	-135.8	-148.7	-154.1
Foreign Exchange Management Losses	-9.4	15.3	-6.2	-69.6	-
Foreign Currency Transaction Gains	8.5	-20.3	9.9	25.7	-
Interest Income	1.5	1.6	2.2	2.5	-
Other	4.2	2.0	0.7	1.9	-0.3
Net Income Before Taxes	195.9	202.8	235.6	189.9	369.3
Provision for Income Taxes	54.9	67.7	86.2	39.2	138.9
Net Income After Taxes	141.0	135.1	149.4	150.7	230.4
Net loss attributable to noncontrolling	2.9	2.8	7.1	1.2	-1.1
Net Income Before Extra. Items	143.9	138.0	156.5	151.9	229.3
Net Income	143.9	138.0	156.5	151.9	229.3
Income Available to Com Excl ExtraOrd	143.9	138.0	156.5	151.9	229.3
Income Available to Com Incl ExtraOrd	143.9	138.0	156.5	151.9	229.3
Basic Weighted Average Shares	-	-	-	37.3	37.3
Basic EPS Excluding ExtraOrdinary Items	-	-	-	4.07	6.15
Basic EPS Including ExtraOrdinary Items	-	-	-	4.07	6.15
Diluted Net Income	143.9	138.0	156.5	151.9	229.3
Diluted Weighted Average Shares	-	-	-	37.3	37.3
Diluted EPS Excluding ExtraOrd Items	-	-	-	4.07	6.15
Diluted EPS Including ExtraOrd Items	-	-	-	4.07	6.15
DPS-Common Stock	1.21	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	45.1	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	204.1	203.1	252.2	189.9	370.7
Inc Tax Ex Impact of Sp Items	57.2	67.8	92.2	39.2	139.4
Normalized Income After Taxes	146.9	135.3	160.0	150.7	231.3
Normalized Inc. Avail to Com.	149.8	138.1	167.0	151.9	230.2
Basic Normalized EPS	-	-	-	4.07	6.17
Diluted Normalized EPS	-	-	-	4.07	6.17
Interest Expense	134.7	132.0	135.8	148.7	154.1
Amort of Intangibles	11.4	12.1	14.8	-	-
Rental Expense	186.1	174.6	161.2	151.8	-
Depreciation	110.5	104.8	88.9	76.8	78.0
Advertising Expenses	260.4	313.8	327.8	-	-
U.S. Federal	15.3	20.0	12.3	17.9	-
U.S. State	-34.6	0.0	2.9	5.4	-
Foreign	54.3	31.6	39.9	21.0	-
Current Tax - Total	35.1	51.6	55.0	44.3	-
U.S. Federal	29.5	40.4	24.5	-11.9	-
U.S. State	-3.0	-0.6	2.5	5.1	-
Foreign	-6.7	-23.7	4.2	1.7	-
Deferred Tax - Total	19.9	16.2	31.1	-5.1	-
Income Tax - Total	54.9	67.7	86.2	39.2	-
Service Cost	9.0	10.2	7.8	5.3	6.4
Interest Cost	57.6	60.3	59.7	61.7	61.6
Expected Return on Plan Assets	-52.0	-53.0	-46.1	-42.2	-62.8
Amortization of prior Service Cost	-0.1	0.0	0.5	0.8	0.9
Amortization of Transition Asset	-	-	-	-	0.2
Amortization of Actuarial Loss	12.6	14.9	26.7	17.1	0.6
Curtailment Loss (Gain)	-2.4	0.1	0.1	1.2	0.8
Special Termination Benefit	0.2	0.1	0.3	0.1	0.0
Net settlement (Gain) Loss	0.4	0.7	0.4	1.7	-0.1
Domestic Pension Plan Expense	25.2	33.5	49.3	45.5	7.5
Service Cost	0.4	0.5	0.5	0.4	0.6
Interest Cost	6.6	7.6	8.7	11.0	10.8
Expected Return on Plan Assets	0.0	0.0	0.0	0.0	0.0
Amortization of prior Service Cost	-16.4	-28.9	-29.6	-39.7	-41.4
Amortization of Transition Asset	-	-	-	-	0.0
Amortization of Actuarial Loss	5.2	5.0	5.6	1.7	4.0
Curtailment Loss (Gain)	0.0	0.0	0.0	0.5	-5.9
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	-4.2	-15.8	-14.8	-26.0	-32.0
Total Pension Expense	21.1	17.7	34.5	19.5	-24.5
Discount Rate	4.90%	5.50%	5.80%	7.50%	6.70%
Expected Rate of Return on Plan Assets	6.70%	6.90%	6.90%	7.20%	7,040.00%
Rate of Compensation Increase	3.60%	4.00%	4.00%	4.00%	40.00%
Discount rate - Post Retirement	4.50%	4.90%	5.20%	7.90%	6.40%
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)

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
UpdateType/Date	Updated Normal 25-Nov-2012	Updated Normal 27-Nov-2011	Reclassified Normal 27-Nov-2011	Updated Normal 29-Nov-2009	Updated Normal 30-Nov-2008
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	406.1	204.5	269.7	270.8	210.8
Restricted Cash	-	-	-	3.7	2.7
Trade receivables, net of allowance for	521.4	677.6	578.0	574.8	563.4
Allowance for Doubtful Accounts	-20.7	-22.7	-24.6	-22.5	-16.9
Inventories: Raw Materials	5.3	7.1	6.8	6.8	15.9
Inventories : Work-in-Process	9.6	9.8	9.4	10.9	8.9
Inventories: Finished Goods	504.0	594.5	563.7	433.5	517.9
Deferred Tax Assets	116.2	99.5	137.9	135.5	114.1
Other Current Assets	136.5	172.8	110.2	92.3	88.5
Total Current Assets	1,678.4	1,743.2	1,651.1	1,505.9	1,505.3
Land	21.3	30.2	29.7	30.1	27.9
Buildings & Leasehold Improvements	404.4	422.0	406.6	380.6	357.2
Machinery & Equipment	473.0	477.9	493.3	493.2	473.5
Capitalized Internal-use Software	286.0	286.7	186.9	158.6	133.6
Construction in Progress	56.8	17.4	55.3	32.5	16.8
Accumulated Depreciation	-782.8	-731.9	-683.3	-664.9	-597.0
Goodwill	240.0	241.0	241.5	241.8	204.7
Other intangible assets, net	-	-	-	42.7	42.8
Other Intangible Assets	104.3	104.4	108.5	68.9	0.1
Other Accumulated Amortization	-44.4	-32.6	-23.8	-8.4	-0.1
Non-Current Deferred Tax Assets	612.9	613.2	559.1	601.5	526.1
Other Assets	120.1	108.0	110.3	107.0	86.2
Total Assets	3,170.1	3,279.6	3,135.2	2,989.4	2,776.9
Short Term Debt	59.8	154.7	46.4	18.7	20.3
Current Maturities of Long-Term Debt	-	-	-	0.0	70.9
Current Maturities of Capital Lease	1.8	1.7	1.8	1.9	1.6
Accounts Payable	225.7	204.9	212.9	198.2	203.2
Restructuring Reserves	-	-	-	1.4	2.4
Accrued Liabilities	263.6	256.3	275.4	269.6	251.7
Accrued Salaries & Employee Benefits	223.9	235.5	196.2	195.4	194.3
Accrued Interest Payable	5.5	9.7	9.7	28.7	29.2
Accrued Income Taxes	16.7	9.4	17.1	13.0	17.9
Total Current Liabilities	796.9	872.3	759.5	727.0	791.6
Long-Term Debt, less Current Maturities	1,669.5	1,817.6	1,816.7	1,834.2	1,762.0
Long-term Capital Lease	0.3	2.0	3.6	5.5	6.2
Total Long Term Debt	1,669.7	1,819.6	1,820.3	1,839.7	1,768.2
Post-Retirement Medical Benefits	141.0	140.1	147.1	156.8	130.2
Pension Liability	492.4	427.4	400.6	382.5	240.7
Long-Term Employee Related Benefits	62.5	75.5	102.8	97.5	87.7
Long-Term Income Tax Liabilities	40.4	43.0	50.6	55.9	42.8
Other Long-Term Liabilities	60.9	51.5	54.3	43.5	46.6
Minority Interest	5.4	8.8	10.8	17.7	18.0
Total Liabilities	3,269.1	3,438.1	3,345.9	3,320.6	3,125.8
Temporary Equity	7.9	7.0	9.0	1.9	0.6
Common Stock	0.4	0.4	0.4	0.4	0.4
Additional Paid-in Capital	33.4	29.3	18.8	39.5	53.1
Accumulated Deficit	274.0	150.8	33.3	-123.2	-275.0
Pension & Post Retirment	-331.0	-255.7	-198.8	-176.9	-68.2
Net Investment Hedges	-18.9	-28.7	-26.4	-49.3	-12.3
Foreign Currency Translation	-65.8	-61.1	-47.1	-21.6	-43.5
Loss on Marketable Securities	1.0	-0.5	0.2	-2.1	-4.0
Total Equity	-99.0	-158.6	-210.6	-331.2	-348.9
Total Liabilities & Shareholders' Equity	3,170.1	3,279.6	3,135.2	2,989.4	2,776.9
S/O-Common Stock	37.4	37.4	37.3	37.3	37.3
Total Common Shares Outstanding	37.4	37.4	37.3	37.3	37.3
T/S-Common Stock	0.0	0.0	0.0	0.0	0.0
Accumulated Intangible Amortization	44.4	32.6	23.8	8.4	0.1
Full-Time Employees	17,000	17,000	16,200	11,800	11,400
Number of Common Shareholders	256	223	213	199	187
Long Term Debt Maturing within 1 Year	59.8	154.7	46.4	18.7	91.2
Long Term Debt Maturing within 2 Years	324.4	0.0	108.3	0.0	0.0
Long Term Debt Maturing within 3 Years	0.0	324.0	0.0	108.3	0.0
Long Term Debt Maturing within 4 Years	48.5	0.0	323.7	374.6	108.3
Long Term Debt Maturing within 5 Years	0.0	568.2	0.0	323.3	324.5
Long Term Debt Maturing Thereafter	1,296.5	925.4	1,384.8	1,027.9	1,329.2
Total Long Term Debt, Supplemental	1,729.2	1,972.4	1,863.1	1,852.9	1,853.2
Capital Lease Maturing Within 1Year	2.0	2.0	2.0	2.0	1.9
Capital Lease Maturing Within 2 Years	0.0	2.0	2.0	2.0	1.7
Capital Lease Maturing Within 3 Years	0.0	0.0	2.0	3.0	1.6
Capital Lease Maturing Within 4 Years	0.0	0.0	0.0	1.0	2.8
Capital Lease Maturing Within 5 Years	0.0	0.0	0.0	0.0	0.4
Capital Lease Maturing Thereafter	0.0	0.0	0.0	0.0	0.0
Amount Representing Interest	-	-	-	-	-0.5
Current Maturities of Capital Lease	-	-	-	-	-1.6
Total Capital Leases, Supplemental	2.0	4.0	6.0	8.0	6.2
Operating Lease Maturing Within 1Year	146.1	148.9	146.9	132.5	96.4
Operating Lease Maturing Within 2 Years	114.6	117.0	124.9	129.1	93.7
Operating Lease Maturing Within 3 Years	96.3	90.6	99.6	112.1	87.5
Operating Lease Maturing Within 4 Years	81.4	75.2	79.6	86.4	73.2
Operating Lease Maturing Within 5 Years	70.1	64.2	68.8	68.8	42.9
Operating Lease Maturing Thereafter	200.5	194.4	238.8	255.5	112.5
Total Operating Leases, Supplemental	708.9	690.2	758.5	784.4	506.2
Projected Benefit Obligation	1,388.7	1,203.7	1,131.8	1,061.3	840.7
FV of Plan Assets	894.4	771.9	731.7	601.6	883.6
Funded Status	-494.3	-431.8	-400.1	-459.7	42.9
Accumulated Obligation - Post-Retirement	1,400.0	1,200.0	1,100.0	-	-
Projected Benefit Obligation - Post Beni	155.9	156.1	164.3	176.8	151.1
FV of Plan Assets - Post Benifit	0.0	0.0	0.0	0.0	0.0
Funded Status - Post Benifit	-155.9	-156.1	-164.3	-176.8	-151.1
Total Funded Status	-650.2	-587.8	-564.4	-636.4	-108.2
Discount Rate	3.80%	4.90%	5.40%	5.80%	7.50%
Rate of Return on Plan Assets	3.50%	3.50%	3.90%	4.00%	4.00%
Discount Rate - Post Retirement	3.30%	4.50%	4.90%	5.20%	7.90%
Rate of Return on Plan Assets - Post Ret	0.00%	0.00%	0.00%	0.00%	6.40%
Prepaid Benefit Cost	-	0.0	0.3	2.1	2.3
Accrued Benefit Liability - Current Port	-8.2	-7.9	-7.9	-7.7	-7.9
Accrued Benefit Liability - Long-Term	-486.1	-423.9	-392.5	-374.7	-233.6
AOCI Net Acturial Loss	-493.5	-395.6	-326.4	-316.6	-208.0
AOCI Net Prior Service (Cost) Benifit	0.7	0.8	-2.1	0.7	-0.3
AOCI Net Transition Obligation	-	-	-	-	0.0
Prepaid Benefit Cost	-	0.0	0.0	0.0	0.0
Accrued Benefit Liability - Current Port	-14.9	-16.0	-17.2	-19.9	-20.9
Accrued Benefit Liability - Long-Term	-141.0	-140.1	-147.1	-156.8	-130.2
AOCI Net Acturial Loss	-51.6	-46.4	-49.1	-56.7	-27.9
AOCI Net Prior Service (Cost) Benifit	0.5	16.8	45.8	75.4	117.6
AOCI Net Transition Obligation	-	-	-	-	0.0
Net Assets Recognized on Balance Sheet	-1,194.1	-1,012.1	-896.2	-854.2	-508.8
Equity securities	45.95%	44.80%	47.39%	46.10%	51.10%
Debt securities	44.47%	45.80%	42.57%	44.20%	44.20%
Real estate and other	7.77%	7.00%	10.04%	9.70%	4.70%
Other	1.81%	2.40%	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 25-Nov-2012	Updated Normal 27-Nov-2011	Updated Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010	Reclassified Normal 28-Nov-2010
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	141.0	135.1	149.4	150.7	230.4
Depreciation	122.6	117.8	104.9	84.6	78.0
Asset Impairments	27.0	5.8	6.9	16.8	20.3
Gain on Disposal of Assets	-0.4	0.0	-0.2	-0.2	0.0
Unrealized Foreign Exchange Gains (loss)	-3.1	-5.9	-17.7	14.7	50.7
Realized loss on settlement of forward f	-8.5	9.5	16.3	50.8	-53.5
Employee benefit plans	1.4	-8.6	3.6	-19.7	-36.0
Postretirement Benefit Plan	-2.4	0.1	0.1	1.6	-5.2
Non Cash Loss on Early Extinghmt.-Debt	-3.6	0.2	-13.6	0.0	0.4
Amortization of Deferred Debt Issuance	4.3	4.3	4.3	4.3	4.0
Stock Base Compensation	6.0	8.4	6.4	7.8	6.8
Provision for Doubtful Accounts	5.0	4.6	7.5	7.2	10.4
Net Deferred Taxes	19.9	16.2	31.1	-5.1	75.8
Trade Receivables	145.7	-116.0	-30.3	27.6	61.7
Inventories	87.5	-6.8	-148.5	113.0	-21.8
Other Current ssets	34.4	-39.2	-20.1	5.6	-25.4
Accounts Payable & Accrued Liabilities	46.6	-55.3	39.9	-58.2	-100.4
Other Non-Current Assets	1.0	4.8	-7.2	-11.8	-16.8
Income tax Liabilities	-27.8	-15.2	6.3	-3.4	3.9
Accrued salaries, wages and employee ben	-74.1	-55.8	-18.5	-20.1	-30.6
Other Long-Term Liabilites	8.0	-2.4	19.1	-4.5	6.9
Other, Net	0.6	0.3	0.1	0.0	0.0
Long-Term Employee Related Benefits	-	-	6.3	26.9	-35.1
Cash from Operating Activities	531.0	1.8	146.3	388.8	224.8
Capital Expenditures	-83.9	-130.6	-154.6	-82.9	-80.4
Proceeds from Sale of Fixed Assets	0.6	0.2	1.5	0.9	1.0
Payments on settlement of forward foreig	8.5	-9.5	-16.3	-50.8	53.5
Acquisition of U.K. Retail Stores	-0.5	0.0	-12.2	-100.3	-1.0
Other	0.0	-1.0	-0.1	0.0	0.0
Cash from Investing Activities	-75.2	-141.0	-181.8	-233.0	-26.8
Proceeds from Issuance of Long-Term Debt	385.0	0.0	909.4	0.0	0.0
Repayments of senior revolving credit fa	-250.0	-213.3	0.0	0.0	-
Proceeds from senior revolving credit fa	50.0	305.0	0.0	0.0	-
Repayments of Long-Term Debt	-408.0	-1.8	-866.1	-72.9	-94.9
Net Decrease in Short-Term Borrowings	-0.7	19.4	27.3	-2.7	12.2
Debt Issuance Costs	-7.4	-7.3	-17.5	0.0	-0.4
Excess tax benefits from stock-based com	0.2	0.0	0.0	-	-
Dividends-Minority Interest Shareholders	-	0.0	0.0	-1.0	-1.1
Dividend to Stockholders	-20.0	-20.0	-20.0	-20.0	-50.0
Repurchase of common stock	-0.6	-0.5	-0.1	0.0	0.0
Increase in Restricted Cash	0.6	-3.8	-0.7	-0.6	-1.2
Cash from Financing Activities	-250.9	77.7	32.3	-97.2	-135.5
Foreign Exchange Effects	-3.2	-3.8	2.1	1.4	-7.6
Net Change in Cash	201.6	-65.2	-1.1	60.0	54.9
Net Cash - Beginning Balance	204.5	269.7	270.8	210.8	155.9
Net Cash - Ending Balance	406.1	204.5	269.7	270.8	210.8
Cash Interest Paid	128.7	129.1	147.2	135.6	154.1
Cash Taxes Paid	49.3	56.2	52.9	56.9	63.1

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 24-Feb-2013	Quarter Ending Yr Ago	Annual Year End 25-Nov-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	1.1	-99.90%	4,610.2	-3.18%	3.94%	1.12%
Operating Income (?)	-	-	325.8	-3.09%	-4.84%	-10.81%
Income Available to Common Excl Extraord Items (?)	-	-	143.9	4.27%	-1.79%	-20.76%
Capital Expenditures (?)	0.0	-99.88%	83.9	-35.78%	0.37%	-1.95%
Cash from Operating Activities (?)	0.1	-99.86%	531.0	28,632.47%	10.95%	11.93%
Free Cash Flow (?)	0.1	-99.86%	447.1	-	13.49%	16.34%
Total Assets (?)	3.1	-99.90%	3,170.1	-3.34%	1.98%	2.15%
Total Liabilities (?)	-	-	3,269.1	-4.92%	-0.52%	0.15%
Total Long Term Debt (?)	-	-	1,669.7	-8.24%	-3.18%	-2.39%
Employees (?)	-	-	17000	0.00%	12.94%	8.04%
Total Common Shares Outstanding (?)	-	-	37.4	0.10%	0.10%	0.06%

Key Ratios
Â	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
Profitability
Gross Margin (?)	47.71%	47.17%	49.43%	46.99%	47.45%
Operating Margin (?)	7.07%	7.06%	8.27%	9.21%	11.90%
Pretax Margin (?)	4.25%	4.26%	5.34%	4.63%	8.39%
Net Profit Margin (?)	3.12%	2.90%	3.55%	3.70%	5.21%
Financial Strength
Current Ratio (?)	2.11	2.00	2.17	2.07	1.90
Long Term Debt/Equity (?)	-16.86	-11.47	-8.64	-5.55	-5.07
Total Debt/Equity (?)	-17.48	-12.46	-8.87	-5.62	-5.33
Management Effectiveness
Return on Assets (?)	4.37%	4.21%	4.88%	5.23%	8.19%
Return on Equity (?)	-111.67%	-74.73%	-57.77%	-44.66%	-61.73%
Efficiency
Receivables Turnover (?)	7.98	7.88	7.98	7.47	7.63
Inventory Turnover (?)	4.27	4.15	4.24	4.29	4.27
Asset Turnover (?)	1.43	1.48	1.44	1.42	1.56

Annual Ratios

Financials in: USD (mil)

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

	25-Nov-2012	27-Nov-2011	28-Nov-2010	29-Nov-2009	30-Nov-2008
Financial Strength
Current Ratio (?)	2.11	2.00	2.17	2.07	1.90
Quick/Acid Test Ratio (?)	1.14	0.99	1.08	1.13	0.96
Working Capital (?)	881.5	871.0	891.6	778.9	713.6
Long Term Debt/Equity (?)	-16.86	-11.47	-8.64	-5.55	-5.07
Total Debt/Equity (?)	-17.48	-12.46	-8.87	-5.62	-5.33
Long Term Debt/Total Capital (?)	1.02	1.00	1.10	1.20	1.17
Total Debt/Total Capital (?)	1.06	1.09	1.13	1.22	1.23
Payout Ratio (?)	-	-	-	0.00%	0.00%
Effective Tax Rate (?)	28.04%	33.39%	36.57%	20.65%	37.61%
Total Capital (?)	1,632.2	1,817.5	1,657.9	1,529.1	1,512.1
Efficiency
Asset Turnover (?)	1.43	1.48	1.44	1.42	1.56
Inventory Turnover (?)	4.27	4.15	4.24	4.29	4.27
Days In Inventory (?)	85.56	88.05	86.02	85.07	85.44
Receivables Turnover (?)	7.98	7.88	7.98	7.47	7.63
Days Receivables Outstanding (?)	45.74	46.31	45.75	48.84	47.83
Revenue/Employee (?)	271,188	280,092	272,262	347,946	386,045
Operating Income/Employee (?)	19,163	19,773	22,517	32,041	45,935
EBITDA/Employee (?)	26,334	26,650	28,918	38,550	52,775
Profitability
Gross Margin (?)	47.71%	47.17%	49.43%	46.99%	47.45%
Operating Margin (?)	7.07%	7.06%	8.27%	9.21%	11.90%
EBITDA Margin (?)	9.71%	9.51%	10.62%	11.08%	13.67%
EBIT Margin (?)	7.07%	7.06%	8.27%	9.21%	11.90%
Pretax Margin (?)	4.25%	4.26%	5.34%	4.63%	8.39%
Net Profit Margin (?)	3.12%	2.90%	3.55%	3.70%	5.21%
COGS/Revenue (?)	52.29%	51.86%	49.60%	51.94%	51.38%
SG&A Expense/Revenue (?)	40.46%	41.08%	41.75%	38.86%	36.69%
Management Effectiveness
Return on Assets (?)	4.37%	4.21%	4.88%	5.23%	8.19%
Return on Equity (?)	-111.67%	-74.73%	-57.77%	-44.66%	-61.73%
Valuation
Free Cash Flow/Share (?)	11.96	-3.45	-0.22	8.20	3.88
Operating Cash Flow/Share  (?)	14.20	0.05	3.92	10.43	6.03

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.67

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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