Business Segment Information

9 Months Ended

Aug. 31, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company manages its business according to three reportable segments: Americas, Europe, and Asia, collectively comprising the Company’s Levi’s Brands business, which includes Levi’s®, Levi Strauss Signature™ and Denizen® brands. The Beyond Yoga® business is managed separately. Corporate expenses are comprised of selling, general and administrative expenses that management does not attribute to any of our operating segments and these expenses primarily relate to corporate administration, information resources, finance and human resources functional and organizational costs. In the first quarter of 2024 we announced the strategic decision to discontinue the Denizen® brand with the wind down of operations substantially complete as of March 2, 2025. At the end of the first quarter of 2025, the Company determined that the Dockers® business met held for sale and discontinued operations accounting criteria. During the second quarter of 2025, the Company entered into a definitive agreement to sell its Dockers® business and on July 31, 2025 the Company sold the Dockers® intellectual property and operations in the U.S. and Canada. The sale of the remaining Dockers® operations is expected to close on or around January 31, 2026. Accordingly, the Company classified the Dockers® business as discontinued operations in its consolidated statements of income for all periods presented and excluded the business from segment results for all periods presented. See Note 2 “Discontinued Operations”.

The Company considers its chief executive officer to be its chief operating decision maker. The Company’s chief operating decision maker manages business operations, evaluates performance and allocates resources based on the segments’ net revenues and operating income.

Business segment information for the Company is as follows: 

	Three Months Ended				Nine Months Ended
	August 31, 2025		August 25, 2024		August 31, 2025		August 25, 2024
	(Dollars in millions)
Net revenues:
Americas	$	806.4	$	757.2	$	2,337.8	$	2,205.2
Europe	426.3		406.6		1,229.9		1,183.8
Asia	277.7		247.1		843.5		795.9
Total segment net revenues	1,510.4		1,410.9		4,411.2		4,184.9
Beyond Yoga®	33.0		32.2		105.0		97.2
Total net revenues	$	1,543.4	$	1,443.1	$	4,516.2	$	4,282.1
Income (loss) from continuing operations before income taxes:
Americas	$	189.3	$	173.9	$	512.3	$	432.8
Europe	91.0		83.2		262.8		239.9
Asia	33.4		28.5		120.9		111.0
Total segment operating income	313.7		285.6		896.0		783.7
Beyond Yoga® operating (loss) income	(4.8)		(5.8)		(12.3)		(9.6)
Restructuring charges, net(1)	(8.6)		(3.4)		(22.1)		(171.6)
Goodwill and other intangible asset impairment charges(2)	—		(111.4)		(2.5)		(116.9)
Corporate expenses(3)	(132.9)		(132.3)		(392.1)		(431.4)
Interest expense	(12.5)		(10.1)		(35.2)		(30.4)
Other income (expense), net(4)	1.3		(0.4)		3.5		(2.3)
Income (loss) from continuing operations before income taxes	$	156.2	$	22.2	$	435.3	$	21.5

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(1)Restructuring charges, net for the three and nine months ended August 31, 2025 consisted primarily of severance and other post-employment benefit charges, and asset impairment and contract termination costs, partially offset by a gain recognized on the sale of a distribution center in connection with Project Fuel.

Restructuring charges, net for the three and nine months ended August 25, 2024 consisted primarily of severance and other post-employment benefit charges in connection with Project Fuel.

(2)For the three and nine months ended August 25, 2024, goodwill and other intangible asset impairment charges includes $36.3 million related to Beyond Yoga® reporting unit goodwill, $66.0 million related to the Beyond Yoga® trademark and $9.1 million related to the Beyond Yoga® customer relationship intangible assets. Additionally, the nine months ended August 25, 2024.includes a $5.5 million goodwill impairment charge related to the footwear business.

(3)$3.1 million benefit related to incentive compensation for the Dockers® business was reclassified from Corporate expenses to SG&A within discontinued operations for the nine months ended August 25, 2024.

(4)Other income (expense), net for the three and nine months ended August 31, 2025 includes subrogation related to an insurance recovery of $1.1 million. Other income (expense), net for the three and nine months ended August 25, 2024 includes an insurance recovery of 2.7 million and a government subsidy gain of 1.4 million.