Levi Strauss & Co. Files 2023 Annual Report on Form 10-K
Ticker: LEVI · Form: 10-K · Filed: Jan 25, 2024 · CIK: 94845
Complexity: moderate
Sentiment: neutral
Topics: 10-K, Annual Report, Levi Strauss, Financials, Apparel
TL;DR
<b>Levi Strauss & Co. has submitted its 2023 Form 10-K detailing financial performance and position for the fiscal year ending November 26, 2023.</b>
AI Summary
LEVI STRAUSS & CO (LEVI) filed a Annual Report (10-K) with the SEC on January 25, 2024. Levi Strauss & Co. filed its annual report on Form 10-K for the fiscal year ended November 26, 2023. The filing covers the period from November 27, 2022, to November 26, 2023. The company's principal executive offices are located at 1155 Battery Street, San Francisco, CA 94111. The filing includes financial data for fiscal years 2020, 2021, 2022, and 2023. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for these periods.
Why It Matters
For investors and stakeholders tracking LEVI STRAUSS & CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Levi Strauss & Co.'s financial health, operational performance, and strategic positioning for the fiscal year 2023, enabling investors to assess the company's value and future prospects. The detailed financial statements and disclosures within the 10-K are crucial for investors and analysts to understand the company's revenue streams, profitability, debt levels, and overall financial stability, informing investment decisions.
Risk Assessment
Risk Level: medium — LEVI STRAUSS & CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. While it contains detailed financial information, it does not inherently signal immediate positive or negative shifts beyond what might be expected from a large, established company's annual reporting cycle.
Analyst Insight
Review the detailed financial statements and segment information in the 10-K to understand revenue trends, profitability drivers, and any disclosed risks or strategic initiatives for fiscal year 2023.
Key Numbers
- 2023-11-26 — Fiscal Year End (Conformed period of report)
- 2024-01-25 — Filing Date (Filed as of date)
- 2022-11-27 — Prior Fiscal Year End (Comparison period)
- 2021-11-28 — Prior Fiscal Year End (Comparison period)
- 2020-11-29 — Prior Fiscal Year End (Comparison period)
Key Players & Entities
- LEVI STRAUSS & CO (company) — Filer name
- 1155 BATTERY ST (location) — Business address street
- SAN FRANCISCO (location) — Business address city
- CA (location) — Business address state
- 94111 (location) — Business address zip
- 4155016000 (phone) — Business phone number
- DE (location) — State of incorporation
- 2300 (sic_code) — Standard Industrial Classification code for Apparel & Other Finished Products of Fabrics & Similar Material
Forward-Looking Statements
- Levi Strauss & Co. will continue to maintain its dual-class share structure for the foreseeable future. (LEVI STRAUSS & CO) — high confidence, target: 2025-11-26
FAQ
When did LEVI STRAUSS & CO file this 10-K?
LEVI STRAUSS & CO filed this Annual Report (10-K) with the SEC on January 25, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by LEVI STRAUSS & CO (LEVI).
Where can I read the original 10-K filing from LEVI STRAUSS & CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by LEVI STRAUSS & CO.
What are the key takeaways from LEVI STRAUSS & CO's 10-K?
LEVI STRAUSS & CO filed this 10-K on January 25, 2024. Key takeaways: Levi Strauss & Co. filed its annual report on Form 10-K for the fiscal year ended November 26, 2023.. The filing covers the period from November 27, 2022, to November 26, 2023.. The company's principal executive offices are located at 1155 Battery Street, San Francisco, CA 94111..
Is LEVI STRAUSS & CO a risky investment based on this filing?
Based on this 10-K, LEVI STRAUSS & CO presents a moderate-risk profile. The filing is a standard 10-K, which is a routine annual disclosure. While it contains detailed financial information, it does not inherently signal immediate positive or negative shifts beyond what might be expected from a large, established company's annual reporting cycle.
What should investors do after reading LEVI STRAUSS & CO's 10-K?
Review the detailed financial statements and segment information in the 10-K to understand revenue trends, profitability drivers, and any disclosed risks or strategic initiatives for fiscal year 2023. The overall sentiment from this filing is neutral.
Key Dates
- 2023-11-26: Fiscal Year End — End of the reporting period for the 10-K.
- 2024-01-25: Filing Date — Date the 10-K was officially filed with the SEC.
Filing Stats: 4,425 words · 18 min read · ~15 pages · Grade level 16.9 · Accepted 2024-01-25 16:05:43
Key Financial Figures
- $0.001 — which registered Class A Common Stock, $0.001 par value per share LEVI New York Stock
- $9 billion — roximately 6-8%, reaching approximately $9 billion to $10 billion in total company net rev
- $10 billion — %, reaching approximately $9 billion to $10 billion in total company net revenue, and to gr
Filing Documents
- lvis-20231126.htm (10-K) — 3465KB
- lvis11262023ex-48.htm (EX-4.8) — 37KB
- lvis11262023ex-1047.htm (EX-10.47) — 108KB
- lvis11262023ex-211.htm (EX-21.1) — 35KB
- lvis11262023ex-231.htm (EX-23.1) — 3KB
- lvis11262023ex-311.htm (EX-31.1) — 9KB
- lvis11262023ex-312.htm (EX-31.2) — 9KB
- lvis11262023ex-321.htm (EX-32.1) — 8KB
- lvis11262023ex-97.htm (EX-97) — 42KB
- lvis-20231126_g1.jpg (GRAPHIC) — 62KB
- 0000094845-24-000010.txt ( ) — 17832KB
- lvis-20231126.xsd (EX-101.SCH) — 101KB
- lvis-20231126_cal.xml (EX-101.CAL) — 174KB
- lvis-20231126_def.xml (EX-101.DEF) — 622KB
- lvis-20231126_lab.xml (EX-101.LAB) — 1348KB
- lvis-20231126_pre.xml (EX-101.PRE) — 941KB
- lvis-20231126_htm.xml (XML) — 3147KB
Risk Factors
Item 1A. Risk Factors 15
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 38
Properties
Item 2. Properties 38
Legal Proceedings
Item 3. Legal Proceedings 38
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 38 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40
Reserved
Item 6. Reserved 42
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 72
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 75
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 133
Controls and Procedures
Item 9A. Controls and Procedures 133
Other Information
Item 9B. Other Information 133
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 133 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 134
Executive Compensation
Item 11. Executive Compensation 134
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 134
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 134
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 134 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 135
Form 10-K Summary 141
Item 16. Form 10-K Summary 141
SIGNATURES
SIGNATURES 142 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain matters discussed in this Annual Report, including (without limitation) statements in "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995. Although we believe that, in making any such statements, our expectations are based on reasonable assumptions, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. These forward-looking statements include statements relating to our anticipated financial performance and business prospects, including: our business strategies, including our focus on elevating and strengthening our brand, the portion of our net revenues we aim to have represented by our direct-to-consumer business, our digital presence and growth into under-penetrated parts of our business, our expectations regarding gross and Adjusted EBIT margins, and our plans and expectations for the benefits of investments in operational excellence including steps to improve our speed-to-market; our commitment to increasing total shareholder returns through our capital allocation priorities; our ability to achieve anticipated operating model optimization, simplified processes and cost savings from our global productivity initiative; the ongoing impact of COVID-19 on our business; the effects of global supply chain disruptions on our business; seasonality of our business; the effect of inflation on our business, including any future pricing actions taken in an effort to mitigate the effects of inflation and potential impacts on our revenue, operating margins and net i
BUSINESS
Item 1. BUSINESS Overview From our California Gold Rush beginnings, we have grown into one of the world's largest brand-name apparel companies. A history of responsible business practices, rooted in our core values, has helped us build our brands and engender consumer trust around the world. Under our Levi's , Dockers , Signature by Levi Strauss & Co. and Denizen brands, we design, market and sell – directly or through third parties and licensees – products that include jeans, casual and dress pants, tops, shorts, skirts, dresses, jackets, footwear, and related accessories for men, women and children around the world. Our newest brand, Beyond Yoga , acquired in 2021, is a body positive, premium athleisure apparel brand focused on quality, fit and comfort for all shapes and sizes. Our Levi's Brands business, which includes the Levi's, Signature by Levi Strauss & Co. and Denizen brands, is presented in our financial statements under the caption of Levi's Brands and is defined geographically in three reportable segments: Americas, Europe and Asia. The Dockers and Beyond Yoga businesses are presented in our financial statements under the caption of Other Brands. Our Global Reach Our products are sold in more than 110 countries. We service our customers through our global infrastructure, developing, sourcing and marketing our products around the world. Although our brands are recognized as authentically "American", we derived over half of our net revenues from outside the United States in fiscal year 2023. Our products are sold in over 45,000 retail locations worldwide, including approximately 3,200 brand-dedicated stores and shop-in-shops. In the United States, chain retailers and department stores have traditionally been the primary distribution channels for our Levi's and Dockers products. Outside the United States, department stores, specialty retailers, franchised or other brand-dedicated stores and shop-in-shops have traditionally been our primary distributi