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L Brands, Inc. (LB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 30, 2021

L Brands, Inc.

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CIK: 701985 Ticker: LB

Exhibit 99.1
lbrandsa02aa251.jpg
L BRANDS REPORTS RECORD FOURTH QUARTER 2020 RESULTS

Columbus, Ohio, Feb. 24, 2021 — L Brands, Inc. (NYSE: LB) today reported 2020 fourth quarter and full-year results.

Fourth Quarter Results
The company reported earnings per share of $3.03 for the fourth quarter ended Jan. 30, 2021, compared to a loss per share of $0.70 for the quarter ended Feb. 1, 2020. Fourth quarter operating income was $1.273 billion compared to operating income of $81.7 million last year, and net income was $860.3 million compared to a net loss of $192.3 million last year.

Reported results in 2019 include pre-tax, non-cash impairment charges of $725.0 million ($2.58 per share) related to Victoria’s Secret goodwill and store-related assets.

On an adjusted basis, which exclude the above charges in 2019, fourth quarter 2020 earnings per share increased 61 percent to $3.03 compared to adjusted $1.88 last year, operating income increased 58% to $1.273 billion compared to adjusted $806.7 million last year, and net income was $860.3 million compared to adjusted $523.7 million last year. Bath & Body Works fourth quarter operating income increased $250 million, or 38 percent, to $913.7 million. Victoria’s Secret adjusted fourth quarter operating income increased $209.8 million, or 108 percent, to $403.4 million.

The company reported net sales of $4.818 billion for the fourth quarter ended Jan. 30, 2021, compared to net sales of $4.707 billion for the fourth quarter ended Feb. 1, 2020. Comparable sales increased 10 percent, consisting of a 22 percent increase at Bath & Body Works and a 3 percent decrease at Victoria’s Secret. Fourth quarter sales in the direct channel increased 74 percent at Bath & Body Works and 33 percent at Victoria’s Secret.

Full-Year Results
The company reported earnings per share of $3.00 for the year ended Jan. 30, 2021, compared to a loss per share of $1.33 for the year ended Feb. 1, 2020. Full-year operating income was $1.580 billion compared to $258.4 million last year, and net income was $844.5 million compared to a net loss of $366.4 million last year.

Excluding significant items, adjusted full-year earnings per share increased 51 percent to $3.46 compared to $2.29 last year; adjusted operating income increased 47% to $1.808 billion compared to $1.231 billion last year; and adjusted net income was $974.5 million compared to $637.3 million last year.

Net sales were $11.847 billion for the year ended Jan. 30, 2021, compared to $12.914 billion for the year ended Feb. 1, 2020. Comparable sales for the full year increased 21 percent, consisting of a 45 percent increase at Bath & Body Works and a 1 percent increase at Victoria’s Secret. Full year 2020 sales in the direct channel increased 109 percent at Bath & Body Works and 31 percent at Victoria’s Secret.

VICTORIA'S SECRET / PINK / BATH & BODY WORKS
Three Limited Parkway Columbus, OH 43230 www.LB.com
The following information was filed by L Brands, Inc. (LB) on Wednesday, February 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside L Brands, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consoldiated Statements Of Comprehensive Income
Consolidated Balance Sheets
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Total Equity (Deficit)
Accrued Expenses And Other
Accrued Expenses And Other (Details)
Accrued Expenses And Other (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Comprehensive Income (Loss)
Comprehensive Income (Loss) (Tables)
Comprehensive Income - Narrative (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Depreciable Life Range Of Property Plant And Equipment) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Earnings Per Share
Earnings Per Share (Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Tables)
Equity Investments
Equity Investments (Details)
Fair Value Measurements
Fair Value Measurements (Carrying Value And Fair Value Of Long Term Debt) (Detail)
Fair Value Measurements (Tables)
Goodwill And Trade Names
Goodwill And Trade Names (Narrative) (Details)
Goodwill And Trade Names (Tables)
Goodwill And Trade Names Goodwill And Trade Names (Intangible Assets - Indefinite Lives) (Details)
Income Taxes
Income Taxes (Activity Related To Its Unrecognized Tax Benefits) (Details)
Income Taxes (Effect Of Temporary Differences That Cause Deferred Income Taxes) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Provision For Income Taxes) (Details)
Income Taxes (Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate) (Details)
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Lease Cost) (Details)
Leases (Lease Maturities) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Leases Rent Expenses) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Long-Lived Assets
Long-Lived Assets (Details Of Property And Equipment, Net) (Details)
Long-Lived Assets (Long-Lived Assets Impairment) (Details)
Long-Lived Assets (Narrative) (Details)
Long-Lived Assets (Tables)
Long-Term Debt And Borrowing Facilities
Long-Term Debt And Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details)
Long-Term Debt And Borrowing Facilities (Schedule Of Long-Term Debt Instruments) (Details)
Long-Term Debt And Borrowing Facilities (Schedule Of Principal Payments On Long-Term Debt) (Details)
Long-Term Debt And Borrowing Facilities (Tables)
Long-Term Debt And Borrowing Facilities Long-Term Debt (Revolving Facility And Letters Of Credit (Narrative) (Details)
New Accounting Pronouncements (Notes)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Narrative) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Restructuring Activities (Details)
Restructuring Activities (Notes)
Retirement Benefits
Retirement Benefits (Details)
Retirement Benefits (Tables)
Revenue Recognition (Details)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition Narrative (Details)
Segment Information
Segment Information (Additional Information) (Details)
Segment Information (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Restricted Stock Activity) (Details)
Share-Based Compensation (Share-Based Compensation Expense) (Details)
Share-Based Compensation (Stock Option Activity) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation (Weighted-Average Assumptions) (Details)
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Dividends Paid) (Details)
Shareholders' Equity (Deficit) (Narrative) (Details)
Shareholders' Equity (Deficit) (Tables)
Subsequent Events
Subsequent Events (Details)
Ticker: LB
CIK: 701985
Form Type: 10-K Annual Report
Accession Number: 0000701985-21-000011
Submitted to the SEC: Fri Mar 19 2021 5:01:57 PM EST
Accepted by the SEC: Fri Mar 19 2021
Period: Saturday, January 30, 2021
Industry: Retail Womens Clothing Stores

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