EX-99.1 2 january252022-segmentresta.htm EX-99.1 Document

Exhibit 99.1
SUMMARY OF SEGMENT REPORTING CHANGES
In the fourth quarter of 2021, we changed our segment reporting as a result of operational changes in support of the ongoing efforts to globally integrate the Levi's Brands business, which includes Levi's®, Signature by Levi Strauss & Co.™ and Denizen® brands, and separate the Dockers® business. The Levi's business is defined geographically in three operating segments: Americas, Europe and Asia. The Dockers® business, which is managed separately, will no longer be reported in the three geographical regions of Americas, Europe and Asia.
Therefore, there are three reportable segments: Americas, Europe, and Asia, collectively comprising the Levi's Brands business, and Other Brands, which includes Dockers® and the newly acquired Beyond Yoga® business, which do not meet the quantitative thresholds for reportable segments and therefore are aggregated under the caption of Other Brands. While this reporting change did not impact consolidated results, the table below presents the results of the new segment reporting for the first, second, third quarters of 2021 and the first, second, third and fourth quarters of 2020 and 2019. Annual periods will be recast in the 2021 10-K, while the 2021 interim periods will be recast when presented as comparable periods in the 2022 10-Q filings.


Year Ended November 28, 2021First
Quarter		Second
Quarter		Third
Quarter
(Dollars in thousands)
(Unaudited)
Net revenues:
Levi's Brands:
Americas$606,121 $661,435 $782,333 
Europe416,717 354,886 479,114 
Asia232,916 191,789 162,178 
Total Levi's Brands net revenues1,255,754 1,208,110 1,423,625 
Other Brands49,847 67,861 73,958 
Total net revenues$1,305,601 $1,275,971 $1,497,583 
Operating income:
Levi's Brands:
Americas$128,650 $147,542 $197,999 
Europe110,587 59,387 138,684 
Asia29,244 6,255 (16,410)
Total Levi's Brands operating income268,481 213,184 320,273 
Other Brands(1)
943 2,430 5,029 
Restructuring charges, net— (15,515)3,615 
Corporate expenses(92,301)(93,644)(112,607)
Total operating income$177,123 $106,455 $216,310 
_____________
(1)Includes allocation of corporate expenses that had not previously been allocated to our segments as Dockers is now measured as a stand-alone business.



Year Ended November 29, 2020First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
(Dollars in thousands)
(Unaudited)
Net revenues:
Levi's Brands:
Americas$684,811 $259,872 $524,198 $719,018 
Europe495,241 126,844 377,800 391,879 
Asia243,748 85,228 121,294 213,121 
Total Levi's Brands net revenues1,423,800 471,944 1,023,292 1,324,018 
Other Brands82,326 25,598 39,793 61,838 
Total net revenues$1,506,126 $497,542 $1,063,085 $1,385,856 
Operating income (loss):
Levi's Brands:
Americas$113,574 $(38,622)$94,350 $149,436 
Europe131,452 (64,791)87,396 53,809 
Asia32,532 (28,466)(22,829)(2,629)
Total Levi's Brands operating income277,558 (131,879)158,917 200,616 
Other Brands(1)
8,384 (5,703)(7,702)1,683 
Restructuring charges, net— (67,371)(1,071)(21,973)
Corporate expenses(107,160)(243,291)(57,819)(88,308)
Total operating income (loss)$178,782 $(448,244)$92,325 $92,018 
_____________
(1)Includes allocation of corporate expenses that had not previously been allocated to our segments as Dockers is now measured as a stand-alone business.






Year Ended November 24, 2019First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
(Dollars in thousands)
(Unaudited)
Net revenues:
Levi's Brands:
Americas$652,571 $620,122 $701,815 $796,575 
Europe448,284 384,881 445,668 428,636 
Asia249,543 218,394 210,485 247,698 
Total Levi's Brands net revenues1,350,398 1,223,397 1,357,968 1,472,909 
Other Brands84,060 89,543 89,113 95,699 
Total net revenues$1,434,458 $1,312,940 $1,447,081 $1,568,608 
Operating income:
Levi's Brands:
Americas$112,788 $102,979 $144,519 $159,400 
Europe119,503 60,037 99,857 70,670 
Asia43,378 17,380 17,934 8,798 
Total Levi's Brands operating income275,669 180,396 262,310 238,868 
Other Brands(1)
7,929 (8,237)4,728 2,752 
Corporate expenses(82,686)(109,261)(95,820)(109,973)
Total operating income$200,912 $62,898 $171,218 $131,647 
_____________
(1)Includes allocation of corporate expenses that had not previously been allocated to our segments as Dockers is now measured as a stand-alone business.