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L Brands, Inc. (LB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 1, 2014

L Brands, Inc.

CIK: 701985 Ticker: LB


Exhibit 99.1
L BRANDS REPORTS FOURTH QUARTER EARNINGS

- UPDATES FEBRUARY COMP GUIDANCE AND PROVIDES FIRST QUARTER AND FULL-YEAR 2014 GUIDANCE -


Columbus, Ohio, Feb. 26, 2014 - L Brands, Inc. (NYSE: LB) today reported 2013 fourth quarter and full-year results.

Fourth Quarter Results
Earnings per share for the 13-week fourth quarter ended Feb. 1, 2014, were $1.65 compared to adjusted earnings per share of $1.76 for the 14-week fourth quarter ended Feb. 2, 2013. Adjusted earnings per share for the prior year on a 13-week basis were approximately $1.68. Fourth quarter operating income was $863.5 million (13 weeks) compared to an adjusted $907.8 million last year (14 weeks). Excluding the extra week last year, operating income dollars were roughly flat year over year. Net income was $489.6 million (13 weeks) compared to an adjusted $519.2 million last year (14 weeks).

Including the significant items in 2012 below, reported fourth quarter earnings per share were $1.65 (13 weeks) compared to $1.39 last year (14 weeks); operating income was $863.5 million (13 weeks) compared to $787.8 million last year (14 weeks); and net income was $489.6 million (13 weeks) compared to $411.4 million last year (14 weeks).

Significant items are as follows:

In 2012 (totaling to a charge of $0.37 per share):
A pre-tax, non-cash charge of $93.2 million, or $0.31 per share, related to intangible asset impairment at La Senza; and
A pre-tax, non-cash charge of $26.9 million, or $0.06 per share, related to store fixed asset impairment at Henri Bendel.

Comparable store sales for the 13-week fourth quarter ended Feb. 1, 2014, increased 1% compared to the 13 weeks ended Feb. 2, 2013. Net sales were $3.818 billion for the 13-week fourth quarter ended Feb. 1, 2014, compared to $3.856 billion for the 14 weeks ended Feb. 2, 2013.

Full-Year Results
Earnings per share for the 52-week year ended Feb. 1, 2014, were $3.05 compared to adjusted earnings per share of $2.92 for the 53-week year ended Feb. 2, 2013. Earnings per share for the full year increased 7% compared to adjusted earnings per share for the prior year on a 52-week basis of approximately $2.84. Operating income was $1.743 billion (52 weeks) in 2013 compared to adjusted operating income of $1.707 billion in 2012 (53 weeks). Excluding the extra week last year, operating income dollars increased by approximately 5% for the full year 2013. Net income was $903.0 million (52 weeks) compared to adjusted net income of $866.7 million in 2012 (53 weeks).



The following information was filed by L Brands, Inc. (LB) on Friday, February 28, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document
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 (loss)
Comprehensive Income (loss) (detail)
Comprehensive Income (loss) (tables)
Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (details)
Derivative Instruments
Derivative Instruments (tables)
Derivative Instruments Derivative Instruments (foreign Exchange Contracts - Cash Flow Hedging Disclosure) (details)
Derivative Instruments Derivative Instruments (interest Rate Contracts - Fair Value Hedging Disclosure) (details)
Derivative Instruments Fair Value Derivatives, Balance Sheet Location, By Derivative Contract Type (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)
Divestitures
Divestitures (narrative) (details)
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 And Other
Equity Investments And Other (details)
Fair Value Measurements
Fair Value Measurements (carrying Value And Fair Value Of Long Term Debt) (detail)
Fair Value Measurements (fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Fair Value Measurements (fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (details)
Fair Value Measurements (tables)
Goodwill, Trade Names And Other Intangible Assets, Net
Goodwill, Trade Names And Other Intangible Assets, Net (narrative) (details)
Goodwill, Trade Names And Other Intangible Assets, Net (schedule Of Goodwill) (details)
Goodwill, Trade Names And Other Intangible Assets, Net (tables)
Goodwill, Trade Names And Other Intangible Assets, Net Goodwill, Trade Names And Other Intangible Assets, Net (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 (leases Rent Expenses) (details)
Leases (minimum Rent Commitments Operating Leases) (details)
Leases (narrative) (details)
Leases (tables)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Long-term Debt Instruments) (details)
Long-term Debt (schedule Of Principal Payments On Long-term Debt) (details)
Long-term Debt (tables)
Long-term Debt Long-term Debt (revolving Facility And Letters Of Credit (narrative) (details)
Property And Equipment, Net
Property And Equipment, Net (details Of Property And Equipment, Net) (details)
Property And Equipment, Net (narrative) (details)
Property And Equipment, Net (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (narrative) (details)
Quarterly Financial Data (unaudited) (tables)
Restructuring Activities
Restructuring Activities (narrative) (details)
Retirement Benefits
Retirement Benefits (details)
Retirement Benefits (tables)
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) (narrative) (details)
Shareholders' Equity (deficit)
Shareholders' Equity (deficit) (dividends Paid) (details)
Shareholders' Equity (deficit) (schedule Of Company's Repurchase Program) (details)
Shareholders' Equity (deficit) (tables)
Subsequent Events
Subsequent Events (details)
Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information (condensed Consolidating Balance Sheet) (details)
Supplemental Guarantor Financial Information (condensed Consolidating Statement Of Cash Flows) (details)
Supplemental Guarantor Financial Information (condensed Consolidating Statements Of Income) (details)
Supplemental Guarantor Financial Information (narrative) (details)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information (tables)
Ticker: LB
CIK: 701985
Form Type: 10-K Annual Report
Accession Number: 0000701985-14-000013
Submitted to the SEC: Fri Mar 21 2014 4:56:40 PM EST
Accepted by the SEC: Fri Mar 21 2014
Period: Saturday, February 1, 2014
Industry: Retail Womens Clothing Stores

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