![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
0.41 | 1.23% | 33.72 | 34.37 | 32.50 | 33.40 | 222,415 | 23:16:38 |
Fourth Quarter ResultsThe company reported a loss per share of $0.70 for the fourth quarter ended Feb. 1, 2020, compared to earnings per share of $1.94 for the quarter ended Feb. 2, 2019. Fourth quarter operating income was $81.7 million compared to operating income of $799.4 million last year, and the net loss was $192.3 million compared to net income of $540.1 million last year.
Reported results above include the following significant items:
In 2019:
In 2018:
Excluding the above charges, adjusted fourth quarter earnings per share were $1.88 compared to $2.14 last year, adjusted operating income was $806.7 million compared to $898.7 million last year, and adjusted net income was $523.7 million compared to $595.2 million last year.
The company reported net sales of $4.707 billion for the fourth quarter ended Feb. 1, 2020, compared to net sales of $4.852 billion for the fourth quarter ended Feb. 2, 2019. Comparable sales decreased 2 percent for the fourth quarter ended Feb. 1, 2020.
Full-Year ResultsThe company reported a loss per share of $1.33 for the year ended Feb. 1, 2020, compared to earnings per share of $2.31 for the year ended Feb. 2, 2019. Full-year operating income was $258.4 million compared to operating income of $1.237 billion last year, and the net loss was $366.4 million compared to net income of $643.9 million last year.
Excluding significant items, adjusted full-year earnings per share were $2.29 compared to $2.82 last year; adjusted operating income was $1.231 billion compared to $1.437 billion last year; and adjusted net income was $637.3 million compared to $786.7 million last year.
Net sales were $12.914 billion for the year ended Feb. 1, 2020, compared to $13.237 billion for the year ended Feb. 2, 2019. Comparable sales decreased 1 percent for the year ended Feb. 1, 2020.
The Bath & Body Works business reported record results for the fourth quarter and full-year 2019. For the year, Bath & Body Works North America segment comparable sales increased 10 percent, including a 5 percent increase in stores and a 32 percent increase in the direct business. Sales increased 12 percent to $5.170 billion and operating income increased 11 percent to $1.191 billion.
In the Victoria’s Secret North America segment, sales for the full year declined 8 percent to $6.805 billion, on a comparable sales decline of 7 percent. The full-year reported operating loss, which includes significant items of $730.7 million in non-cash impairment charges, was $616.1 million.
At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items.
Transformative Transaction with Sycamore PartnersAs previously announced on February 20, 2020, L Brands and Sycamore Partners, a private equity firm specializing in consumer and retail investments, entered into a definitive agreement that is intended to deliver long-term value to L Brands shareholders by positioning Bath & Body Works as a highly profitable, standalone public company and separating Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK (collectively, Victoria’s Secret) into a privately-held entity focused on reinvigorating its market-leading businesses and returning them to historic levels of profitability and growth. Under the terms of the transaction, and after taking into account certain liabilities, Sycamore will purchase a 55% interest in Victoria’s Secret for approximately $525 million. L Brands will retain a 45% stake in Victoria’s Secret to enable its shareholders to meaningfully participate in the upside potential of these businesses. The transaction is the result of a comprehensive review of a broad range of options undertaken by the board of directors, with input from outside financial advisors, designed to best position the company’s brands for long-term success and drive shareholder value. The transaction is expected to close in the second quarter 2020.
First Quarter 2020 OutlookThe company currently expects a 2020 first quarter adjusted loss per share of about $0.05. The company will not provide guidance for the full year at this time due to the pending transaction with Sycamore Partners, but the company’s guidance for the first quarter 2020 includes the Victoria’s Secret business.
Earnings Call and Additional Information
Additional 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. 27. To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978); conference ID 6695987. For an audio replay, call 1-855-859-2056 (international replay number: 1-404-537-3406); conference ID 6695987 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 2,920 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 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 1995We 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 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 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 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.
For further information, please contact:
L Brands: | |
Investor Relations | Media Relations |
Amie Preston | Tammy Roberts Myers |
(614) 415-6704 | (614) 415-7072 |
apreston@lb.com | communications@lb.com |
L BRANDS FOURTH QUARTER 2019
Comparable Sales Increase (Decrease) (Stores and Direct):
Fourth Quarter2019 | Fourth Quarter2018 | Year 2019 | Year2018 | |||||||||
Victoria’s Secret1 | (10%) | (3%) | (7%) | (2%) | ||||||||
Bath & Body Works1 | 10% | 12% | 10% | 11% | ||||||||
L Brands2 | (2%) | 3% | (1%) | 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 Quarter2019 | Fourth Quarter2018 | Year 2019 | Year2018 | |||||||||
Victoria’s Secret1 | (10%) | (7%) | (9%) | (6%) | ||||||||
Bath & Body Works1 | 5% | 8% | 5% | 8% | ||||||||
L Brands2 | (4%) | (1%) | (3%) | (1%) |
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):
Fourth Quarter2019 | Fourth Quarter2018 | Year 2019 | Year 2018 | ||||||||
Victoria’s Secret1 | $ | 1,649.3 | $ | 1,849.3 | $ | 5,111.5 | $ | 5,627.9 | |||
Victoria’s Secret Direct | 626.5 | 682.5 | 1,693.0 | 1,747.0 | |||||||
Total Victoria’s Secret | $ | 2,275.8 | $ | 2,531.8 | $ | 6,804.5 | $ | 7,374.9 | |||
Bath & Body Works1 | $ | 1,744.0 | $ | 1,626.1 | $ | 4,212.4 | $ | 3,907.2 | |||
Bath & Body Works Direct | 430.8 | 324.7 | 958.1 | 723.8 | |||||||
Total Bath & Body Works | $ | 2,174.8 | $ | 1,950.8 | $ | 5,170.5 | $ | 4,631.0 | |||
VS & BBW International2 | $ | 177.1 | $ | 190.7 | $ | 600.0 | $ | 605.3 | |||
Other | $ | 79.4 | $ | 179.0 | $ | 339.2 | $ | 625.7 | |||
L Brands | $ | 4,707.1 | $ | 4,852.3 | $ | 12,914.2 | $ | 13,236.9 |
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, direct sales in China, royalties associated with franchised stores and wholesale sales.
Total Company-Owned Stores:
Stores | Stores | ||||||
Operating | Operating | ||||||
at 2/2/19 | Opened | Closed | at 2/1/20 | ||||
Victoria's Secret U.S. | 957 | 4 | (52 | ) | 909 | ||
PINK U.S. | 141 | 3 | - | 144 | |||
Victoria's Secret Canada | 39 | - | (6 | ) | 33 | ||
PINK Canada | 6 | - | (1 | ) | 5 | ||
Total Victoria’s Secret | 1,143 | 7 | (59 | ) | 1,091 | ||
Bath & Body Works U.S. | 1,619 | 38 | (20 | ) | 1,637 | ||
Bath & Body Works Canada | 102 | 1 | (1 | ) | 102 | ||
Total Bath & Body Works | 1,721 | 39 | (21 | ) | 1,739 | ||
Victoria’s Secret U.K./Ireland | 21 | - | - | 21 | |||
PINK U.K. | 5 | - | - | 5 | |||
Victoria’s Secret Beauty and Accessories | 38 | 10 | (7 | ) | 41 | ||
Victoria’s Secret Greater China | 15 | 8 | - | 23 | |||
Total International | 79 | 18 | (7 | ) | 90 | ||
Total L Brands Stores | 2,943 | 64 | (87 | ) | 2,920 |
Total Noncompany-Owned Stores:
Stores | Stores | |||||
Operating | Operating | |||||
at 2/2/19 | Opened | Closed | at 2/1/20 | |||
Victoria’s Secret Beauty & Accessories – Travel Retail | 164 | 15 | (26 | ) | 153 | |
Bath & Body Works – Travel Retail | 12 | 4 | - | 16 | ||
Victoria’s Secret Beauty & Accessories | 219 | 9 | (21 | ) | 207 | |
Victoria’s Secret | 47 | 25 | - | 72 | ||
PINK | 9 | 3 | - | 12 | ||
Bath & Body Works | 223 | 43 | (4 | ) | 262 | |
Total | 674 | 99 | (51 | ) | 722 |
L BRANDS, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||
THIRTEEN WEEKS ENDED FEBRUARY 1, 2020 AND FEBRUARY 2, 2019 | ||||||||
(Unaudited) | ||||||||
(In thousands except per share amounts) | ||||||||
2019 | 2018 | |||||||
Net Sales | $ | 4,707,141 | $ | 4,852,309 | ||||
Costs of Goods Sold, Buying and Occupancy | (2,913,454 | ) | (2,884,629 | ) | ||||
Gross Profit | 1,793,687 | 1,967,680 | ||||||
General, Administrative and Store Operating Expenses | (1,022,397 | ) | (1,068,990 | ) | ||||
Impairment of Victoria's Secret Goodwill | (689,576 | ) | - | |||||
Loss on Divestiture of La Senza | - | (99,242 | ) | |||||
Operating Income | 81,714 | 799,448 | ||||||
Interest Expense | (91,977 | ) | (92,812 | ) | ||||
Other Income | 3,720 | 4,390 | ||||||
Income (Loss) Before Income Taxes | (6,543 | ) | 711,026 | |||||
Provision for Income Taxes | 185,712 | 170,944 | ||||||
Net Income (Loss) | $ | (192,255 | ) | $ | 540,082 | |||
Net Income (Loss) Per Diluted Share | $ | (0.70 | ) | $ | 1.94 | |||
Weighted Average Shares Outstanding | 276,477 | 277,935 | ||||||
L BRANDS, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||||||
FIFTY-TWO WEEKS ENDED FEBRUARY 1, 2020 AND FEBRUARY 2, 2019 | ||||||||
(Unaudited) | ||||||||
(In thousands except per share amounts) | ||||||||
2019 | 2018 | |||||||
Net Sales | $ | 12,914,236 | $ | 13,236,878 | ||||
Costs of Goods Sold, Buying and Occupancy | (8,463,793 | ) | (8,338,071 | ) | ||||
Gross Profit | 4,450,443 | 4,898,807 | ||||||
General, Administrative and Store Operating Expenses | (3,471,946 | ) | (3,562,778 | ) | ||||
Impairment of Victoria's Secret Goodwill | (720,051 | ) | - | |||||
Loss on Divestiture of La Senza | - | (99,242 | ) | |||||
Operating Income | 258,446 | 1,236,787 | ||||||
Interest Expense | (378,082 | ) | (384,728 | ) | ||||
Other Income (Loss) | (61,830 | ) | 5,124 | |||||
Income (Loss) Before Income Taxes | (181,466 | ) | 857,183 | |||||
Provision for Income Taxes | 184,930 | 213,300 | ||||||
Net Income (Loss) | $ | (366,396 | ) | $ | 643,883 | |||
Net Income (Loss) Per Diluted Share | $ | (1.33 | ) | $ | 2.31 | |||
Weighted Average Shares Outstanding | 276,163 | 278,840 | ||||||
L BRANDS, INC. AND SUBSIDIARIES | |||||||||||
ADJUSTED FINANCIAL INFORMATION | |||||||||||
(Unaudited) | |||||||||||
(In thousands except per share amounts) | |||||||||||
Fourth Quarter | Year-to-Date | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Details of Special Items - Income (Expense) | |||||||||||
Impairment of Victoria's Secret Goodwill | $ (689,576) | $ - | $ (720,051) | $ - | |||||||
Victoria's Secret Store-Related Asset Impairment | (35,384) | - | (252,442) | (80,878) | |||||||
Henri Bendel Closure Costs | - | - | - | (20,310) | |||||||
Loss on Divestiture of La Senza | - | (99,242) | - | (99,242) | |||||||
Special Items included in Operating Income | (724,960) | (99,242) | (972,493) | (200,430) | |||||||
La Senza Charges | - | - | (37,217) | - | |||||||
Loss on Extinguishment of Debt | - | - | (39,564) | - | |||||||
Special Items included in Other Income (Loss) | - | - | (76,781) | - | |||||||
Tax Effect of Special Items included in Operating Income and Other Income (Loss) | 8,997 | 44,117 | 45,544 | 57,580 | |||||||
Special Items included in Net Income (Loss) | $ (715,963) | $ (55,125) | $ (1,003,730) | $ (142,850) | |||||||
Special Items included in Earnings (Loss) Per Diluted Share | $ (2.58) | $ (0.20) | $ (3.62) | $ (0.51) | |||||||
Reconciliation of Reported Operating Income to Adjusted Operating Income | |||||||||||
Reported Operating Income | $ 81,714 | $ 799,448 | $ 258,446 | $ 1,236,787 | |||||||
Special Items included in Operating Income | 724,960 | 99,242 | 972,493 | 200,430 | |||||||
Adjusted Operating Income | $ 806,674 | $ 898,690 | $ 1,230,939 | $ 1,437,217 | |||||||
Reconciliation of Reported Net Income (Loss) to Adjusted Net Income | |||||||||||
Reported Net Income (Loss) | $ (192,255) | $ 540,082 | $ (366,396) | $ 643,883 | |||||||
Special Items included in Net Income (Loss) | 715,963 | 55,125 | 1,003,730 | 142,850 | |||||||
Adjusted Net Income | $ 523,708 | $ 595,207 | $ 637,334 | $ 786,733 | |||||||
Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted Earnings Per Diluted Share | |||||||||||
Reported Earnings (Loss) Per Diluted Share | $ (0.70) | $ 1.94 | $ (1.33) | $ 2.31 | |||||||
Special Items included in Earnings (Loss) Per Diluted Share | 2.58 | 0.20 | 3.62 | 0.51 | |||||||
Adjusted Earnings Per Diluted Share | $ 1.88 | $ 2.14 | $ 2.29 | $ 2.82 | |||||||
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 2019
In the fourth quarter of 2019, adjusted results exclude the following:
In the third quarter of 2019, adjusted results exclude the following:
In the second quarter of 2019, adjusted results exclude the following:
In the first quarter of 2019, there were no adjustments to results.
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.
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.
1 Year LandBridge Chart |
1 Month LandBridge Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions