TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 14 US-GAAP apparel and footwear peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D lines (SEC XBRL). Restructuring and stock-based compensation are benchmarked in Exhibit 3 but not stripped. What remains is the residual overhead line, on the same footing for all 14 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

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Levi Strauss & Co. SG&A versus peers, in text

Levi Strauss & Co. (LEVI) reports revenue of $6,282 million. On a normalized basis its SG&A runs 43.6% of revenue, against a median of 37.7% across 13 apparel and footwear peers; 4 of the 13 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 7.0% of revenue (13 of 14 companies disclose it); Stock-based comp 1.3% of revenue (14 of 14 companies disclose it); Restructuring 0.4% of revenue (14 of 14 companies disclose it).

Closing the gap to the peer median is worth about $307 million a year (488 bps of revenue); to the lean quartile, $844 million (1343 bps).

Over 3 years (FY2022 to FY2025), Levi Strauss & Co.'s total shareholder return was +47% against +20% for the peer composite; SG&A contributed +15.4 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/LEVI.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.