ITEM 2.02. Results of Operations and Financial Condition.




On July 7, 2020, Levi Strauss & Co. (the "Company") issued a press release
announcing its second quarter 2020 financial results. A copy of the press
release is attached hereto as Exhibit 99.1.
The information provided in this Item 2.02 shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.
ITEM 2.05. Costs Associated with Exit or Disposal Activities.


On July 7, 2020, the Company committed to a global restructuring initiative
designed to reduce costs, streamline operations and support agility. The adverse
impacts of the COVID-19 pandemic on the Company's business necessitated cost
reduction actions while plans to streamline operations continue to be developed.
The initiative includes a reduction in workforce that will result in the
elimination of approximately 15% of the Company's global non-retail and
non-manufacturing positions and is expected to result in approximately $100
million in annual cost savings. The Company expects to substantially complete
the restructuring by the end of fiscal year 2020.
For the three and six months ended May 24, 2020, the Company recognized
restructuring charges of $67.4 million, which primarily relate to severance
benefits, based on separation benefits provided by Company policy or statutory
benefit plans. Of the total charges incurred, approximately $65.8 million are
expected to result in cash expenditures. The Company estimates that it will
incur future additional charges related to this restructuring initiative. Final
estimates for headcount, timing and charges in certain areas of the
international business are subject to completion of applicable local works
council and other consultative processes.
ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors;
           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.


On July 7, 2020, the Company announced that David Love will retire from his
position as the Company's Executive Vice President & President of Levi Strauss
Asia, Middle East and Africa, effective February 1, 2021. Mr. Love will receive
the severance benefits set forth in the Company's previously disclosed Senior
Executive Severance Plan, filed as Exhibit 10.19 to the Company's Form 10-K for
the fiscal year ended November 24, 2019.
Forward Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, including those
regarding the expected nature, timing, annualized cost savings, and charges
related to the restructuring plan described above. All forward-looking
statements are based on management's estimates, projections and assumptions as
of the date hereof and include the assumptions that underlie such statements.
These statements are subject to known and unknown risks and uncertainties that
could cause actual results to differ materially from those expressed or implied
by such statements, including but not limited to: uncertain global and economic
market conditions; the Company's ability to implement all phases of the
restructuring plan as planned; and the possibility that benefits of the program
may not materialize as expected. These risks are in addition to the other risks
cited in the Company's press releases, public statements and/or filings with the
Securities and Exchange Commission, including those identified in the "Risk
Factors" sections of the Company's most recently-filed Form 10-Q. The Company
undertakes no obligation to revise or update any forward-looking statements.
ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits. 99.1 Press release issued by Levi Strauss & Co., dated July 7, 2020, announcing the Company's second quarter 2020 financial results.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses