0001193125-12-043488.txt : 20120207 0001193125-12-043488.hdr.sgml : 20120207 20120207150357 ACCESSION NUMBER: 0001193125-12-043488 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120207 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120207 DATE AS OF CHANGE: 20120207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEVI STRAUSS & CO CENTRAL INDEX KEY: 0000094845 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 940905160 STATE OF INCORPORATION: DE FISCAL YEAR END: 1124 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-90139 FILM NUMBER: 12577393 BUSINESS ADDRESS: STREET 1: 1155 BATTERY ST CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4155016000 MAIL ADDRESS: STREET 1: 1155 BATTERY STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94111 8-K 1 d293638d8k.htm FORM 8-K Form 8-K

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 7, 2012

 

 

LEVI STRAUSS & CO.

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   002-90139   94-0905160

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

1155 BATTERY STREET

SAN FRANCISCO, CALIFORNIA 94111

(Address of principal executive offices, including zip code)

(415) 501-6000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

 

¨ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))

 

 

 

ITEM 2.02. Results of Operations and Financial Condition.

On February 7, 2012, we issued a press release announcing our fourth quarter and fiscal year 2011 financial results. A copy of the press release is attached hereto as exhibit 99.1.

 

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

99.1    Press release, dated February 7, 2012, announcing Levi Strauss & Co.’s fourth quarter and fiscal year 2011 financial results.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  LEVI STRAUSS & CO.
DATE: February 7, 2012     By:  

/s/ Heidi L. Manes

    Name:   Heidi L. Manes
    Title:   Vice President and Controller

EXHIBIT INDEX

 

 

Exhibit Number    Description
99.1    Press release, dated February 7, 2012, announcing Levi Strauss & Co.’s fourth quarter and fiscal year 2011 financial results.
 EX-99.1 2 d293638dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

 

Investor Contact:    Chris Ogle    Media Contact: Kris Marubio
   Levi Strauss & Co.    Levi Strauss & Co.
   (800) 438-0349    (415) 501-6709
   cogle@levi.com    kmarubio@levi.com

LEVI STRAUSS & CO. ANNOUNCES FOURTH-QUARTER AND

FISCAL-YEAR 2011 FINANCIAL RESULTS

Fourth-Quarter Net Revenues Up 4% and Full-Year Net Revenues Up 8%

SAN FRANCISCO (February 7, 2012) – Levi Strauss & Co. (LS&Co.) today announced financial results for the fourth quarter and fiscal year ended November 27, 2011.

Highlights include:

 

($ millions)

    Three Months Ended
Nov. 27, 2011		      Three Months Ended
Nov. 28, 2010		      Fiscal Year Ended
Nov. 27, 2011		      Fiscal Year Ended
Nov. 28, 2010		  

Net revenues

    $ 1,344       $ 1,290       $ 4,762       $ 4,411   

Net income

    $ 44       $ 86       $ 138       $ 157   

The company’s net revenues grew in each geographic region in fiscal year 2011, primarily due to the strength of the Levi’s® brand and its global store network. Fourth-quarter net revenues were up 4 percent on a reported basis compared to the same period in the prior year and full-year net revenues were up 8 percent on a reported basis from the prior year. Fourth quarter net income decreased from the prior year due to the company’s lower gross margin in the fourth quarter of 2011 and a $32 million increase in income taxes, primarily reflecting a $34 million tax benefit recorded in the fourth quarter of 2010.

“In the face of stiff cost and economic headwinds, Levi Strauss & Co. grew the top-line for the second year in a row,” said Chip Bergh, president and chief executive officer of Levi Strauss & Co. “As we move forward, we need to build on this momentum and on our global scale, strong brands and innovation pipeline, while improving profitability and cash flow to deliver sustainable long-term growth.”

 

- more -

LS&Co. FY 2011 Results/Add Two

February 7, 2012

 

Fourth Quarter 2011 Highlights

 

  •  

Gross profit in the fourth quarter was $624 million compared with $647 million for the same period in 2010. Gross margin for the fourth quarter was 46 percent of net revenues compared with 50 percent of net revenues in the fourth quarter of 2010. The decline in gross margin resulted from the adverse impact of higher priced-cotton, which was not fully offset by the company’s price increases, and increased sales to the discount channel to manage inventory.

 

  •  

Selling, general and administrative (SG&A) expenses for the fourth quarter increased to $532 million compared with $528 million in the same period of 2010, primarily reflecting expenses associated with organizational changes and the company’s investment in information technology.

 

  •  

Operating income for the fourth quarter decreased to $92 million compared with $119 million for the same period of 2010, due primarily to the decline in gross margin.

Regional Overview

Regional net revenues for the fourth quarter were as follows:

 

                   % Increase  

Net Revenues

($ millions)

    Three Months Ended
November 27, 2011		      Three Months Ended
November 28, 2010		      As Reported     Constant
Currency		  

Americas

    $ 807       $ 772         4 %      5 % 

Europe

    $ 306       $ 300         2 %      2 % 

Asia Pacific

    $ 231       $ 218         6 %      7 % 

 

  •  

Higher net revenues in the Americas primarily resulted from price increases and continued growth in the Levi’s® retail business, which offset a decline in the U.S. Dockers® brand.

 

  •  

Net revenues grew in Europe from expansion of the company-operated retail network.

 

  •  

Net revenues in Asia Pacific increased for the Levi’s® and Denizen® brands, including the expansion of the company’s brand-dedicated retail network. The growth in the region was partially offset by lower net revenues in Japan.

 

- more -

LS&Co. FY 2011 Results/Add Three

February 7, 2012

 

“Our fiscal 2011 results reflect the impact of higher cotton prices and the difficult economic environment,” said Blake Jorgensen, chief financial officer of Levi Strauss & Co. “We are focused on operating our business with discipline and improving our cash flow to help us navigate the challenges ahead.”

Fiscal Year 2011 Highlights

 

  •  

Gross profit for the fiscal year increased to $2,292 million compared with $2,223 million in 2010, as the increase in net revenues and a favorable currency impact offset the decline in gross margin. Gross margin was 48 percent of revenues for the year compared with 50 percent of revenues in 2010.

 

  •  

SG&A expenses increased to $1,956 million for 2011 compared with $1,842 million in the prior year, primarily reflecting expenses associated with retail store expansion, the company’s investment in global information technology and organizational changes.

 

  •  

Operating income for 2011 was $336 million compared to $381 million the prior year, due to the lower gross margin and higher SG&A.

Cash Flow and Balance Sheet

The company ended the fourth quarter with cash and cash equivalents of $205 million and unused availability under its credit facility of $495 million. Cash provided by operating activities declined to $2 million for 2011, compared with $146 million for 2010, primarily due to the higher cost of cotton. As a result, the company borrowed against its credit facility to fund working capital, and ended the fiscal year with net debt of $1.8 billion as compared to $1.6 billion at the end of 2010.

Investor Conference Call

The company’s fourth-quarter and full-year 2011 investor conference call will be available through a live audio webcast at http://www.levistrauss.com/investors today, February 7, 2012, at 1 p.m. PST/4 p.m. EST or via the following phone numbers: 800-891-4735 in the United States and Canada, or 973-200-3066 internationally; I.D. No. 45715814. A replay is available on the website the same day and will be archived for one month. A telephone replay also is available through February 14, 2011, at 800-585-8367; I.D. No. 45715814.

 

- more -

LS&Co. FY 2010 Results/Add Four

February 7, 2012

 

Forward Looking Statements

This news release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current assumptions, expectations and projections about future events. We use words like “believe,” “will,” “so we can,” “when,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Investors should consider the information contained in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended 2011, especially in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections. Other unknown or unpredictable factors also could have material adverse effects on our future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this news release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this news release. We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this news release to reflect circumstances existing after the date of this news release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

About Levi Strauss & Co.

Levi Strauss & Co. is one of the world’s largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi’s®, Dockers®, Signature by Levi Strauss & Co.™, and Denizen® brands. Its products are sold in more than 110 countries worldwide through a combination of chain retailers, department stores, online sites, and franchised and company-owned stores. As of November 27, 2011, the company operated 498 stores within 32 countries. Levi Strauss & Co.’s reported fiscal 2011 net revenues were $4.8 billion. For more information, go to http://levistrauss.com.

 

###

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

     November 27,
2011		     November 28,
2010		  
     (Dollars in thousands)  
ASSETS   

Current Assets:

     

Cash and cash equivalents

    $ 204,542      $ 269,726   

Trade receivables, net of allowance for doubtful accounts of $22,684 and $24,617

      654,903        553,385   

Inventories:

     

Raw materials

      7,086        6,770   

Work-in-process

      9,833        9,405   

Finished goods

      594,483        563,728   
  

 

 

    

 

 

  

Total inventories

      611,402        579,903   

Deferred tax assets, net

      99,544        137,892   

Other current assets

      172,830        110,226   
  

 

 

    

 

 

  

Total current assets

      1,743,221        1,651,132   

Property, plant and equipment, net of accumulated depreciation of $731,859 and $683,258

      502,388        488,603   

Goodwill

      240,970        241,472   

Other intangible assets, net

      71,818        84,652   

Non-current deferred tax assets, net

      613,161        559,053   

Other non-current assets

      107,997        110,337   
  

 

 

    

 

 

  

Total assets

    $ 3,279,555      $ 3,135,249   
  

 

 

    

 

 

  
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ DEFICIT     

Current Liabilities:

     

Short-term debt

    $ 154,747      $ 46,418   

Current maturities of capital leases

      1,714        1,777   

Accounts payable

      204,897        212,935   

Other accrued liabilities

      256,316        275,443   

Accrued salaries, wages and employee benefits

      235,530        196,152   

Accrued interest payable

      9,679        9,685   

Accrued income taxes

      9,378        17,115   
  

 

 

    

 

 

  

Total current liabilities

      872,261        759,525   

Long-term debt

      1,817,625        1,816,728   

Long-term capital leases

      1,999        3,578   

Postretirement medical benefits

      140,108        147,065   

Pension liability

      427,422        400,584   

Long-term employee related benefits

      75,520        102,764   

Long-term income tax liabilities

      42,991        50,552   

Other long-term liabilities

      51,458        54,281   
  

 

 

    

 

 

  

Total liabilities

      3,429,384        3,335,077   
  

 

 

    

 

 

  

Commitments and contingencies

     

Temporary equity

      7,002        8,973   
  

 

 

    

 

 

  

Stockholders’ Deficit:

     

Levi Strauss & Co. stockholders’ deficit

     

Common stock—$.01 par value; 270,000,000 shares authorized; 37,354,021shares and 37,322,358 shares issued and outstanding

      374        373   

Additional paid-in capital

      29,266        18,840   

Retained earnings

      150,770        33,346   

Accumulated other comprehensive loss

      (346,002 )      (272,168 ) 
  

 

 

    

 

 

  

Total Levi Strauss & Co. stockholders’ deficit

      (165,592 )      (219,609 ) 

Noncontrolling interest

      8,761        10,808   
  

 

 

    

 

 

  

Total stockholders’ deficit

      (156,831 )      (208,801 ) 
  

 

 

    

 

 

  

Total liabilities, temporary equity and stockholders’ deficit

    $ 3,279,555      $ 3,135,249   
  

 

 

    

 

 

  

The notes accompanying our consolidated financial statements in our Form 10-K are an integral part of these consolidated financial statements.

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

     Year Ended
November 27,
2011		     Year Ended
November 28,
2010		     Year Ended
November 29,
2009		  
     (Dollars in thousands)  

Net sales

    $ 4,674,426      $ 4,325,908      $ 4,022,854   

Licensing revenue

      87,140        84,741        82,912   
  

 

 

    

 

 

    

 

 

  

Net revenues

      4,761,566        4,410,649        4,105,766   

Cost of goods sold

      2,469,327        2,187,726        2,132,361   
  

 

 

    

 

 

    

 

 

  

Gross profit

      2,292,239        2,222,923        1,973,405   

Selling, general and administrative expenses

      1,955,846        1,841,562        1,595,317   
  

 

 

    

 

 

    

 

 

  

Operating income

      336,393        381,361        378,088   

Interest expense

      (132,043 )      (135,823 )      (148,718 ) 

Loss on early extinguishment of debt

      (248 )      (16,587 )      —     

Other income (expense), net

      (1,275 )      6,647        (39,445 ) 
  

 

 

    

 

 

    

 

 

  

Income before income taxes

      202,827        235,598        189,925   

Income tax expense

      67,715        86,152        39,213   
  

 

 

    

 

 

    

 

 

  

Net income

      135,112        149,446        150,712   

Net loss attributable to noncontrolling interest

      2,841        7,057        1,163   
  

 

 

    

 

 

    

 

 

  

Net income attributable to Levi Strauss & Co.

    $ 137,953      $ 156,503      $ 151,875   
  

 

 

    

 

 

    

 

 

  

The notes accompanying our consolidated financial statements in our Form 10-K are an integral part of these consolidated financial statements.

LEVI STRAUSS & CO. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

     Year Ended
November 27,
2011		     Year Ended
November 28,
2010		     Year Ended
November 29,
2009		  
     (Dollars in thousands)  

Cash Flows from Operating Activities:

       

Net income

    $ 135,112      $ 149,446      $ 150,712   

Adjustments to reconcile net income to net cash provided by operating activities:

       

Depreciation and amortization

      117,793        104,896        84,603   

Asset impairments

      5,777        6,865        16,814   

Gain on disposal of property, plant and equipment

      (2 )      (248 )      (175 ) 

Unrealized foreign exchange (gains) losses

      (5,932 )      (17,662 )      14,657   

Realized loss on settlement of forward foreign exchange contracts not designated for hedge accounting

      9,548        16,342        50,760   

Employee benefit plans’ amortization from accumulated other comprehensive loss

      (8,627 )      3,580        (19,730 ) 

Employee benefit plans’ curtailment loss, net

      129        106        1,643   

Noncash loss (gain) on extinguishment of debt, net of write-off of unamortized debt issuance costs

      226        (13,647 )      —     

Amortization of deferred debt issuance costs

      4,345        4,332        4,344   

Stock-based compensation

      8,439        6,438        7,822   

Allowance for doubtful accounts

      4,634        7,536        7,246   

Deferred income taxes

      16,153        31,113        (5,128 ) 

Change in operating assets and liabilities:

       

Trade receivables

      (116,003 )      (30,259 )      27,568   

Inventories

      (6,848 )      (148,533 )      113,014   

Other current assets

      (39,231 )      (20,131 )      5,626   

Other non-current assets

      4,780        (7,160 )      (11,757 ) 

Accounts payable and other accrued liabilities

      (55,300 )      39,886        (58,185 ) 

Income tax liabilities

      (15,242 )      6,330        (3,377 ) 

Accrued salaries, wages and employee benefits and long-term employee related benefits

      (55,846 )      (12,128 )      6,789   

Other long-term liabilities

      (2,358 )      19,120        (4,452 ) 

Other, net

      301        52        (11 ) 
  

 

 

    

 

 

    

 

 

  

Net cash provided by operating activities

      1,848        146,274        388,783   
  

 

 

    

 

 

    

 

 

  

Cash Flows from Investing Activities:

       

Purchases of property, plant and equipment

      (130,580 )      (154,632 )      (82,938 ) 

Proceeds from sale of property, plant and equipment

      171        1,549        939   

Payments on settlement of forward foreign exchange contracts not designated for hedge accounting

      (9,548 )      (16,342 )      (50,760 ) 

Acquisitions, net of cash acquired

      —          (12,242 )      (100,270 ) 

Other

      (1,000 )      (114 )      —     
  

 

 

    

 

 

    

 

 

  

Net cash used for investing activities

      (140,957 )      (181,781 )      (233,029 ) 
  

 

 

    

 

 

    

 

 

  

Cash Flows from Financing Activities:

       

Proceeds from issuance of long-term debt

      —          909,390        —     

Repayments of long-term debt and capital leases

      (1,848 )      (866,051 )      (72,870 ) 

Proceeds from senior revolving credit facility

      305,000        —          —     

Repayments of senior revolving credit facility

      (213,250 )      —          —     

Short-term borrowings, net

      19,427        27,311        (2,704 ) 

Debt issuance costs

      (7,307 )      (17,546 )      —     

Restricted cash

      (3,803 )      (700 )      (602 ) 

Repurchase of common stock

      (489 )      (78 )      —     

Dividends to noncontrolling interest shareholders

      —          —          (978 ) 

Dividend to stockholders

      (20,023 )      (20,013 )      (20,001 ) 
  

 

 

    

 

 

    

 

 

  

Net cash provided by (used for) financing activities

      77,707        32,313        (97,155 ) 
  

 

 

    

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      (3,782 )      2,116        1,393   
  

 

 

    

 

 

    

 

 

  

Net (decrease) increase in cash and cash equivalents

      (65,184 )      (1,078 )      59,992   

Beginning cash and cash equivalents

      269,726        270,804        210,812   
  

 

 

    

 

 

    

 

 

  

Ending cash and cash equivalents

    $ 204,542      $ 269,726      $ 270,804   
  

 

 

    

 

 

    

 

 

  

Supplemental disclosure of cash flow information:

       

Cash paid during the period for:

       

Interest

    $ 129,079      $ 147,237      $ 135,576   

Income taxes

      56,229        52,912        56,922   

The notes accompanying our consolidated financial statements in our Form 10-K are an integral part of these consolidated financial statements.

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