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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.16 | 25 | 09:05:58 |
Fourth Quarter ResultsEarnings per share for the 13-week fourth quarter ended Feb. 2, 2019, were $1.94 compared to $2.33 for the 14-week quarter ended Feb. 3, 2018. Thirteen-week fourth quarter operating income was $799.4 million compared to $986.6 million for the 14-week period last year, and 13-week net income was $540.1 million compared to $664.1 million for the 14-week period last year.
Reported results above include certain significant items as follows:
In 2018:
In 2017 (totaling to a net benefit of $0.22 per share):
Excluding these items, adjusted 13-week fourth quarter operating income was $898.7 million compared to $986.6 million for the 14-week period last year; 13-week net income was $595.2 million compared to $600.6 million for the 14-week period last year; and 13-week adjusted earnings per share were $2.14 compared to $2.11 for the 14-week period last year.
Net sales were $4.852 billion for the 13-week fourth quarter ended Feb. 2, 2019, compared to $4.823 billion for the 14 weeks ended Feb. 3, 2018. Comparable sales for the 13-week fourth quarter ended Feb. 2, 2019, increased 3 percent compared to the 13 weeks ended Feb. 3, 2018.
Full-Year ResultsEarnings per share for the 52-week year ended Feb. 2, 2019, were $2.31 compared to $3.42 for the 53-week year ended Feb. 3, 2018. Fifty-two week full-year operating income was $1.237 billion compared to $1.728 billion for the 53-week period last year, and 52-week net income was $643.9 million compared to $983.0 million for the 53-week period last year.
Excluding significant items, adjusted 52-week full-year earnings per share were $2.82 compared to $3.20 for the 53-week period last year; 52-week adjusted operating income was $1.437 billion compared to $1.728 billion for the 53-week period last year; and 52-week adjusted net income was $786.7 million compared to $919.5 million for the 53-week period last year.
At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items.
Net sales were $13.237 billion for the 52-week year ended Feb. 2, 2019, compared to $12.632 billion for the 53 weeks ended Feb. 3, 2018. Comparable sales for the 52 weeks ended Feb. 2, 2019, increased 3 percent compared to the 52 weeks ended Feb. 3, 2018.
2019 OutlookThe company currently expects 2019 full-year earnings per share to be between $2.20 and $2.60, including an approximately breakeven earnings per share result in the first quarter.
Earnings Call and Additional InformationAdditional fourth quarter financial information, including management commentary, is currently available at www.LB.com. L Brands will conduct its fourth quarter earnings call at 9:00 a.m. Eastern on Feb. 28. To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978); conference ID 3398756. For an audio replay, call 1-855-859-2056 (international replay number: 1-404-537-3406); conference ID 3398756 or log onto www.LB.com.
ABOUT L BRANDS:L Brands, through Victoria’s Secret, PINK and Bath & Body Works, is an international company. The company operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 650 franchised locations worldwide. The company’s products are also available online at www.VictoriasSecret.com and www.BathandBodyWorks.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution 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 fourth quarter earnings call or made by our company or our management 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 fourth quarter earnings call or otherwise made by our company or our management:
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 fourth quarter earnings call to reflect circumstances existing after the date of this press release 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 2017 Annual Report on Form 10-K.
For further information, please contact: L Brands:Investor Relations Media RelationsAmie Preston Tammy Roberts Myers(614) 415-6704 (614) 415-7072apreston@lb.com communications@lb.com
L BRANDSFOURTH QUARTER 2018
Comparable Sales Increase (Decrease) (Stores and Direct):
Fourth Quarter2018 | FourthQuarter2017 | Year2018 | Year2017 | ||||||||||
Victoria’s Secret1 | (3 | %) | (1 | %) | (2 | %) | (8 | %) | |||||
Bath & Body Works1 | 12 | % | 6 | % | 11 | % | 5 | % | |||||
L Brands2 | 3 | % | 2 | % | 3 | % | (3 | %) |
1 – Results include company-owned stores in the U.S. and Canada and direct sales.2 – Results include company-owned stores in the U.S., Canada, the U.K. and Greater China and direct sales.
Comparable Sales Increase (Decrease) (Stores Only):
Fourth Quarter2018 | FourthQuarter2017 | Year2018 | Year2017 | ||||||||||
Victoria’s Secret1 | (7 | %) | (6 | %) | (6 | %) | (8 | %) | |||||
Bath & Body Works1 | 8 | % | 4 | % | 8 | % | 2 | % | |||||
L Brands2 | (1 | %) | (2 | %) | (1 | %) | (4 | %) |
1 – Results include company-owned stores in the U.S. and Canada.2 – Results include company-owned stores in the U.S., Canada, the U.K. and Greater China.
Total Sales (Millions):
FourthQuarter 2018(13 weeks) | FourthQuarter 2017(14 weeks) | Year2018(52 weeks) | Year2017(53 weeks) | ||||||||
Victoria’s Secret1 | $ | 1,849.3 | $ | 2,038.3 | $ | 5,627.9 | $ | 5,878.9 | |||
Victoria’s Secret Direct | 682.5 | 630.6 | 1,747.0 | 1,508.3 | |||||||
Total Victoria’s Secret | $ | 2,531.8 | $ | 2,668.9 | $ | 7,374.9 | $ | 7,387.2 | |||
Bath & Body Works1 | $ | 1,626.1 | $ | 1,544.6 | $ | 3,907.2 | $ | 3,589.2 | |||
Bath & Body Works Direct | 324.7 | 249.1 | 723.8 | 558.7 | |||||||
Total Bath & Body Works | $ | 1,950.8 | $ | 1,793.7 | $ | 4,631.0 | $ | 4,147.9 | |||
VS & BBW International2 | $ | 190.7 | $ | 170.3 | $ | 605.3 | $ | 502.4 | |||
Other | $ | 179.0 | $ | 190.2 | $ | 625.7 | $ | 594.9 | |||
L Brands | $ | 4,852.3 | $ | 4,823.1 | $ | 13,236.9 | $ | 12,632.4 |
1 – Results include company-owned stores in the U.S. and Canada.2 – Results include retail sales from company-owned stores outside of the U.S. and Canada, royalties associated with franchised stores and wholesale sales.
Total Company-Owned Stores:
Stores | Stores | ||||||||
Operating | Operating | ||||||||
at 2/3/18 | Opened | Closed | Sold | at 2/2/19 | |||||
Victoria's Secret U.S. | 984 | 2 | (29 | ) | - | 957 | |||
PINK U.S. | 140 | 1 | - | - | 141 | ||||
Victoria's Secret Canada | 39 | - | - | - | 39 | ||||
PINK Canada | 7 | - | (1 | ) | - | 6 | |||
Total Victoria’s Secret | 1,170 | 3 | (30 | ) | - | 1,143 | |||
Bath & Body Works U.S. | 1,592 | 54 | (27 | ) | - | 1,619 | |||
Bath & Body Works Canada | 102 | 1 | (1 | ) | - | 102 | |||
Total Bath & Body Works | 1,694 | 55 | (28 | ) | - | 1,721 | |||
Victoria’s Secret U.K./Ireland | 19 | 2 | - | - | 21 | ||||
PINK U.K. | 5 | - | - | - | 5 | ||||
Victoria’s Secret Beauty and Accessories | 29 | 13 | (4 | ) | - | 38 | |||
Victoria’s Secret China | 7 | 8 | - | - | 15 | ||||
Total International | 60 | 23 | (4 | ) | - | 79 | |||
Henri Bendel | 27 | - | (27 | ) | - | - | |||
La Senza U.S.1 | 5 | 7 | - | (12 | ) | - | |||
La Senza Canada1 | 119 | - | (1 | ) | (118 | ) | - | ||
Total L Brands Stores | 3,075 | 88 | (90 | ) | (130 | ) | 2,943 |
1 – Business was sold to an affiliate of Regent LP on Jan. 6, 2019.
Total Noncompany-Owned Stores:
Stores | Stores | |||||||||
Operating | Operating | |||||||||
at 2/3/18 | Opened | Closed | Sold | At 2/2/19 | ||||||
Victoria’s Secret Beauty & Accessories – Travel Retail | 156 | 26 | (18 | ) | - | 164 | ||||
Bath & Body Works – Travel Retail | 9 | 5 | (2 | ) | - | 12 | ||||
Victoria’s Secret Beauty & Accessories | 241 | 6 | (28 | ) | - | 219 | ||||
Victoria’s Secret | 32 | 15 | - | - | 47 | |||||
PINK | 5 | 4 | - | - | 9 | |||||
Bath & Body Works | 176 | 51 | (4 | ) | - | 223 | ||||
La Senza1 | 194 | 2 | (17 | ) | (179 | ) | - | |||
Total | 813 | 109 | (69 | ) | (179 | ) | 674 | |||
1 – Business was sold to an affiliate of Regent LP on Jan. 6, 2019.
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
THIRTEEN WEEKS ENDED FEBRUARY 2, 2019 AND FOURTEEN WEEKS ENDED FEBRUARY 3, 2018 | ||||||||||
(Unaudited) | ||||||||||
(In thousands except per share amounts) | ||||||||||
2018 | 2017 | |||||||||
Net Sales | $ | 4,852,309 | $ | 4,823,105 | ||||||
Costs of Goods Sold, Buying and Occupancy | (2,884,629 | ) | (2,782,769 | ) | ||||||
Gross Profit | 1,967,680 | 2,040,336 | ||||||||
General, Administrative and Store Operating Expenses | (1,068,990 | ) | (1,053,697 | ) | ||||||
Loss on Divestiture of La Senza | (99,242 | ) | - | |||||||
Operating Income | 799,448 | 986,639 | ||||||||
Interest Expense | (92,812 | ) | (106,313 | ) | ||||||
Other Income (Loss) | 4,390 | (38,146 | ) | |||||||
Income Before Income Taxes | 711,026 | 842,180 | ||||||||
Provision for Income Taxes | 170,944 | 178,108 | ||||||||
Net Income | $ | 540,082 | $ | 664,072 | ||||||
Net Income Per Diluted Share | $ | 1.94 | $ | 2.33 | ||||||
Weighted Average Shares Outstanding | 277,935 | 284,546 | ||||||||
L BRANDS, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
FIFTY-TWO WEEKS ENDED FEBRUARY 2, 2019 AND FIFTY-THREE WEEKS ENDED FEBRUARY 3, 2018 | |||||||||
(Unaudited) | |||||||||
(In thousands except per share amounts) | |||||||||
2018 | 2017 | ||||||||
Net Sales | $ | 13,236,878 | $ | 12,632,431 | |||||
Costs of Goods Sold, Buying and Occupancy | (8,338,071 | ) | (7,673,007 | ) | |||||
Gross Profit | 4,898,807 | 4,959,424 | |||||||
General, Administrative and Store Operating Expenses | (3,562,778 | ) | (3,231,035 | ) | |||||
Loss on Divestiture of La Senza | (99,242 | ) | - | ||||||
Operating Income | 1,236,787 | 1,728,389 | |||||||
Interest Expense | (384,728 | ) | (405,988 | ) | |||||
Other Income (Loss) | 5,124 | (10,029 | ) | ||||||
Income Before Income Taxes | 857,183 | 1,312,372 | |||||||
Provision for Income Taxes | 213,300 | 329,386 | |||||||
Net Income | $ | 643,883 | $ | 982,986 | |||||
Net Income Per Diluted Share | $ | 2.31 | $ | 3.42 | |||||
Weighted Average Shares Outstanding | 278,840 | 287,062 | |||||||
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||||||||||
ADJUSTED FINANCIAL INFORMATION | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||
Fourth Quarter | Year-to-Date | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Details of Special Items - Income (Expense) | ||||||||||||||||||
Victoria's Secret Store Asset Impairment | $ | - | $ | - | $ | (80,878 | ) | $ | - | |||||||||
Henri Bendel Closure Costs | - | - | (20,310 | ) | - | |||||||||||||
Loss on Divestiture of La Senza | (99,242 | ) | - | (99,242 | ) | - | ||||||||||||
Special Items included in Operating Income | (99,242 | ) | - | (200,430 | ) | - | ||||||||||||
Loss on Extinguishment of Debt | - | (44,985 | ) | - | (44,985 | ) | ||||||||||||
Special Items included in Other Income (Loss) | - | (44,985 | ) | - | (44,985 | ) | ||||||||||||
Tax Benefit related to Changes in U.S. Tax Legislation | - | 92,221 | - | 92,221 | ||||||||||||||
Tax Effect of Special Items included in Operating Income and Other Income (Loss) | 44,117 | 16,225 | 57,580 | 16,225 | ||||||||||||||
Special Items included in Net Income | $ | (55,125 | ) | $ | 63,461 | $ | (142,850 | ) | $ | 63,461 | ||||||||
Special Items included in Earnings Per Diluted Share | $ | (0.20 | ) | $ | 0.22 | $ | (0.51 | ) | $ | 0.22 | ||||||||
Reconciliation of Reported Operating Income to Adjusted Operating Income | ||||||||||||||||||
Reported Operating Income | $ | 799,448 | $ | 986,639 | $ | 1,236,787 | $ | 1,728,389 | ||||||||||
Special Items included in Operating Income | 99,242 | - | 200,430 | - | ||||||||||||||
Adjusted Operating Income | $ | 898,690 | $ | 986,639 | $ | 1,437,217 | $ | 1,728,389 | ||||||||||
Reconciliation of Reported Net Income to Adjusted Net Income | ||||||||||||||||||
Reported Net Income | $ | 540,082 | $ | 664,072 | $ | 643,883 | $ | 982,986 | ||||||||||
Special Items included in Net Income | 55,125 | (63,461 | ) | 142,850 | (63,461 | ) | ||||||||||||
Adjusted Net Income | $ | 595,207 | $ | 600,611 | $ | 786,733 | $ | 919,525 | ||||||||||
Reconciliation of Reported Earnings Per Diluted Share to Adjusted | ||||||||||||||||||
Earnings Per Diluted Share | ||||||||||||||||||
Reported Earnings Per Diluted Share | $ | 1.94 | $ | 2.33 | $ | 2.31 | $ | 3.42 | ||||||||||
Special Items included in Earnings Per Diluted Share | 0.20 | (0.22 | ) | 0.51 | (0.22 | ) | ||||||||||||
Adjusted Earnings Per Diluted Share | $ | 2.14 | $ | 2.11 | $ | 2.82 | $ | 3.20 | ||||||||||
See Notes to Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures. | ||||||||||||||||||
L BRANDS, INC. AND SUBSIDIARIESNOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES(Unaudited)
The “Adjusted Financial Information” provided in the attached reflects the following non-GAAP financial measures:
Fiscal 2018
In the fourth quarter of 2018, adjusted results exclude the following:
In the third quarter of 2018, adjusted results exclude the following:
In the first and second quarter of 2018, there were no adjustments to results.
Fiscal 2017
In the fourth quarter of 2017, adjusted results exclude the following:
In the first, second and third quarters of 2017, there were no adjustments to results.
The Adjusted Financial Information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, the Company’s definition of adjusted income information may differ from similarly titled measures used by other companies. Management believes that the presentation of adjusted financial information provides additional information to investors to facilitate the comparison of past and present operations. While it is not possible to predict future results, management believes the adjusted information is useful for the assessment of the ongoing operations of the Company because the adjusted items are not indicative of our ongoing operations due to their size and nature. Additionally, management uses adjusted financial information as key performance measures of results of operations for the purpose of evaluating performance internally. The Adjusted Financial Information should be read in conjunction with the Company’s historical financial statements and notes thereto contained in the Company’s quarterly reports on Form 10-Q and annual report on Form 10-K.
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