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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 | |
---|---|---|---|---|---|---|---|---|
-0.25 | -0.80% | 30.91 | 32.09 | 30.81 | 31.16 | 30,811 | 15:20:00 |
Third Quarter ResultsEarnings per share for the third quarter ended Oct. 31, 2015, increased 25 percent to a record $0.55 compared to $0.44 for the quarter ended Nov. 1, 2014. Third quarter operating income increased 19 percent to $338.8 million compared to $284.1 million last year, and net income was $164.0 million compared to $131.8 million last year.
The company reported net sales of $2.482 billion for the quarter ended Oct. 31, 2015, an increase of 7 percent compared to net sales of $2.319 billion for the quarter ended Nov. 1, 2014. Comparable store sales increased 7 percent for the quarter ended Oct. 31, 2015.
Leslie H. Wexner, Chairman and CEO, commented, “We delivered record results in the third quarter. Our brands are differentiated and have high emotional content and we continue to deliver new, compelling merchandise in an exciting in-store experience. We remain focused on executing fundamentals and staying close to our customers. We are pleased with our month-to-date performance and we are well-positioned for the most significant part of our year which is in front of us.”
2015 OutlookThe company stated that it expects 2015 fourth quarter earnings per share to be $1.85 to $1.95. The company raised its adjusted full-year earnings forecast to $3.69 to $3.79 per share from $3.58 to $3.73 previously, which incorporates the third quarter earnings beat to its previous forecast and increased fourth quarter interest expense of approximately $0.04 per share related to its recent $1 billion note issuance. The full-year guidance also includes the previously announced negative foreign exchange impact of approximately $0.12 per share.
Earnings Call InformationL Brands will conduct its third quarter earnings call at 9:00 a.m. Eastern on November 19. 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 third 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 3,003 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 third 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 third 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 third quarter earnings call to reflect circumstances existing after the date of this press release or the third 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 BRANDSTHIRD QUARTER 2015
Comparable Store Sales Increase (Decrease):
Third Quarter | Year-to-Date | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Victoria’s Secret1 | 7 | % | 3 | % | 5 | % | 3 | % | ||||||||
Bath & Body Works1 | 6 | % | 7 | % | 5 | % | 4 | % | ||||||||
L Brands | 7 | % | 5 | % | 5 | % | 3 | % | ||||||||
Victoria’s Secret Direct Sales | 4 | % | 2 | % | (2 | %) | 0 | % |
1 – Results include company-owned stores in the United States and Canada.
Total Sales (Millions):
Third Quarter | Year-to-Date | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Victoria’s Secret Stores1 | $ | 1,282.1 | $ | 1,177.6 | $ | 4,065.3 | $ | 3,785.9 | |||||||
Victoria’s Secret Direct | 285.4 | 274.7 | 992.5 | 1,015.4 | |||||||||||
Total Victoria’s Secret | $ | 1,567.5 | $ | 1,452.3 | $ | 5,057.8 | $ | 4,801.3 | |||||||
Bath & Body Works1 | $ | 637.2 | $ | 602.7 | $ | 1,863.2 | $ | 1,771.1 | |||||||
Bath & Body Works Direct | 68.3 | 56.7 | 203.8 | 174.5 | |||||||||||
Total Bath & Body Works | $ | 705.5 | $ | 659.4 | $ | 2,067.0 | $ | 1,945.6 | |||||||
VS & BBW International2 | $ | 92.8 | $ | 80.0 | $ | 273.0 | $ | 230.4 | |||||||
Other3 | $ | 115.8 | $ | 127.2 | $ | 361.0 | $ | 408.1 | |||||||
L Brands | $ | 2,481.6 | $ | 2,318.9 | $ | 7,758.8 | $ | 7,385.4 |
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 10/31/15 | ||||
Victoria's Secret U.S. | 983 | 9 | (3 | ) | 989 | ||
PINK U.S. | 115 | 15 | (3 | ) | 127 | ||
Victoria's Secret Canada | 31 | 4 | - | 35 | |||
PINK Canada | 10 | - | - | 10 | |||
Total Victoria’s Secret | 1,139 | 28 | (6 | ) | 1,161 | ||
Bath & Body Works U.S. | 1,558 | 19 | (4 | ) | 1,573 | ||
Bath & Body Works Canada | 88 | 10 | - | 98 | |||
Total Bath & Body Works | 1,646 | 29 | (4 | ) | 1,671 | ||
Victoria’s Secret U.K. | 8 | - | - | 8 | |||
PINK U.K. | 2 | - | - | 2 | |||
Henri Bendel | 29 | - | - | 29 | |||
La Senza Canada | 145 | 1 | (14 | ) | 132 | ||
Total L Brands Stores | 2,969 | 58 | (24 | ) | 3,003 |
Total Noncompany-Owned Stores:
Stores | Stores | ||||||
Operating | Operating | ||||||
at 1/31/15 | Opened | Closed | at 10/31/15 | ||||
Victoria’s Secret Beauty & Accessories | 290 | 57 | (5 | ) | 342 | ||
Victoria’s Secret | 13 | 2 | - | 15 | |||
PINK | 1 | 2 | - | 3 | |||
Bath & Body Works | 80 | 32 | (2 | ) | 110 | ||
La Senza | 266 | 3 | (37 | ) | 232 | ||
Total | 650 | 96 | (44 | ) | 702 | ||
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 and third 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 and third 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.
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
THIRTEEN WEEKS ENDED OCTOBER 31, 2015 AND NOVEMBER 1, 2014 | ||||||||||
(Unaudited) | ||||||||||
(In thousands except per share amounts) | ||||||||||
2015 | 2014 | |||||||||
Net Sales | $ | 2,481,575 | $ | 2,318,851 | ||||||
Costs of Goods Sold, Buying and Occupancy | (1,450,301 | ) | (1,372,424 | ) | ||||||
Gross Profit | 1,031,274 | 946,427 | ||||||||
General, Administrative and Store Operating Expenses | (692,510 | ) | (662,314 | ) | ||||||
Operating Income | 338,764 | 284,113 | ||||||||
Interest Expense | (78,862 | ) | (80,344 | ) | ||||||
Other Income | (440 | ) | 701 | |||||||
Income Before Income Taxes | 259,462 | 204,470 | ||||||||
Provision for Income Taxes | 95,431 | 72,662 | ||||||||
Net Income | $ | 164,031 | $ | 131,808 | ||||||
Net Income Per Diluted Share | $ | 0.55 | $ | 0.44 | ||||||
Weighted Average Shares Outstanding | 295,923 | 298,134 | ||||||||
L BRANDS, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
THIRTY-NINE WEEKS ENDED OCTOBER 31, 2015 AND NOVEMBER 1, 2014 | |||||||||
(Unaudited) | |||||||||
(In thousands except per share amounts) | |||||||||
2015 | 2014 | ||||||||
Net Sales | $ | 7,758,750 | $ | 7,385,392 | |||||
Costs of Goods Sold, Buying and Occupancy | (4,557,673 | ) | (4,412,513 | ) | |||||
Gross Profit | 3,201,077 | 2,972,879 | |||||||
General, Administrative and Store Operating Expenses | (2,087,546 | ) | (1,976,712 | ) | |||||
Operating Income | 1,113,531 | 996,167 | |||||||
Interest Expense | (236,587 | ) | (246,297 | ) | |||||
Other Income | 75,334 | 6,314 | |||||||
Income Before Income Taxes | 952,278 | 756,184 | |||||||
Provision for Income Taxes | 335,304 | 279,037 | |||||||
Net Income | $ | 616,974 | $ | 477,147 | |||||
Net Income Per Diluted Share | $ | 2.08 | $ | 1.60 | |||||
Weighted Average Shares Outstanding | 297,326 | 297,600 |
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||
THIRTY-NINE WEEKS ENDED OCTOBER 31, 2015 AND NOVEMBER 1, 2014 | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
(In thousands except per share amounts) | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Reported | Adjustments | Adjusted | Reported | |||||||||||||||
Net Sales | $ | 7,758,750 | $ | - | $ | 7,758,750 | $ | 7,385,392 | ||||||||||
Costs of Goods Sold, Buying & Occupancy | (4,557,673 | ) | (4,557,673 | ) | (4,412,513 | ) | ||||||||||||
Gross Profit | 3,201,077 | - | 3,201,077 | 2,972,879 | ||||||||||||||
General, Administrative and Store Operating Expenses | (2,087,546 | ) | (2,087,546 | ) | (1,976,712 | ) | ||||||||||||
Operating Income | 1,113,531 | - | 1,113,531 | 996,167 | ||||||||||||||
Interest Expense | (236,587 | ) | - | (236,587 | ) | (246,297 | ) | |||||||||||
Other Income | 75,334 | (78,057 | ) | (2,723 | ) | 6,314 | ||||||||||||
Income Before Income Taxes | 952,278 | (78,057 | ) | 874,221 | 756,184 | |||||||||||||
Provision for Income Taxes | 335,304 | (9,079 | ) | 326,225 | 279,037 | |||||||||||||
Net Income | $ | 616,974 | $ | (68,978 | ) | $ | 547,996 | $ | 477,147 | |||||||||
Net Income Per Diluted Share | $ | 2.08 | $ | 1.84 | $ | 1.60 | ||||||||||||
Weighted Average Shares Outstanding | 297,326 | 297,326 | 297,600 | |||||||||||||||
See Notes to Consolidated Statements of Income and Reconciliation of Adjusted Results for additional information. | ||||||||||||||||||
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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