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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000094845-02-000016.txt : 20020415
<SEC-HEADER>0000094845-02-000016.hdr.sgml : 20020415
ACCESSION NUMBER:		0000094845-02-000016
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020319
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20020319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEVI STRAUSS & CO
		CENTRAL INDEX KEY:			0000094845
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				940905160
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1125

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	002-90139
		FILM NUMBER:		02578504

	BUSINESS ADDRESS:	
		STREET 1:		1155 BATTERY ST
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		4155446000

	MAIL ADDRESS:	
		STREET 1:		1155 BATTERY STREET
		CITY:			SAN FRAINCISCO
		STATE:			CA
		ZIP:			94111
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>q1finalpress.txt
<DESCRIPTION>Q1 2002 EARNINGS PRESS RELEASE
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (date of earliest event reported): March 19, 2002

                               Levi Strauss & Co.
             (Exact name of registrant as specified in its charter)


       DELAWARE                       333-36234                   94-0905160
(State of Incorporation)       (Commission File Number)         (IRS Employer
                                                          Identification Number)

          1155 Battery Street
       San Francisco, California                                    94111
(Address of principal executive offices)                         (Zip Code)

       Registrant's telephone number, including area code: (415) 501-6000


<PAGE>


ITEM 5.  OTHER EVENTS AND REGULATION FD DISCLOSURE.

         Attached  hereto as  Exhibit 99 is a copy of Levi Strauss & Co.'s press
release dated March 19, 2002 titled  "Levi Strauss & Co. Announces First-Quarter
2002 Financial Results."

ITEM 7.  EXHIBIT.

99        Press Release dated March 19, 2002.


<PAGE>


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:  March 19, 2002

                                 LEVI STRAUSS & CO.


                                 By /s/ William B. Chiasson
                                        -------------------
                                        William B. Chiasson
                                        Title:  Senior Vice President and
                                                Chief Financial Officer



<PAGE>


                                  EXHIBIT INDEX

Exhibit Number                   Description
- --------------                   -----------

99       Press Release dated March 16, 2002


<PAGE>


                                                                      Exhibit 99

    LEVI                            1155 Battery Street, San Francisco, CA 94111
STRAUSS
   & Co.
  NEWS                              Investor Contact: Christine Greany
                                                      Tidal Communications, Inc.
                                                      (203) 866-4401
For immediate release
- ---------------------
                                    Media Contact:    Linda Butler
                                                      Levi Strauss & Co.
                                                      (415) 501-3317


        LEVI STRAUSS & CO. ANNOUNCES FIRST-QUARTER 2002 FINANCIAL RESULTS

SAN FRANCISCO  (March 19, 2002) - Levi Strauss & Co. today  announced  financial
results for the first  fiscal  quarter  ended  February  24,  2002.  The company
continued to make progress in its business  turnaround,  achieving sales results
in line with its  expectations,  delivering  strong  margins and  enhancing  its
overall competitiveness.

First-quarter  net sales  declined 6 percent to $935  million  compared  to $996
million in the first quarter of 2001. Had currency  rates  remained  constant at
2001  levels,  net sales  would have  declined  approximately  4 percent for the
period.

"We've had a good start," said chief  executive  officer Phil Marineau.  "We hit
the first-quarter operational and financial goals that we set for ourselves. The
turnaround  is on track.  We're seeing growth in Europe and portions of our Asia
Pacific  business,  and  continued  improvement  in our U.S.  volumes.  We still
anticipate  some  bumps in the road  over the  coming  months,  but we expect to
stabilize  sales worldwide by the end of the year,  while  continuing to deliver
strong performance on our other financial measures."

First-quarter  gross profit was $399 million,  or 42.6 percent of sales,  versus
$440 million,  or 44.2 percent of sales,  in the comparable  period of 2001. The
2001 figures include a reversal of workers' compensation accruals of $8 million.
Excluding  this  adjustment,  2001 gross profit would have been $432 million and
gross margin would have been 43.4 percent.

                                     -more-


<PAGE>


LS&CO. Q1/Add One
March 19, 2002

Operating  income for the quarter  decreased 13 percent to $106 million compared
to $121 million in the first quarter of 2001.  Excluding last year's reversal of
workers' compensation accruals, operating income would have been $113 million in
the first quarter of 2001, reflecting a year-over-year decline of 6 percent.

EBITDA, which the company defines as operating income excluding depreciation and
amortization,  decreased 13 percent to $124  million  versus $142 million in the
first quarter of 2001.  EBITDA margin was 13.3 percent  compared to 14.2 percent
last year.  Excluding last year's  reversal of workers'  compensation  accruals,
EBITDA would have been $134 million in 2001, reflecting a year-over-year decline
of 7 percent. EBITDA margin would have been 13.4 percent in 2001.

First-quarter  net income rose 47 percent to $44 million from $30 million in the
first quarter of 2001. The increase is primarily  attributable to lower interest
expense  and  gains  from the  company's  foreign  exchange  and  interest  rate
management activities.

Marineau  continued,  "We have strong  product news for the spring season that's
now under way. In the Levi's(R) brand, jeans with vintage-inspired  finishes and
stretch fabrics for women are performing well throughout the world. We're seeing
excellent rates of sale in the U.S. for Levi's(R) Flyweight jeans for men, which
were featured in our Super Bowl ad, `Crazy Legs.' And in the  Dockers(R)  brand,
consumers are  responding  well to the  Mobile(TM)  Pant and new styles of Capri
pants."

As of February 24, 2002, total debt stood at $1.96 billion,  virtually unchanged
from the fiscal year ended November 25, 2001.

                                     -more-


<PAGE>


LS&CO. Q1/Add Two
March 19, 2002

Bill Chiasson,  chief financial  officer,  stated,  "Our flexible cost structure
continues to serve us well.  First-quarter gross margins and EBITDA margins came
in above our  full-year  target  range,  and we  continued  to reduce  operating
expenses. Additionally, we ended the first quarter with healthy inventory levels
and strong cash flow from operations."

Levi  Strauss & Co. is one of the world's  leading  branded  apparel  companies,
marketing its products in more than 100 countries worldwide. The company designs
and markets  jeans and  jeans-related  pants,  casual and dress  pants,  shirts,
jackets and related  accessories for men, women and children under the Levi's(R)
and Dockers(R) brands.

The company's first-quarter investor conference call, featuring Philip Marineau,
chief executive officer; Bill Chiasson, chief financial officer; and Joe Maurer,
treasurer, will be available through a live audio Webcast at www.levistrauss.com
on March 19, 2002 at 10 a.m. EST. A replay is available on the Web site the same
day beginning at approximately 1 p.m. EST and will remain until April 2, 2002. A
telephone  replay  also  is  available  at  (706)  645-9291,  ID  #2997846  from
approximately 1 p.m. EST through March 26, 2002.

This news release includes  forward-looking  statements about sales  performance
and trends;  debt  repayment and  liquidity;  gross margins and EBITDA  margins;
inventory   position  and  management;   product   innovation  and  new  product
development in our brands;  expense levels  including  overhead and  advertising
expense; marketing and advertising initiatives; and other matters. We have based
these  forward-looking  statements on our current assumptions,  expectations and
projections  about  future  events.  When  used in this  discussion,  the  words
"believe,"  "anticipate,"  "intend," "estimate," "expect," "project" and similar
expressions are intended to identify  forward-looking  statements,  although not
all forward-looking statements contain these words.

These  forward-looking  statements  and the  discussion are subject to risks and
uncertainties  including,  without  limitation,  risks  related to the impact of
changing domestic and international retail environments; changes in the level of
consumer  spending or  preferences  in apparel;  dependence on key  distribution
channels,  customers  and  suppliers;  competitive  products;  changing  fashion
trends;  our supply chain  executional  performance;  the  effectiveness  of our
promotion and marketing  funding  programs with retailers;  ongoing  competitive
pressures in the apparel  industry;  trade  restrictions;  consumer and customer
reactions to new products and retailers;  political or financial  instability in
countries where our products are  manufactured;  and other risks detailed in our
annual report on Form 10-K,  registration  statements and other filings with the
Securities and Exchange  Commission.  Our actual results might differ materially
from  historical  performance or current  expectations.  We do not undertake any
obligation to update or revise publicly any forward-looking statements,  whether
as a result of new information, future events or otherwise.

                                       ###


<PAGE>
<TABLE>
<CAPTION>


                               LEVI STRAUSS & CO.

                        CONSOLIDATED STATEMENTS OF INCOME
                             (Dollars in Thousands)
                                   (Unaudited)

                                                                       Three Months Ended
                                                                    Feb. 24,      Feb. 25,
                                                                    --------      --------
                                                                      2002           2001
                                                                      ----           ----
<S>                                                                    <C>            <C>

Net sales........................................................     $935,285      $996,382
Cost of goods sold...............................................      536,701       556,449
                                                                      --------      --------
   Gross profit..................................................      398,584       439,933
Marketing, general and administrative expenses...................      298,935       326,095
Other operating (income).........................................       (6,113)       (7,174)
                                                                      --------      --------
   Operating income..............................................      105,762       121,012
Interest expense.................................................       48,023        69,205
Other (income) expense, net......................................      (11,465)        4,868
                                                                      --------      --------
   Income before taxes...........................................       69,204        46,939
Income tax expense...............................................       25,606        17,367
                                                                      --------      --------
   Net income....................................................     $ 43,598      $ 29,572
                                                                      ========      ========

    EBITDA margin................................................         13.3%         14.2%
                                                                         =====         =====

<CAPTION>

                               NET SALES BY REGION
                                  (in millions)
                                   (Unaudited)

                                         Three Months Ended
                                         ------------------
Net Sales                        Feb. 24,     Feb. 25,     Percent
- ---------                        --------     --------     -------
                                   2002         2001        Change
                                   ----         ----        ------
<S>                                 <C>         <C>          <C>

Americas                           $601.3       $662.2       (9.2%)
Europe                              260.6        257.3        1.3%
Asia                                 73.3         76.9       (4.7%)

Total Company                      $935.3       $996.4       (6.1%)


                                          Three Months Ended
                                          ------------------
Net Sales at Prior- Year         Feb. 24,     Feb. 25,      Percent
Currency Exchange Rates          --------     --------      -------
                                   2002          2001        Change
                                   ----          ----        ------
                                (Restated)
                                ----------


Americas                           $602.4       $662.2       (9.0%)
Europe                              271.8        257.3        5.6%
Asia                                 79.4         76.9        3.3%

Total Company                      $953.5       $996.4       (4.3%)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>





                               LEVI STRAUSS & CO.

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Dollars in Thousands)

                                                                                      February 24,    November 25,
                                                                                      ------------    ------------
                                                                                         2002             2001
                                                                                         ----             ----
                                                                                      (Unaudited)
ASSETS
- ------
<S>                                                                                        <C>           <C>

Cash and cash equivalents............................................................   $  112,365     $  102,831
Restricted cash   ...................................................................       42,954           -
Trade receivables, net...............................................................      573,908        621,224
Total inventories ...................................................................      603,726        610,177
Property, plant and equipment, net. .................................................      495,108        514,711
Other assets ........................................................................    1,110,597      1,134,543
                                                                                        ----------     ----------
                  Total Assets.......................................................   $2,938,658     $2,983,486
                                                                                        ==========     ==========

LIABILITIES AND STOCKHOLDERS' DEFICIT
- -------------------------------------

Current maturities of long-term debt and short-term borrowings.......................   $  106,577     $  162,944
Accounts payable.....................................................................      179,999        234,199
Restructuring reserves...............................................................       36,789         45,220
Long-term debt, less current maturities..............................................    1,853,971      1,795,489
Long-term employee related benefits..................................................      397,742        384,751
Postretirement medical benefits......................................................      545,943        544,476
Other liabilities....................................................................      715,745        752,350
                                                                                        ----------     ----------
                  Total liabilities..................................................    3,836,766      3,919,429
                                                                                        ----------     ----------
                  Total stockholders' deficit........................................     (898,108)      (935,943)
                                                                                        ----------     ----------
                  Total Liabilities and Stockholders' Deficit........................   $2,938,658     $2,983,486
                                                                                        ==========     ==========

</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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