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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000094845-02-000031.txt : 20020620
<SEC-HEADER>0000094845-02-000031.hdr.sgml : 20020620
<ACCEPTANCE-DATETIME>20020620154601
ACCESSION NUMBER:		0000094845-02-000031
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020620
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20020620

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:			1124

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	002-90139
		FILM NUMBER:		02683256

	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>q2finalpress.txt
<DESCRIPTION>Q2 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): June 20, 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 June 20, 2002 titled "Levi Strauss & Co.  Announces Second-Quarter
2002 Financial Results."

ITEM 7.  EXHIBIT.

99        Press Release dated June 20, 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:  June 20, 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 June 20, 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 SECOND-QUARTER 2002 FINANCIAL RESULTS

SAN  FRANCISCO  (June 20, 2002) - Levi Strauss & Co. today  announced  financial
results for the second fiscal  quarter ended May 26, 2002.  Although  sales were
affected by difficult market conditions worldwide,  the company turned in a good
performance  against  several  key  financial  measures  and expects to meet its
previously  stated financial  targets for the full year,  including  stabilizing
sales.

Second-quarter  net sales declined 12 percent to $924 million compared to $1,044
million in the second quarter of 2001.  Had currency rates remained  constant at
2001  levels,  net sales would have  declined  approximately  11 percent for the
period.

"We said the  quarter  would be tough  and it was,  but we are still on track to
stabilize our sales by year-end,"  said chief  executive  officer Phil Marineau.
"We were hit by stiff price competition in Europe, but our U.S. and Asia Pacific
businesses  met our  expectations.  Despite  the  difficult  retail  environment
throughout most of our markets,  we sustained  solid profit  margins,  generated
strong cash flow and brought down debt.

"This is the inflection point for our company turnaround," said Marineau.  "From
now through the end of the year,  we expect to see  significant  improvement  in
sales trends.  We have  excellent  bookings with our retail  customers,  and are
launching new products and marketing  programs  around the world to drive sales.
This includes the  introduction of  lower-priced  Levi's(R) jeans and Dockers(R)
khakis in Europe and a revamped Levi's(R) jeans line in the United States.  When
you look at our  products,  retail  relationships  and  operations,  we are more
competitive today than we have been in years."

                                    -- more--
<PAGE>

LS&CO. Q2/Add One
June 20, 2002

During  the  second   quarter,   the  company   announced  the  closure  of  six
manufacturing  plants in the United  States and two  plants in  Scotland.  These
actions resulted in a one-time pre-tax  restructuring  charge of $150 million in
the second quarter of 2002. This was partially  offset by a $9 million  reversal
of  restructuring  charges  taken in  earlier  years.  The $150  million  charge
includes $26 million of non-cash asset  write-offs,  as well as costs related to
items such as severance and outplacement services.

Marineau said,  "Increasing  the variable nature of our cost structure will help
us maintain our strong margins and cash flow while  reinvesting in the business.
The  savings  we realize as a result of these  plant  closures  will allow us to
direct more resources to the product,  marketing and retail initiatives that are
driving our business turnaround."

Second-quarter  gross profit, which includes  restructuring  related expenses of
$30 million primarily for workers'  compensation and pension  enhancements,  was
$370  million,  or  40.0  percent  of  sales.  Excluding  restructuring  related
expenses,  gross profit in the second quarter of 2002 was $400 million,  or 43.3
percent of sales,  which compares to $453 million,  or 43.3 percent of sales, in
the second quarter of 2001.  The strength of gross margin this quarter  reflects
the company's favorable sourcing arrangements.

Operating  loss for the  quarter,  including  restructuring  charges and related
expenses of $171 million, was $82 million.  Excluding  restructuring charges and
related expenses, operating income in the second quarter of 2002 declined 28
percent to $89 million compared to $124 million in the prior year period.

EBITDA, which the company defines as operating income excluding depreciation and
amortization,  was a loss of $64 million,  which includes  restructuring charges
and  related  expenses  of $171  million.  Excluding  restructuring  charges and
related expenses, EBITDA in the second quarter of 2002 was $107 million, or 11.6
percent of sales,  compared to $145  million,  or 13.9 percent of sales,  in the
second quarter of 2001.

                                     -more-

<PAGE>


LS&CO. Q2/Add Two
June 20, 2002

Second-quarter net loss, including restructuring charges and related expenses of
$171  million,  was $81  million.  Excluding  restructuring  charges and related
expenses,  second-quarter  net income in 2002 declined 65 percent to $15 million
versus $43 million in the second quarter of 2001.

As of May 26, 2002,  total debt stood at $1.86 billion,  which compares to $1.96
billion as of the fiscal year ended November 25, 2001.

"Strong control over costs and inventories helped us further reduce debt in what
was a particularly  challenging  quarter. In fact,  year-to-date,  debt has been
reduced by $100 million," said Bill Chiasson,  chief financial officer. "For the
full year, we continue to expect gross  margins and EBITDA  margins to be within
our  previously  stated  target  ranges  of 40-42  percent  and  11-13  percent,
respectively, before restructuring and related charges."

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   second-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 June 20, 2002 at 10 a.m.  EDT. A replay is  available on
the Web site the same day beginning at  approximately 1 p.m. EDT and will remain
until July 5, 2002. A telephone replay also is available at (706) 645-9291, I.D.
#4364249 from approximately 1 p.m. EDT through June 27, 2002.

This news release includes  forward-looking  statements about sales  performance
and trends;  customer bookings and orders; gross margins and EBITDA margins; new
product introductions; 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;  order completion by customers;  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        Six Months Ended
                                                                          -------------------       ---------------------
                                                                          May 26,     May 27,       May 26,       May 27,
                                                                          -------     -------       -------       -------
                                                                           2002        2001          2002          2001
                                                                           ----        ----          ----          ----
<S>                                                                         <C>         <C>         <C>           <C>

Net sales...........................................................    $ 923,518   $1,043,937   $1,858,802   $2,040,320
Cost of goods sold..................................................      553,974      591,442    1,090,674    1,147,891
                                                                        ---------   ----------   ----------   ----------
   Gross profit.....................................................      369,544      452,495      768,128      892,429
Marketing, general and administrative expenses......................      318,804      336,128      617,739      662,224
Other operating (income)............................................       (8,511)      (7,365)     (14,624)     (14,539)
Restructuring charges, net of reversals.............................      141,078           --      141,078           --
                                                                        ---------   ----------   ----------   ----------
   Operating income (loss)..........................................      (81,827)     123,732       23,935      244,744
Interest expense....................................................       42,510       53,898       90,533      123,103
Other (income) expense, net.........................................       19,569          899        8,104        5,767
                                                                        ---------   ----------   ----------   ----------
   Income (loss) before taxes.......................................     (143,906)      68,935      (74,702)     115,874
Income tax expense (benefit)........................................      (62,957)      25,507      (37,351)      42,874
                                                                        ---------   ----------   ----------   ----------
   Net income (loss)................................................    $ (80,949)  $   43,428   $  (37,351)  $   73,000
                                                                        =========   ==========   ===========  ==========

    EBITDA margin...................................................         (6.9)%       13.9%         3.2%        14.1%
                                                                             ====         ====          ===         ====
<CAPTION>

                                                          NET SALES BY REGION
                                                             (in millions)
                                                              (Unaudited)

                                            Three Months Ended                      Six Months Ended
                                            ------------------                      ----------------
Net Sales                           May 26,     May 27,     Percent         May 26,      May 27,     Percent
- ---------                           -------     -------     -------         -------      -------     -------
                                     2002        2001        Change          2002         2001        Change
                                     ----        ----        ------          ----         ----        ------
<S>                                  <C>          <C>          <C>            <C>          <C>          <C>

Americas                           $596.7       $ 682.1       (12.5%)      $1,198.0     $1,344.3      (10.9%)
Europe                              241.4         276.7       (12.8%)         502.0        534.0       (6.0%)
Asia                                 85.5          85.1         0.4%          158.8        162.0       (2.0%)

Total Company                      $923.5      $1,043.9       (11.5%)      $1,858.8     $2,040.3       (8.9%)


                                            Three Months Ended                      Six Months Ended
                                            ------------------                      ----------------
Net Sales at Prior Year             May 26,     May 27,     Percent         May 26,      May 27,     Percent
Currency Exchange Rates             -------     -------     -------         -------      -------     -------
                                     2002        2001        Change          2002         2001        Change
                                     ----        ----        ------          ----         ----        ------
                                   (Restated)                              (Restated)

Americas                           $598.7       $ 682.1        (12.2%)      $1,201.1     $1,344.3      (10.7%)
Europe                              245.8         276.7        (11.2%)         517.5        534.0       (3.1%)
Asia                                 89.1          85.1          4.7%          168.5        162.0        4.0%

Total Company                      $933.7      $1,043.9        (10.6%)      $1,887.2     $2,040.3       (7.5%)

</TABLE>

<PAGE>


                               LEVI STRAUSS & CO.

The following supplemental consolidated statements of income present the effects
of excluding  restructuring  charges and related expenses.  The  "Restructuring"
columns reflect the amounts of the  restructuring  charges and related expenses.
The "As  Adjusted"  columns  reflect  consolidated  statements of income for the
periods in 2002 excluding the effects of the  restructuring  charges and related
expenses.

<TABLE>
<CAPTION>
                                            SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME
                                       FOR THE THREE MONTHS ENDED MAY 26, 2002 AND MAY 27, 2001
                                                        (Dollars in Thousands)
                                                              (Unaudited)

                                                                      As                            As             As
                                                                   Reported     Restructuring    Adjusted       Reported
                                                                   --------     -------------    --------       --------
                                                                    May 26,        May 26,        May 26,        May 27,
                                                                    -------        -------        -------        -------
                                                                     2002           2002           2002           2001
                                                                     ----           ----           ----           ----
<S>                                                                   <C>           <C>             <C>            <C>

Net sales....................................................     $ 923,518       $     --       $923,518     $1,043,937
Cost of goods sold...........................................       553,974        (30,099)       523,875        591,442
                                                                  ---------       --------       --------     ----------
   Gross profit..............................................       369,544         30,099        399,643        452,495
Marketing, general and administrative expenses...............       318,804             --        318,804        336,128
Other operating (income).....................................        (8,511)            --         (8,511)        (7,365)
Restructuring charges, net of reversals......................       141,078       (141,078)            --             --
                                                                  ---------       --------       --------     ----------
   Operating income (loss)...................................       (81,827)       171,177         89,350        123,732
Interest expense.............................................        42,510             --         42,510         53,898
Other (income) expense, net..................................        19,569             --         19,569            899
                                                                  ---------       --------       --------     ----------
   Income (loss) before taxes................................      (143,906)       171,177         27,271         68,935
Income tax expense (benefit).................................       (62,957)        74,976         12,019         25,507
                                                                  ---------       --------       --------     ----------
   Net income (loss).........................................     $ (80,949)      $ 96,201       $ 15,252     $   43,428
                                                                  =========       ========       ========     ==========

   EBITDA margin............................................           (6.9)%                        11.6%          13.9%
                                                                       ====                          ====           ====
<CAPTION>

                                            SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME
                                        FOR THE SIX MONTHS ENDED MAY 26, 2002 AND MAY 27, 2001
                                                        (Dollars in Thousands)
                                                              (Unaudited)

                                                                      As                            As             As
                                                                   Reported     Restructuring    Adjusted       Reported
                                                                   --------     -------------    --------       --------
                                                                    May 26,        May 26,        May 26,        May 27,
                                                                    -------        -------        -------        -------
                                                                     2002           2002           2002           2001
                                                                     ----           ----           ----           ----
<S>                                                                   <C>           <C>             <C>            <C>
Net sales....................................................    $1,858,802       $     --     $1,858,802     $2,040,320
Cost of goods sold...........................................     1,090,674        (30,099)     1,060,575      1,147,891
                                                                 ----------       --------     ----------     ----------
   Gross profit..............................................       768,128         30,099        798,227        892,429
Marketing, general and administrative expenses...............       617,739             --        617,739        662,224
Other operating (income).....................................       (14,624)            --        (14,624)       (14,539)
Restructuring charges, net of reversals......................       141,078       (141,078)            --             --
                                                                 ----------       --------     ----------     ----------
   Operating income..........................................        23,935        171,177        195,112        244,744
Interest expense.............................................        90,533             --         90,533        123,103
Other (income) expense, net..................................         8,104             --          8,104          5,767
                                                                 ----------       --------     ----------     ----------
   Income (loss) before taxes................................       (74,702)       171,177         96,475        115,874
Income tax expense (benefit).................................       (37,351)        74,976         37,625         42,874
                                                                 ----------       --------     ----------     ----------
  Net income (loss).........................................     $  (37,351)      $ 96,201      $  58,850     $   73,000
                                                                 ==========       ========     ==========     ==========

    EBITDA margin............................................           3.2%                         12.4%          14.1%
                                                                        ===                          ====           ====
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                                          LEVI STRAUSS & CO.

                                                 CONDENSED CONSOLIDATED BALANCE SHEETS
                                                        (Dollars in Thousands)

                                                                                         May 26,     November 25,
                                                                                          2002           2001
                                                                                          ----           ----
                                                                                       (Unaudited)
<S>                                                                                         <C>           <C>

ASSETS
- ------

Cash and cash equivalents...........................................................     $  115,603    $  102,831
Trade receivables, net..............................................................        473,006       621,224
Total inventories ..................................................................        673,536       610,177
Property, plant and equipment, net..................................................        469,559       514,711
Other assets .......................................................................      1,164,981     1,134,543
                                                                                         ----------    ----------
                  Total Assets......................................................     $2,896,685    $2,983,486
                                                                                         ==========    ==========

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

Current maturities of long-term debt and short-term borrowings......................      $ 178,588     $ 162,944
Accounts payable....................................................................        188,050       234,199
Restructuring reserves..............................................................        135,065        45,220
Other current liabilities...........................................................        717,258       540,823
                                                                                         ----------    ----------
       Total current liabilities....................................................      1,218,961       983,186
Long-term debt, less current maturities.............................................      1,683,209     1,795,489
Long-term employee related benefits.................................................        364,296       384,751
Postretirement medical benefits.....................................................        540,749       544,476
Other long-term liabilities.........................................................         62,098       211,527
                                                                                         ----------    ----------
                  Total liabilities.................................................      3,869,313     3,919,429
                                                                                         ----------    ----------
                  Total stockholders' deficit.......................................       (972,628)     (935,943)
                                                                                         ----------    ----------
                  Total Liabilities and Stockholders' Deficit.......................     $2,896,685    $2,983,486
                                                                                         ==========    ==========
</TABLE>


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