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Share Name | Share Symbol | Market | Type |
---|---|---|---|
LandBridge Company LLC | NYSE:LB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.76 | -2.44% | 30.40 | 32.09 | 29.74 | 31.16 | 83,609 | 16:38:19 |
COLUMBUS, Ohio, May 21, 2014 /PRNewswire/ -- L Brands, Inc. (NYSE: LB) today reported 2014 first quarter results.
First Quarter Results
Earnings per share for the first quarter ended May 3, 2014, increased 10% to $0.53 compared to $0.48 for the quarter ended May 4, 2013. First quarter operating income was $336.1 million compared to $311.2 million last year, and net income was $157.0 million compared to $142.5 million last year.
The company reported net sales of $2.391 billion for the 13 weeks ended May 3, 2014, an increase of 5% compared to sales of $2.268 billion for the 13 weeks ended May 4, 2013. Comparable stores sales increased 2% for the 13 weeks ended May 3, 2014.
2014 Outlook
The company stated that it expects 2014 second quarter earnings per share to be $0.57 to $0.62 compared to earnings per share of $0.61 per share last year.
For 2014, the company expects earnings per share of $3.00 to $3.15 versus its previous guidance of $3.00 to $3.20. The updated guidance reflects an estimated negative impact of about $0.10 to $0.12 related to the exit of certain non-core categories in the Victoria's Secret direct and beauty businesses to allow the brand to focus on faster growing, more profitable product lines.
Earnings Call Information
L Brands will conduct its first quarter earnings call at 9:15 a.m. Eastern on May 22. To listen, call 1-866-583-6618 (international dial-in number: 1-937-200-3978). For an audio replay, call 1-866-639-7583 (international replay number: 1-706-902-3452) or log onto www.LB.com. Additional first quarter financial information is also available at www.LB.com.
ABOUT L BRANDS:
L Brands, through Victoria's Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 2,923 company-owned specialty stores in the United States, Canada and the United Kingdom and its brands are sold in about 600 franchised additional locations world-wide. The company's products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
L Brands, Inc. cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or the first quarter earnings call involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or the first quarter earnings call:
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release or the first quarter earnings call to reflect circumstances existing after the date of this report or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. Additional information regarding these and other factors can be found in "Item 1A. Risk Factors" in our 2013 Annual Report on Form 10-K.
L BRANDS
FIRST QUARTER 2014
Comparable Store Sales Increase (Decrease): | |||||
First Quarter 2014 |
First Quarter 2013 |
||||
Victoria's Secret1 |
2% |
3% |
|||
Bath & Body Works1 |
2% |
3% |
|||
L Brands |
2% |
3% |
|||
Victoria's Secret Direct Sales |
0% |
(6%) |
1 – Results include company-owned stores in the United States and Canada. |
Total Sales (Millions): | ||||
First Quarter 2014 |
First Quarter 2013 |
|||
Victoria's Secret Stores1 |
$ 1,245.3 |
$ 1,184.6 |
||
Victoria's Secret Direct |
358.3 |
359.1 |
||
Total Victoria's Secret |
$ 1,603.6 |
$ 1,543.7 |
||
Bath & Body Works1 |
$ 530.2 |
$ 517.1 |
||
Bath & Body Works Direct |
51.4 |
43.7 |
||
Total Bath & Body Works |
$ 581.6 |
$ 560.8 |
||
VS & BBW International2 |
$ 71.0 |
$ 40.4 |
||
Other |
$ 135.0 |
$ 123.1 |
||
L Brands |
$ 2,391.2 |
$ 2,268.0 |
1 – |
Results include company-owned stores in the United States and Canada. |
2 – |
Results include retail sales from company-owned stores outside of the United States and Canada, royalties associated with franchised stores and wholesale sales. |
Total Company-Owned Stores: | |||||
Stores |
Stores | ||||
Operating |
Operating | ||||
at 2/1/14 |
Opened |
Closed |
at 5/3/14 | ||
Victoria's Secret U.S. |
977 |
1 |
(2) |
976 | |
PINK U.S. |
83 |
6 |
- |
89 | |
Victoria's Secret Canada |
24 |
1 |
- |
25 | |
PINK Canada |
10 |
- |
- |
10 | |
Total Victoria's Secret |
1,094 |
8 |
(2) |
1,100 | |
Bath & Body Works U.S. |
1,559 |
1 |
(7) |
1,553 | |
Bath & Body Works Canada |
79 |
3 |
(1) |
81 | |
Total Bath & Body Works |
1,638 |
4 |
(8) |
1,634 | |
Victoria's Secret U.K. |
5 |
2 |
- |
7 | |
Henri Bendel |
29 |
- |
- |
29 | |
La Senza Canada |
157 |
- |
(4) |
153 | |
Total L Brands |
2,923 |
14 |
(14) |
2,923 |
Total Franchise Stores: | ||||
Stores |
Stores | |||
Operating |
Operating | |||
at 2/1/14 |
Opened |
Closed |
at 5/3/14 | |
Victoria's Secret Beauty & Accessories |
198 |
13 |
(2) |
209 |
VS International (Full Assortment) |
4 |
2 |
- |
6 |
BBW International |
55 |
4 |
- |
59 |
La Senza International |
331 |
- |
(3) |
328 |
Total Franchise |
588 |
19 |
(5) |
602 |
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
THIRTEEN WEEKS ENDED MAY 3, 2014 AND MAY 4, 2013 | ||||||||||
(Unaudited) | ||||||||||
(In millions except per share amounts) | ||||||||||
% | ||||||||||
Increase |
Increase | |||||||||
2014 |
2013 |
(Decrease) |
(Decrease) | |||||||
Net Sales |
$ 2,391.2 |
$ 2,268.0 |
$ 123.2 |
5% | ||||||
Comparable Store Sales |
2% |
3% |
||||||||
Gross Profit |
982.1 |
941.4 |
40.7 |
4% | ||||||
% of Sales |
41.1% |
41.5% |
(40 bp's) |
|||||||
General, Administrative and |
||||||||||
Store Operating Expenses |
646.0 |
630.2 |
15.8 |
2% | ||||||
% of Sales |
27.0% |
27.8% |
80 bp's |
|||||||
Operating Income |
336.1 |
311.2 |
24.9 |
8% | ||||||
% of Sales |
14.1% |
13.7% |
40 bp's |
|||||||
Interest Expense and Other |
80.7 |
76.4 |
4.3 |
6% | ||||||
Income Before Income Taxes |
255.4 |
234.8 |
20.6 |
9% | ||||||
Provision for Income Taxes |
98.5 |
92.3 |
6.2 |
7% | ||||||
% of Pre-Tax Income |
38.5% |
39.3% |
||||||||
Net Income |
$ 156.9 |
$ 142.5 |
$ 14.4 |
10% | ||||||
% of Sales |
6.6% |
6.3% |
30 bp's |
|||||||
Net Income Per Diluted Share |
$ 0.53 |
$ 0.48 |
$ 0.05 |
10% | ||||||
Weighted Average Shares Outstanding |
297.3 |
295.2 |
Logo - http://photos.prnewswire.com/prnh/20140130/CL56250LOGO
SOURCE L Brands, Inc.
Copyright 2014 PR Newswire
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