L Brands Reports September 2018 Sales
October 11 2018 - 7:30AM
– Pursuing All
Alternatives for La Senza as Part of Ongoing Effort to Drive
Shareholder Value –
L Brands, Inc. (NYSE: LB) reported net sales of $1.058 billion for
the five weeks ended Oct. 6, 2018, an increase of 8 percent,
compared to net sales of $981.6 million for the five weeks ended
Sept. 30, 2017. Comparable sales increased 5 percent for the
five weeks ended Oct. 6, 2018, compared to the five weeks ended
Oct. 7, 2017.
The company reported net sales of $7.524 billion
for the 35 weeks ended Oct. 6, 2018, an increase of 7 percent
compared to net sales of $7.015 billion for the 35 weeks ended
Sept. 30, 2017. Comparable sales increased 3 percent for the
35 weeks ended Oct. 6, 2018, compared to the 35 weeks ended Oct. 7,
2017.
As part of an ongoing effort to drive
shareholder value and in order to focus on its larger core
businesses, the company announced that it is pursuing all
alternatives for its La Senza business. La Senza currently
has 126 company-owned and operated stores in North America and 188
non-company owned international stores. Operating results for La
Senza are included in the company’s Other segment for financial
reporting. The company estimates that La Senza’s 2018
revenues and operating loss will be approximately $250 million and
$40 million, respectively.
To hear further commentary provided on L Brands’
prerecorded September sales message, call 1-866-639-7583, or log
onto www.LB.com for an audio replay.
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
3,103 company-owned specialty stores in the United States, Canada,
the United Kingdom and Greater China, and its brands are sold in
more than 800 additional 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 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 September sales 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 September sales call or otherwise made by
our company or our management:
- general economic conditions, consumer confidence, consumer
spending patterns and market disruptions including severe weather
conditions, natural disasters, health hazards, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
- the seasonality of our business;
- the dependence on mall traffic and the availability of suitable
store locations on appropriate terms;
- our ability to grow through new store openings and existing
store remodels and expansions;
- our ability to successfully expand internationally and related
risks;
- our independent franchise, license and wholesale partners;
- our direct channel businesses;
- our ability to protect our reputation and our brand
images;
- our ability to attract customers with marketing, advertising
and promotional programs;
- our ability to protect our trade names, trademarks and
patents;
- the highly competitive nature of the retail industry and the
segments in which we operate;
- consumer acceptance of our products and our ability to manage
the life cycle of our brands, keep up with fashion trends, develop
new merchandise and launch new product lines successfully;
- our ability to source, distribute and sell goods and materials
on a global basis, including risks related to:
- political instability, significant health hazards,
environmental hazards or natural disasters;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- potential delays or disruptions in shipping and transportation
and related pricing impacts;
- disruption due to labor disputes; and
- changing expectations regarding product safety due to new
legislation;
- our geographic concentration of vendor and distribution
facilities in central Ohio;
- fluctuations in foreign currency exchange rates;
- stock price volatility;
- our ability to pay dividends and related effects;
- our ability to maintain our credit rating;
- our ability to service or refinance our debt;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified associates
and manage labor-related costs;
- the ability of our vendors to deliver products in a timely
manner, meet quality standards and comply with applicable laws and
regulations;
- fluctuations in product input costs;
- our ability to adequately protect our assets from loss and
theft;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from our self-insurance;
- our ability to implement and maintain information technology
systems and to protect associated data;
- our ability to maintain the security of customer, associate,
third-party or company information;
- our ability to comply with regulatory requirements;
- legal and compliance matters; and
- tax, trade and other regulatory matters.
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
September sales 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 BRANDSSEPTEMBER
2018
Comparable Sales Increase (Decrease) (Stores and
Direct):
|
September2018 |
|
September2017 |
|
|
Year-to-Date2018 |
|
Year-to-Date2017 |
|
|
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
1% |
|
(5%) |
|
|
(1%) |
|
(12%) |
|
Bath & Body
Works1 |
13% |
|
4% |
|
|
10% |
|
4% |
|
L
Brands2 |
5% |
|
(2%) |
|
|
3% |
|
(7%) |
|
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):
|
September2018 |
|
September2017 |
|
|
Year-to-Date2018 |
|
Year-to-Date2017 |
|
|
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
(2%) |
|
(4%) |
|
|
(5%) |
|
(10%) |
|
Bath & Body
Works1 |
10% |
|
0% |
|
|
8% |
|
1% |
|
L
Brands2 |
3% |
|
(2%) |
|
|
(1%) |
|
(6%) |
|
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 Company-Owned Stores:
|
|
Stores |
|
Stores |
|
|
Operating |
|
Operating |
|
|
at 2/3/18 |
Opened |
Closed |
at 10/6/18 |
|
|
|
|
|
|
Victoria's Secret U.S. |
|
984 |
1 |
(6 |
) |
979 |
PINK U.S. |
|
140 |
- |
- |
|
140 |
Victoria's Secret Canada |
|
39 |
- |
- |
|
39 |
PINK Canada |
|
7 |
- |
(1 |
) |
6 |
Total Victoria’s Secret |
|
1,170 |
1 |
(7 |
) |
1,164 |
|
|
|
|
|
|
Bath & Body Works U.S. |
|
1,592 |
44 |
(16 |
) |
1,620 |
Bath & Body Works Canada |
|
102 |
- |
- |
|
102 |
Total Bath & Body Works |
|
1,694 |
44 |
(16 |
) |
1,722 |
|
|
|
|
|
|
Victoria’s Secret U.K./Ireland |
|
19 |
1 |
- |
|
20 |
PINK U.K. |
|
5 |
- |
- |
|
5 |
Victoria’s Secret Beauty and Accessories |
|
29 |
3 |
(3 |
) |
29 |
Victoria’s Secret China |
|
7 |
7 |
- |
|
14 |
Total International |
|
60 |
11 |
(3 |
) |
68 |
|
|
|
|
|
|
Henri Bendel |
|
27 |
- |
(4 |
) |
23 |
La Senza U.S. |
|
5 |
3 |
- |
|
8 |
La Senza Canada |
|
119 |
- |
(1 |
) |
118 |
Total L Brands Stores |
|
3,075 |
59 |
(31 |
) |
3,103 |
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