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LEVI STRAUSS ASSOCIATES INC. REPORTS RECORD 1991 SALES AND EARNINGS

LEVI STRAUSS ASSOCIATES INC. REPORTS RECORD 1991 SALES AND EARNINGS
 SAN FRANCISCO, Feb. 20 /PRNewswire/ -- Driven by strong worldwide demand for its jeans products and the appeal of its Dockers(R) casual wear goods in the United States, Levi Strauss Associates Inc. (LSAI), the privately held parent company of Levi Strauss & Co., today posted its fifth consecutive year of record sales and the highest earnings in its history.
 Net income for the fiscal year ended Nov. 24, 1991, reached $356.7 million, surpassing 1989's all-time record of $272.3 million and exceeding 1990 net income of $251.2 million by 42 percent. Record unit and dollar sales, a lower effective tax rate and lower interest and other expenses contributed to 1991's record net income.
 Full year net sales were $4.9 billion, a 15 percent increase over the $4.2 billion in sales that were achieved in 1990.
 The company also generated a record $772.2 million in operating income, 15 percent above 1990's record of $673.0 million.
 For the 1991 fourth quarter, LSAI reported net income of $105.5 million on net sales of $1.4 billion, 40 percent higher than 1990 fourth quarter net income of $75.3 million on sales of $1.2 billion. Higher fourth quarter net income reflects increased sales volume, a lower effective tax rate and a decline in other expenses.
 The company said that fourth quarter operating income increased 12 percent to $208.4 million, compared with $186.8 million reported for the same period a year earlier.
 "Our results are gratifying since they were achieved in an extremely tough economic climate and during a time of great uncertainty for consumers," said George B. James, Levi Strauss & Co.'s chief financial officer. "However, as we move into the new year, our outlook is cautious because of the continuing sluggish economies in and outside the U.S."
 Commenting on the company's overall performance, James attributed the company's success to its continued focus on its basic jeans, jean- related products and causal wear garments, and the strong consumer demand for those products.
 According to James, sales in the United States improved 17 percent to a record $3.0 billion, reflecting greater consumer demand for the company's Dockers(R) casual wear products and the improved sales of its 501(R) family of products.
 Although partially offset by a stronger U.S. dollar in 1991, international sales, which accounted for 39 percent of total company sales, grew 13 percent to a record $1.9 billion, said James. James attributed the increase to record performances in the company's European and Asia Pacific divisions, as well as a favorable product mix and the company's responsiveness to changing market conditions.
 On a separate matter, during the second quarter of 1991, the company completed a recapitalization that included substantial new borrowings and financial arrangements, and the exchange and repurchase of certain capital stock. The purpose of this recapitalization plan was to facilitate the company's ability to remain independent.
 As a result of employee stock plans, the company files its quarterly and annual results with the Securities and Exchange Commission.
 Levi Strauss Associates Inc. is the world's largest apparel manufacturer. The company designs, manufactures and markets apparel for men, women and children, including jeans, pants, shirts, jackets and skirts. It employs approximately 32,000 people worldwide.
 LEVI STRAUSS ASSOCIATES INC.
 Financial Summary
 (In Thousands)
 '91 Year-end '90 Year-end Percentage
 (Ending Nov. 24) (Ending Nov. 25) Change
 Net Sales $4,902,882 $4,247,150 15 percent
 Operating
 Income $772,227 $673,027 15 percent
 Net Income $356,666 $251,169 42 percent
 4th Quarter 4th Quarter Percentage
 1991 1990 Change
 Net Sales $1,359,027 $1,158,203 17 percent
 Operating
 Income $208,381 $186,752 12 percent
 Net Income $105,537 $75,294 40 percent
 -0- 2/20/91
 /CONTACT: David A. Samson of Levi Strauss, 415-544-7197/ CO: Levi Strauss ST: California IN: REA SU: ERN


RM -- SF001 -- 0873 02/20/92 11:30 EST
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Date:Feb 20, 1992
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