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Share Name | Share Symbol | Market | Type |
---|---|---|---|
L Brands Inc | NYSE:LB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 79.92 | 0 | 01:00:00 |
Third Quarter ResultsThe company reported a loss per share of $0.91 for the third quarter ended Nov. 2, 2019, compared to a loss per share of $0.16 for the quarter ended Nov. 3, 2018. Third quarter operating loss was $151.2 million compared to operating income of $54.4 million last year, and net loss was $252.0 million compared to a net loss of $42.8 million last year.
Reported results above include the following significant items:
In 2019, pre-tax charges of $284.7 million ($0.93 per share) as follows:
In 2018, pre-tax charges of $101.2 million ($0.32 per share) as follows:
Excluding the above charges, adjusted third quarter earnings per share were $0.02 compared to $0.16 last year, adjusted operating income was $96.3 million compared to $155.6 million last year, and adjusted net income was $5.7 million compared to $45.0 million last year.
At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the above charges.
The company reported net sales of $2.677 billion for the 13 weeks ended Nov. 2, 2019, compared to net sales of $2.775 billion for the quarter ended Nov. 3, 2018. Comparable sales decreased 2 percent for the quarter ended Nov. 2, 2019.
Fourth Quarter 2019 OutlookThe company stated that it expects 2019 fourth quarter earnings per share to be about $2.00, which would result in full-year adjusted earnings per share of about $2.40, compared to its previous full-year guidance range of $2.30 to $2.60.
Earnings Call and Additional InformationAdditional third quarter financial information, including management commentary, is currently available at www.LB.com. L Brands will conduct its third quarter earnings call at 9:00 a.m. eastern on Nov. 21. To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978); conference ID 8594448. For an audio replay, call 1-855-859-2056 (international replay number: 1-404-537-3406); conference ID 8594448 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 2,944 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in 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 | ||||||||
THIRD QUARTER 2019 | ||||||||
Comparable Sales Increase (Decrease) (Stores and Direct): | ||||||||
Third Quarter2019 | ThirdQuarter2018 | Year-to-Date2019 | Year-to-Date2018 | |||||
Victoria’s Secret1 | (7%) | (2%) | (6%) | (1%) | ||||
Bath & Body Works1 | 9% | 13% | 10% | 10% | ||||
L Brands2 | (2%) | 4% | (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): | ||||||||
Third Quarter2019 | ThirdQuarter2018 | Year-to-Date2019 | Year-to-Date2018 | |||||
Victoria’s Secret1 | (8%) | (6%) | (8%) | (5%) | ||||
Bath & Body Works1 | 5% | 10% | 5% | 8% | ||||
L Brands2 | (3%) | 0% | (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): | |||||||||||
Third Quarter 2019 | Third Quarter 2018 | Year-to-Date 2019 | Year-to-Date 2018 | ||||||||
Victoria’s Secret1 | $ | 1,080.9 | $ | 1,177.8 | $ | 3,462.2 | $ | 3,778.4 | |||
Victoria’s Secret Direct | 331.3 | 351.0 | 1,066.5 | 1,064.6 | |||||||
Total Victoria’s Secret | $ | 1,412.2 | $ | 1,528.8 | $ | 4,528.7 | $ | 4,843.0 | |||
Bath & Body Works1 | $ | 871.7 | $ | 808.3 | $ | 2,468.4 | $ | 2,281.1 | |||
Bath & Body Works Direct | 192.4 | 147.9 | 527.3 | 399.1 | |||||||
Total Bath & Body Works | $ | 1,064.1 | $ | 956.2 | $ | 2,995.7 | $ | 2,680.2 | |||
VS & BBW International2 | $ | 133.4 | $ | 134.0 | $ | 422.9 | $ | 414.6 | |||
Other | $ | 67.0 | $ | 155.9 | $ | 259.8 | $ | 446.8 | |||
L Brands | $ | 2,676.7 | $ | 2,774.9 | $ | 8,207.1 | $ | 8,384.6 |
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 11/2/19 | |||
Victoria's Secret U.S. | 957 | 4 | (38 | ) | 923 | |
PINK U.S. | 141 | 2 | - | 143 | ||
Victoria's Secret Canada | 39 | - | - | 39 | ||
PINK Canada | 6 | - | - | 6 | ||
Total Victoria’s Secret | 1,143 | 6 | (38 | ) | 1,111 | |
Bath & Body Works U.S. | 1,619 | 34 | (12 | ) | 1,641 | |
Bath & Body Works Canada | 102 | 1 | - | 103 | ||
Total Bath & Body Works | 1,721 | 35 | (12 | ) | 1,744 | |
Victoria’s Secret U.K./Ireland | 21 | - | - | 21 | ||
PINK U.K. | 5 | - | - | 5 | ||
Victoria’s Secret Beauty and Accessories | 38 | 9 | (5 | ) | 42 | |
Victoria’s Secret Greater China | 15 | 6 | - | 21 | ||
Total International | 79 | 15 | (5 | ) | 89 | |
Total L Brands Stores | 2,943 | 56 | (55 | ) | 2,944 | |
Total Noncompany-Owned Stores: | |||||
Stores | Stores | ||||
Operating | Operating | ||||
at 2/2/19 | Opened | Closed | at 11/2/19 | ||
Victoria’s Secret Beauty & Accessories – Travel Retail | 164 | 14 | (20 | ) | 158 |
Bath & Body Works – Travel Retail | 12 | 3 | - | 15 | |
Victoria’s Secret Beauty & Accessories | 219 | 6 | (9 | ) | 216 |
Victoria’s Secret | 47 | 15 | - | 62 | |
PINK | 9 | - | - | 9 | |
Bath & Body Works | 223 | 21 | (4 | ) | 240 |
Total | 674 | 59 | (33 | ) | 700 |
L BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF LOSS | |||||||
THIRTEEN WEEKS ENDED NOVEMBER 2, 2019 AND NOVEMBER 3, 2018 | |||||||
(Unaudited) | |||||||
(In thousands except per share amounts) | |||||||
2019 | 2018 | ||||||
Net Sales | $ | 2,676,747 | $ | 2,774,874 | |||
Costs of Goods Sold, Buying and Occupancy | (1,936,244 | ) | (1,846,622 | ) | |||
Gross Profit | 740,503 | 928,252 | |||||
General, Administrative and Store Operating Expenses | (891,717 | ) | (873,857 | ) | |||
Operating Income (Loss) | (151,214 | ) | 54,395 | ||||
Interest Expense | (92,098 | ) | (95,685 | ) | |||
Other Income (Loss) | (34,051 | ) | 164 | ||||
Loss Before Income Taxes | (277,363 | ) | (41,126 | ) | |||
Provision (Benefit) for Income Taxes | (25,371 | ) | 1,624 | ||||
Net Loss | $ | (251,992 | ) | $ | (42,750 | ) | |
Net Loss Per Diluted Share | $ | (0.91 | ) | $ | (0.16 | ) | |
Weighted Average Shares Outstanding | 276,398 | 275,103 | |||||
L BRANDS, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
THIRTY-NINE WEEKS ENDED NOVEMBER 2, 2019 AND NOVEMBER 3, 2018 | |||||||
(Unaudited) | |||||||
(In thousands except per share amounts) | |||||||
2019 | 2018 | ||||||
Net Sales | $ | 8,207,095 | $ | 8,384,569 | |||
Costs of Goods Sold, Buying and Occupancy | (5,550,340 | ) | (5,453,442 | ) | |||
Gross Profit | 2,656,755 | 2,931,127 | |||||
General, Administrative and Store Operating Expenses | (2,480,024 | ) | (2,493,787 | ) | |||
Operating Income | 176,731 | 437,340 | |||||
Interest Expense | (286,105 | ) | (291,916 | ) | |||
Other Income (Loss) | (65,550 | ) | 733 | ||||
Income (Loss) Before Income Taxes | (174,924 | ) | 146,157 | ||||
Provision (Benefit) for Income Taxes | (783 | ) | 42,356 | ||||
Net Income (Loss) | $ | (174,141 | ) | $ | 103,801 | ||
Net Income (Loss) Per Diluted Share | $ | (0.63 | ) | $ | 0.37 | ||
Weighted Average Shares Outstanding | 276,059 | 279,142 | |||||
L BRANDS, INC. AND SUBSIDIARIES | ||||||||||||||
ADJUSTED FINANCIAL INFORMATION | ||||||||||||||
(Unaudited) | ||||||||||||||
(In thousands except per share amounts) | ||||||||||||||
Third Quarter | Year-to-Date | |||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||
Details of Special Items - Income (Expense) | ||||||||||||||
Victoria's Secret Asset Impairment | $ | (247,532) | $ | (80,878) | $ | (247,532) | $ | (80,878) | ||||||
Henri Bendel Closure Costs | - | (20,310) | - | (20,310) | ||||||||||
Special Items included in Operating Income (Loss) | (247,532) | (101,188) | (247,532) | (101,188) | ||||||||||
La Senza Guarantees | (37,217) | - | (37,217) | - | ||||||||||
Loss on Extinguishment of Debt | - | - | (39,564) | - | ||||||||||
Special Items included in Other Income (Loss) | (37,217) | - | (76,781) | - | ||||||||||
Tax Effect of Special Items included in Operating Income (Loss) and Other Income (Loss) | 27,015 | 13,463 | 36,547 | 13,463 | ||||||||||
Special Items included in Net Income (Loss) | $ | (257,734) | $ | (87,725) | $ | (287,766) | $ | (87,725) | ||||||
Special Items included in Earnings (Loss) Per Diluted Share | $ | (0.93) | $ | (0.32) | $ | (1.04) | $ | (0.31) | ||||||
Reconciliation of Reported Operating Income (Loss) to Adjusted Operating Income | ||||||||||||||
Reported Operating Income (Loss) | $ | (151,214) | $ | 54,395 | $ | 176,731 | $ | 437,340 | ||||||
Special Items included in Operating Income (Loss) | 247,532 | 101,188 | 247,532 | 101,188 | ||||||||||
Adjusted Operating Income | $ | 96,318 | $ | 155,583 | $ | 424,263 | $ | 538,528 | ||||||
Reconciliation of Reported Net Income (Loss) to Adjusted Net Income | ||||||||||||||
Reported Net Income (Loss) | $ | (251,992) | $ | (42,750) | $ | (174,141) | $ | 103,801 | ||||||
Special Items included in Net Income (Loss) | 257,734 | 87,725 | 287,766 | 87,725 | ||||||||||
Adjusted Net Income | $ | 5,742 | $ | 44,975 | $ | 113,625 | $ | 191,526 | ||||||
Reconciliation of Reported Earnings (Loss) Per Diluted Share to Adjusted | ||||||||||||||
Earnings Per Diluted Share | ||||||||||||||
Reported Earnings (Loss) Per Diluted Share | $ | (0.91) | $ | (0.16) | $ | (0.63) | $ | 0.37 | ||||||
Special Items included in Earnings (Loss) Per Diluted Share | 0.93 | 0.32 | 1.04 | 0.31 | ||||||||||
Adjusted Earnings Per Diluted Share | $ | 0.02 | $ | 0.16 | $ | 0.41 | $ | 0.69 | ||||||
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 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 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.
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