Quarterly Financial Data (Unaudited)

12 Months Ended

Nov. 29, 2015

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

Set forth below are the consolidated statements of operations for the first, second, third and fourth quarters of 2015 and 2014.

Year Ended November 29, 2015	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(Dollars in thousands)
Net revenues	$	1,055,075		$	1,012,180		$	1,142,012		$	1,285,226
Cost of goods sold	518,010			511,949			568,655			626,898
Gross profit	537,065			500,231			573,357			658,328
Selling, general and administrative expenses	425,282			449,662			454,530			494,389
Restructuring, net	4,338			2,954			4,054			2,725
Operating income	107,445			47,615			114,773			161,214
Interest expense	(23,312		)	(21,913		)	(17,138		)	(18,851		)
Loss on early extinguishment of debt	—			(14,002		)	—			—
Other income (expense), net	(26,028		)	7,639			(8,316		)	1,272
Income before income taxes	58,105			19,339			89,319			143,635
Income tax expense	19,822			7,887			30,858			41,940
Net income	38,283			11,452			58,461			101,695
Net loss (income) attributable to noncontrolling interest	109			239			(286		)	(517		)
Net income attributable to Levi Strauss & Co.	$	38,392		$	11,691		$	58,175		$	101,178

Year Ended November 30, 2014	First Quarter			Second Quarter			Third Quarter			Fourth Quarter(1)
	(Dollars in thousands)
Net revenues	$	1,129,990		$	1,081,847		$	1,154,129		$	1,388,026
Cost of goods sold	553,637			551,542			591,926			708,447
Gross profit	576,353			530,305			562,203			679,579
Selling, general and administrative expenses	424,762			446,072			454,712			580,618
Restructuring, net	57,935			19,105			2,371			49,014
Operating income	93,656			65,128			105,120			49,947
Interest expense	(31,829		)	(31,310		)	(27,179		)	(27,279		)
Loss on early extinguishment of debt	—			(11,151		)	—			(9,192		)
Other income (expense), net	4,183			(6,122		)	(5,605		)	(14,513		)
Income (loss) before income taxes	66,010			16,545			72,336			(1,037		)
Income tax expense	16,387			5,556			22,536			5,066
Net income (loss)	49,623			10,989			49,800			(6,103		)
Net loss attributable to noncontrolling interest	348			469			820			132
Net income (loss) attributable to Levi Strauss & Co.	$	49,971		$	11,458		$	50,620		$	(5,971	)

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(1) Includes certain out-of-period adjustments, which decreased income before income taxes and net income by approximately $4.0 million and $6.0 million, respectively. For additional information see Note 1.