Quarterly Financial Data (Unaudited)

12 Months Ended

Nov. 29, 2020

Quarterly Financial Information Disclosure [Abstract]

Set forth below are the consolidated statements of operations for the first, second, third and fourth quarters of 2020 and 2019.


Year Ended November 29, 2020	First Quarter		Second Quarter (2)		Third Quarter		Fourth Quarter

	(Dollars in thousands, except per share amounts)
Net revenues(1)	$	1,506,126	$	497,542	$	1,063,085	$	1,385,856
Cost of goods sold	666,799		327,890		485,687		619,309
Gross profit	839,327		169,652		577,398		766,547
Selling, general and administrative expenses	660,545		550,525		484,002		652,556
Restructuring charges, net	—		67,371		1,071		21,973
Operating income (loss)	178,782		(448,244)		92,325		92,018
Interest expense	(16,654)		(11,246)		(28,437)		(25,853)

Other income (expense), net	2,700		1,305		(12,274)		(14,205)
Income before income taxes	164,828		(458,185)		51,614		51,960
Income tax expense (benefit)	12,139		(94,636)		24,565		(4,710)


Net income (loss) attributable to Levi Strauss & Co.	$	152,689	$	(363,549)	$	27,049	$	56,670

Earnings (loss) per common share attributable to common stockholders(3):
Basic	$	0.39	$	(0.91)	$	0.07	$	0.14
Diluted	$	0.37	$	(0.91)	$	0.07	$	0.14
Weighted-average common shares outstanding - diluted
Basic	396,216,057		397,484,849		397,711,322		398,383,193
Diluted	410,068,373		397,484,849		407,677,385		408,784,914

Cash dividends declared per share	$	0.08	$	0.08	$	—	$	—

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(1)For the year ended November 29, 2020, net revenues from both channels were adversely impacted by temporary store closures and reduced traffic and consumer demand as a result of the COVID-19 pandemic, with the majority of the impact occurring in the second quarter when most company-operated and wholesale customer doors were temporarily closed. See Note 1 for more information.

(2)During the second quarter, $242.0 million in incremental charges were recognized in connection with the adverse impacts of the COVID-19 pandemic on the Company's business. The $242.0 million comprised of $67.4 million of restructuring charges, COVID-19 related inventory costs of $86.6 million and other charges for customer receivables and asset impairments of $88.0 million. These estimates were subsequently updated based on changes in underlying facts and circumstances. For further information refer to Note 1.

(3)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 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 (loss) income	146,451		28,507		124,217		95,805
Net (income) loss attributable to noncontrolling interest	126		(277)		292		(509)
Net (loss) 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.