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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 | |
---|---|---|---|---|---|---|---|---|
-0.0408 | -0.13% | 31.1192 | 32.09 | 31.08 | 31.16 | 26,389 | 15:06:13 |
Leslie H. Wexner, chairman and chief executive officer, commented, “We delivered record results in a year when many retailers struggled. These results are a reflection of the strength of our brands and were driven by tremendous focus and execution across the enterprise. I am very optimistic heading into 2016 and confident in our growth opportunities.”
Fourth Quarter ResultsEarnings per share for the fourth quarter ended Jan. 30, 2016, increased 14% to $2.15 from $1.89 for the quarter ended Jan. 31, 2015. Fourth quarter operating income increased 13% to $1.078 billion from $957.0 million last year. Net income increased 13% to $636.0 million compared to $564.8 million last year.
Net sales for the fourth quarter ended Jan. 30, 2016, were $4.395 billion, an increase of 8% compared to $4.069 billion for the quarter ended Jan. 31, 2015. Comparable store sales for the fourth quarter ended Jan. 30, 2016, increased 6%.
Full-Year ResultsAdjusted earnings per share for the year ended Jan. 30, 2016, which exclude a $78.1 million ($0.23 per share) first quarter pre-tax gain on the sale of the company’s remaining interest in the third-party apparel sourcing business, increased 14% to $3.99 compared to $3.50 for the year ended Jan. 31, 2015. Full-year operating income increased 12% to $2.192 billion compared to $1.953 billion last year, and adjusted net income was $1.184 billion compared to $1.042 billion last year.
Including the gain from the sale of the sourcing business mentioned above, reported full-year earnings per share were $4.22 compared to $3.50 last year, and net income was $1.253 billion compared to $1.042 billion last year.
Net sales for the year ended Jan. 30, 2016, were $12.154 billion, an increase of 6% compared to $11.454 billion for the year ended Jan. 31, 2015. Comparable store sales for the year ended Jan. 30, 2016, increased 5%.
2016 OutlookThe company currently expects 2016 full-year earnings per share to be between $3.90 and $4.10, including earnings per share between $0.50 and $0.55 in the first quarter. The 2016 earnings per share forecast includes negative impacts related to continued pressure from foreign currency exchange rates and incremental interest expense related to the $1 billion October 2015 note issuance.
The company expects to report a mid-single digit increase in February comparable store sales, above expectations for a low-single digit increase, reflecting a mid-single digit increase at both Victoria’s Secret and Bath & Body Works.
Beginning with the February 2016 sales report, the company will include direct sales in comparable store sales results, consistent with industry practice.
Earnings Call and Additional InformationL Brands will conduct its fourth quarter earnings call at 9 a.m. Eastern on Feb. 25. To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978). For an audio replay, call 1-855-859-2056 (conference ID 33156271) (international replay number: 1-404-537-3406 (conference ID 33156271)) or log onto www.LB.com. Additional fourth quarter and full-year 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 3,005 company-owned specialty stores in the United States, Canada and the United Kingdom, and its brands are sold in more than 700 additional noncompany-owned locations worldwide. 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 fourth 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 fourth 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 fourth quarter earnings call to reflect circumstances existing after the date of this press release or the fourth quarter earnings call 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 2014 Annual Report on Form 10-K.
L BRANDSFOURTH QUARTER 2015
Comparable Store Sales Increase (Decrease):
Fourth Quarter | Year | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Victoria’s Secret Stores1 | 5 | % | 4 | % | 5 | % | 3 | % | ||||||||
Bath & Body Works1 | 6 | % | 8 | % | 5 | % | 6 | % | ||||||||
L Brands | 6 | % | 6 | % | 5 | % | 4 | % | ||||||||
Victoria’s Secret Direct Sales | 15 | % | (2 | %) | 3 | % | (1 | %) |
1 – Results include company-owned stores in the United States and Canada.
Total Sales (Millions):
Fourth Quarter | Year-to-Date | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Victoria’s Secret Stores1 | $ | 2,047.2 | $ | 1,914.2 | $ | 6,112.5 | $ | 5,700.2 | |||||||
Victoria’s Secret Direct | 567.1 | 492.1 | 1,559.6 | 1,507.4 | |||||||||||
Total Victoria’s Secret | $ | 2,614.3 | $ | 2,406.3 | $ | 7,672.1 | $ | 7,207.6 | |||||||
Bath & Body Works1 | $ | 1,361.8 | $ | 1,276.7 | $ | 3,225.0 | $ | 3,047.8 | |||||||
Bath & Body Works Direct | 157.8 | 127.3 | 361.6 | 301.8 | |||||||||||
Total Bath & Body Works | $ | 1,519.6 | $ | 1,404.0 | $ | 3,586.6 | $ | 3,349.6 | |||||||
VS & BBW International2 | $ | 112.3 | $ | 105.5 | $ | 385.2 | $ | 335.9 | |||||||
Other3 | $ | 148.8 | $ | 152.9 | $ | 509.9 | $ | 561.0 | |||||||
L Brands | $ | 4,395.0 | $ | 4,068.7 | $ | 12,153.8 | $ | 11,454.1 |
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 and royalty and wholesale sales associated with partner-operated stores.3 – Results include La Senza, Henri Bendel and Mast external sales.
Total Company-Owned Stores:
Stores | Stores | ||||||
Operating | Operating | ||||||
at 1/31/15 | Opened | Closed | at 1/30/16 | ||||
Victoria's Secret U.S. | 983 | 12 | (5 | ) | 990 | ||
PINK U.S. | 115 | 16 | (3 | ) | 128 | ||
Victoria's Secret Canada | 31 | 6 | - | 37 | |||
PINK Canada | 10 | - | (1 | ) | 9 | ||
Total Victoria’s Secret | 1,139 | 34 | (9 | ) | 1,164 | ||
Bath & Body Works U.S. | 1,558 | 23 | (7 | ) | 1,574 | ||
Bath & Body Works Canada | 88 | 10 | - | 98 | |||
Total Bath & Body Works | 1,646 | 33 | (7 | ) | 1,672 | ||
Victoria’s Secret U.K. | 8 | 4 | - | 12 | |||
PINK U.K. | 2 | - | - | 2 | |||
Henri Bendel | 29 | - | - | 29 | |||
La Senza Canada | 145 | 1 | (20 | ) | 126 | ||
Total L Brands Stores | 2,969 | 72 | (36 | ) | 3,005 |
Total Noncompany-Owned Stores:
Stores | Stores | ||||||
Operating | Operating | ||||||
at 1/31/15 | Opened | Closed | at 1/30/16 | ||||
Victoria’s Secret Beauty & Accessories | 290 | 88 | (5 | ) | 373 | ||
Victoria’s Secret | 13 | 3 | - | 16 | |||
PINK | 1 | 2 | - | 3 | |||
Bath & Body Works | 80 | 47 | (2 | ) | 125 | ||
La Senza | 266 | 5 | (50 | ) | 221 | ||
Total | 650 | 145 | (57 | ) | 738 | ||
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
THIRTEEN WEEKS ENDED JANUARY 30, 2016 AND JANUARY 31, 2015 | ||||||||||
(Unaudited) | ||||||||||
(In thousands except per share amounts) | ||||||||||
2015 | 2014 | |||||||||
Net Sales | $ | 4,395,039 | $ | 4,068,685 | ||||||
Costs of Goods Sold, Buying and Occupancy | (2,392,626 | ) | (2,233,914 | ) | ||||||
Gross Profit | 2,002,413 | 1,834,771 | ||||||||
General, Administrative and Store Operating Expenses | (924,435 | ) | (877,818 | ) | ||||||
Operating Income | 1,077,978 | 956,953 | ||||||||
Interest Expense | (97,151 | ) | (77,744 | ) | ||||||
Other Income | 1,274 | 337 | ||||||||
Income Before Income Taxes | 982,101 | 879,546 | ||||||||
Provision for Income Taxes | 346,084 | 314,733 | ||||||||
Net Income | $ | 636,017 | $ | 564,813 | ||||||
Net Income Per Diluted Share | $ | 2.15 | $ | 1.89 | ||||||
Weighted Average Shares Outstanding | 295,174 | 299,040 | ||||||||
L BRANDS, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
FIFTY-TWO WEEKS ENDED JANUARY 30, 2016 AND JANUARY 31, 2015 | |||||||||
(Unaudited) | |||||||||
(In thousands except per share amounts) | |||||||||
2015 | 2014 | ||||||||
Net Sales | $ | 12,153,789 | $ | 11,454,078 | |||||
Costs of Goods Sold, Buying and Occupancy | (6,950,299 | ) | (6,646,427 | ) | |||||
Gross Profit | 5,203,490 | 4,807,651 | |||||||
General, Administrative and Store Operating Expenses | (3,011,981 | ) | (2,854,531 | ) | |||||
Operating Income | 2,191,509 | 1,953,120 | |||||||
Interest Expense | (333,739 | ) | (324,042 | ) | |||||
Other Income | 76,609 | 6,653 | |||||||
Income Before Income Taxes | 1,934,379 | 1,635,731 | |||||||
Provision for Income Taxes | 681,387 | 593,771 | |||||||
Net Income | $ | 1,252,992 | $ | 1,041,960 | |||||
Net Income Per Diluted Share | $ | 4.22 | $ | 3.50 | |||||
Weighted Average Shares Outstanding | 296,788 | 297,960 | |||||||
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||
FIFTY-TWO WEEKS ENDED JANUARY 30, 2016 AND JANUARY 31, 2015 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Reported | Adjustments | Adjusted | Reported | |||||||||||||||
Net Sales | $ | 12,153,789 | $ | - | $ | 12,153,789 | $ | 11,454,078 | ||||||||||
Costs of Goods Sold, Buying & Occupancy | (6,950,299 | ) | (6,950,299 | ) | (6,646,427 | ) | ||||||||||||
Gross Profit | 5,203,490 | - | 5,203,490 | 4,807,651 | ||||||||||||||
General, Administrative and Store Operating Expenses | (3,011,981 | ) | (3,011,981 | ) | (2,854,531 | ) | ||||||||||||
Operating Income | 2,191,509 | - | 2,191,509 | 1,953,120 | ||||||||||||||
Interest Expense | (333,739 | ) | - | (333,739 | ) | (324,042 | ) | |||||||||||
Other Income | 76,609 | (78,057 | ) | (1,448 | ) | 6,653 | ||||||||||||
Income Before Income Taxes | 1,934,379 | (78,057 | ) | 1,856,322 | 1,635,731 | |||||||||||||
Provision for Income Taxes | 681,387 | (9,079 | ) | 672,308 | 593,771 | |||||||||||||
Net Income | $ | 1,252,992 | $ | (68,978 | ) | $ | 1,184,014 | $ | 1,041,960 | |||||||||
Net Income Per Diluted Share | $ | 4.22 | $ | 3.99 | $ | 3.50 | ||||||||||||
Weighted Average Shares Outstanding | 296,788 | 296,788 | 297,960 | |||||||||||||||
See Notes to Consolidated Statements of Income and Reconciliation of Adjusted Results for additional information. |
L BRANDS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED STATEMENTS OF INCOME AND RECONCILIATION OF ADJUSTED RESULTS (Unaudited)
The “Adjusted Results” provided in the attached unaudited Consolidated Statements of Income and Reconciliation of Adjusted Results are non-GAAP financial measures and reflect the following:
Fiscal 2015
In the second, third and fourth quarters of 2015, there were no adjustments to results.
In the first quarter of 2015, adjusted results exclude the following:
Fiscal 2014
In the first, second, third and fourth quarters of 2014, there were no adjustments to results.
The Unaudited Adjusted Consolidated Statements of Income 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. 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. The Unaudited Adjusted Consolidated Statements of Income 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.
For further information, please contact: L Brands: Investor Relations Amie Preston (614) 415-6704 apreston@lb.com Media Relations Tammy Roberts Myers (614) 415-7072 communications@lb.com
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