L Brands Reports December 2018 Sales and Updates Fourth Quarter Earnings Guidance
January 10 2019 - 7:15AM
L Brands, Inc. (NYSE: LB) reported net sales of $2.477 billion for
the five weeks ended Jan. 5, 2019, compared to net sales of $2.516
billion for the five weeks ended Dec. 30, 2017. Comparable
sales were flat for the five weeks ended Jan. 5, 2019, compared to
the five weeks ended Jan. 6, 2018.
The company reported net sales of $12.457
billion for the 48 weeks ended Jan. 5, 2019, compared to net sales
of $11.592 billion for the 48 weeks ended Dec. 30, 2017.
Comparable sales increased 3 percent for the 48 weeks ended Jan. 5,
2019, compared to the 48 weeks ended Jan. 6, 2018.
The company expects to report adjusted fourth
quarter earnings per share towards the higher end of its previous
guidance of $1.90 to $2.10, not including a preliminary estimated
pretax charge, principally non-cash, related to the sale of La
Senza of approximately $80 million, or $0.15 per share. The
company closed on the previously announced sale of the La Senza
business to an affiliate of Regent LP on Jan. 6, 2019.
To hear further commentary provided on L Brands’
prerecorded December 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 and Henri Bendel, is an
international company. The company operates company-owned
specialty stores in the United States, Canada, the United Kingdom
and Greater China, and its brands are also sold in franchised
locations worldwide. The company’s products are also
available online at www.VictoriasSecret.com,
www.BathandBodyWorks.com and www.HenriBendel.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 December 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 December 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
December 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: |
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L Brands: |
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Investor Relations |
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Media Relations |
Amie Preston |
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Tammy Roberts
Myers |
(614) 415-6704 |
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(614) 415-7072 |
apreston@lb.com |
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communications@lb.com |
L BRANDS |
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DECEMBER 2018 |
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Comparable Sales Increase (Decrease) (Stores and
Direct): |
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December |
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Year-to-Date |
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2018 |
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2017 |
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2018 |
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2017 |
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Victoria’s Secret1 |
(6%) |
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(1%) |
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(2%) |
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(9%) |
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Bath & Body
Works1 |
11% |
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4% |
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12% |
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4% |
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L
Brands2 |
0% |
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1% |
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3% |
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(4%) |
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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): |
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December |
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Year-to-Date |
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2018 |
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2017 |
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2018 |
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2017 |
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Victoria’s Secret1 |
(8%) |
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(6%) |
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(6%) |
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(9%) |
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Bath & Body
Works1 |
7%) |
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2% |
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8% |
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2% |
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L
Brands2 |
(2%) |
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(3%) |
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(1%) |
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(5%) |
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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: |
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Stores |
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Stores |
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Operating |
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Operating |
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at 2/3/18 |
Opened |
Closed |
at 1/5/19 |
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Victoria's Secret
U.S. |
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984 |
2 |
(8 |
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978 |
PINK U.S. |
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140 |
1 |
- |
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141 |
Victoria's Secret
Canada |
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39 |
- |
- |
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39 |
PINK Canada |
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7 |
- |
(1 |
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6 |
Total Victoria’s
Secret |
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1,170 |
3 |
(9 |
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1,164 |
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Bath & Body Works
U.S. |
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1,592 |
54 |
(19 |
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1,627 |
Bath & Body Works
Canada |
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102 |
1 |
- |
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103 |
Total Bath &
Body Works |
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1,694 |
55 |
(19 |
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1,730 |
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Victoria’s Secret
U.K./Ireland |
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19 |
2 |
- |
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21 |
PINK U.K. |
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5 |
- |
- |
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5 |
Victoria’s Secret
Beauty and Accessories |
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29 |
8 |
(4 |
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33 |
Victoria’s Secret
China |
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7 |
8 |
- |
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15 |
Total
International |
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60 |
18 |
(4 |
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74 |
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Henri Bendel1 |
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27 |
- |
(4 |
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23 |
La Senza U.S.2 |
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5 |
7 |
- |
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12 |
La Senza Canada2 |
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119 |
- |
(1 |
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118 |
Total L Brands
Stores |
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3,075 |
83 |
(37 |
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3,121 |
1 – As previously announced, all stores are expected to be
closed by Feb. 2, 2019.2 – Stores were sold to an affiliate of
Regent LP on Jan. 6, 2019.
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