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Quarterly Financial Data (Unaudited)
 12 Months Ended
Nov. 24, 2019
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 2019 and 2018.
Year Ended November 24, 2019
First
Quarter
 
Second Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(Dollars in thousands, except per share amounts)
Net revenues
$
1,434,458

 
$
1,312,940

 
$
1,447,081

 
$
1,568,608

Cost of goods sold
651,650

 
612,517

 
680,335

 
717,212

Gross profit
782,808

 
700,423

 
766,746

 
851,396

Selling, general and administrative expenses
581,896

 
637,525

 
595,528

 
719,749

Operating income
200,912

 
62,898

 
171,218

 
131,647

Interest expense
(17,544
)
 
(15,126
)
 
(15,292
)
 
(18,286
)
Underwriter commission paid on behalf of selling
—

 
(24,860
)
 
—

 
—

Other (expense) income, net
(1,646
)
 
3,166

 
(4,369
)
 
4,866

Income before income taxes
181,722

 
26,078

 
151,557

 
118,227

Income tax expense (benefit)(1)
35,271

 
(2,429
)
 
27,340

 
22,422

Net income
146,451

 
28,507

 
124,217

 
95,805

Net loss (income) attributable to noncontrolling interest
126

 
(277
)
 
292

 
(509
)
Net income attributable to Levi Strauss & Co.
$
146,577

 
$
28,230

 
$
124,509

 
$
95,296

 
 
 
 
 
 
 
 
Earnings per common share attributable to common stockholders(2):
 
 
 
 
 
 
 
Basic
$
0.39

 
$
0.07

 
$
0.32

 
$
0.24

Diluted
$
0.37

 
$
0.07

 
$
0.30

 
$
0.23

Weighted-average common shares outstanding - diluted
 
 
 
 
 
 
 
Basic
377,077,111

 
389,518,461

 
394,169,688

 
394,670,867

Diluted
393,234,825

 
409,332,997

 
413,639,749

 
411,984,817

 
 
 
 
 
 
 
 
Cash dividends declared per share
$
0.29

 
$
—

 
$
—

 
$
0.01

_____________
(1)
The Income tax benefit in the second quarter is due to lower income taxes from less operating income and an excess tax benefit recognized related to the exercise of employee stock-based compensation.
(2)
The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently.


Year Ended November 25, 2018
First
Quarter
 
Second Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(Dollars in thousands, except per share amounts)
Net revenues
$
1,343,685

 
$
1,245,742

 
$
1,394,153

 
$
1,591,860

Cost of goods sold
605,561

 
574,865

 
652,591

 
744,448

Gross profit
738,124

 
670,877

 
741,562

 
847,412

Selling, general and administrative expenses(2)
563,202

 
593,595

 
582,146

 
718,621

Operating income
174,922

 
77,282

 
159,416

 
128,791

Interest expense
(15,497
)
 
(14,465
)
 
(15,697
)
 
(9,637
)
Other (expense) income, net(2)
(10,400
)
 
12,895

 
(3,839
)
 
16,251

Income before income taxes
149,025

 
75,712

 
139,880

 
135,405

Income tax expense (benefit)(3)
167,654

 
(1,320
)
 
10,299

 
38,145

Net (loss) income
(18,629
)
 
77,032

 
129,581

 
97,260

Net (income) loss attributable to noncontrolling interest
(383
)
 
(2,100
)
 
543

 
(162
)
Net (loss) income attributable to Levi Strauss & Co.
$
(19,012
)
 
$
74,932

 
$
130,124

 
$
97,098

 
 
 
 
 
 
 
 
Earnings per common share attributable to common stockholders(1):
 
 
 
 
 
 
 
Basic
$
(0.05
)
 
$
0.20

 
$
0.34

 
$
0.26

Diluted
$
(0.05
)
 
$
0.19

 
$
0.33

 
$
0.25

Weighted-average common shares outstanding - diluted
 
 
 
 
 
 
 
Basic
376,165,783

 
377,132,162

 
377,742,492

 
376,968,560

Diluted
376,165,783

 
387,764,580

 
390,586,032

 
391,088,937

 
 
 
 
 
 
 
 
Cash dividends declared per share
$
0.24

 
$
—

 
$
—

 
$
—


_____________
(1)
The sum of the quarterly earnings per share may not equal the full-year amount, as the computations of the weighted-average number of common basic and diluted shares outstanding for each quarter and the full year are performed independently.
(2)
The amounts in Selling, general and administrative expenses and Other income (expense), net in 2018 have been conformed to reflect the adoption of ASU 2017-07, "Compensation-Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Cost and Net Periodic Postretirement Benefit Cost" and include non-service cost component of net periodic benefit costs. Refer to Note 1 for more information.
(3)
The Income tax expense in the first quarter is due to the one-time tax charge recorded in relation to the newly enacted Tax Act. The Income tax benefit in the second quarter is due to lower income taxes from less operating income and the release of tax reserves as tax audits were finalized.