L Brands, Inc. (LB) 10-K Annual Report March 2014

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

Material Contracts, Statements, Certifications & more

L Brands, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 3.1: Restated Certificate Of Incorporation

Exhibit 12: Computation Of Ratio Of Earnings To Fixed Charges

Exhibit 21: Subsidiaries Of The Registrant

Exhibit 23.1: Consent Of Ernst &Amp; Young Llp

Exhibit 24: Powers Of Attorney

Exhibit 31.1: Section 302 Certification Of Ceo

Exhibit 31.2: Section 302 Certification Of Cfo

Exhibit 32: Section 906 Certification Of Ceo And Cfo

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