Levi Strauss & Co. (LEVI) 8-K Summary of Segment Reporting Changes

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, 2021	First Quarter		Second Quarter		Third Quarter
	(Dollars in thousands) (Unaudited)
Net revenues:
Levi's Brands:
Americas	$	606,121	$	661,435	$	782,333
Europe	416,717		354,886		479,114
Asia	232,916		191,789		162,178
Total Levi's Brands net revenues	1,255,754		1,208,110		1,423,625
Other Brands	49,847		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
Europe	110,587		59,387		138,684
Asia	29,244		6,255		(16,410)
Total Levi's Brands operating income	268,481		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

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(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, 2020	First 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
Europe	495,241		126,844		377,800		391,879
Asia	243,748		85,228		121,294		213,121
Total Levi's Brands net revenues	1,423,800		471,944		1,023,292		1,324,018
Other Brands	82,326		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
Europe	131,452		(64,791)		87,396		53,809
Asia	32,532		(28,466)		(22,829)		(2,629)
Total Levi's Brands operating income	277,558		(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

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(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, 2019	First 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
Europe	448,284		384,881		445,668		428,636
Asia	249,543		218,394		210,485		247,698
Total Levi's Brands net revenues	1,350,398		1,223,397		1,357,968		1,472,909
Other Brands	84,060		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
Europe	119,503		60,037		99,857		70,670
Asia	43,378		17,380		17,934		8,798
Total Levi's Brands operating income	275,669		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

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(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.