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L Brands, Inc. (LB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 30, 2016

L Brands, Inc.

CIK: 701985 Ticker: LB


Exhibit 99.1

L BRANDS REPORTS RECORD FOURTH QUARTER
AND FULL-YEAR EARNINGS

- UPDATES FEBRUARY COMP GUIDANCE AND PROVIDES FIRST QUARTER
AND FULL-YEAR 2016 EARNINGS GUIDANCE -


Columbus, Ohio, Feb. 24, 2016 - L Brands, Inc. (NYSE: LB) today reported record 2015 fourth quarter and full-year results.

Leslie H. Wexner, chairman and chief executive officer, commented, “We delivered record results in a year when many retailers struggled. These results are a reflection of the strength of our brands and were driven by tremendous focus and execution across the enterprise. I am very optimistic heading into 2016 and confident in our growth opportunities.”

Fourth Quarter Results
Earnings per share for the fourth quarter ended Jan. 30, 2016, increased 14% to $2.15 from $1.89 for the quarter ended Jan. 31, 2015. Fourth quarter operating income increased 13% to $1.078 billion from $957.0 million last year. Net income increased 13% to $636.0 million compared to $564.8 million last year.

Net sales for the fourth quarter ended Jan. 30, 2016, were $4.395 billion, an increase of 8% compared to $4.069 billion for the quarter ended Jan. 31, 2015. Comparable store sales for the fourth quarter ended Jan. 30, 2016, increased 6%.

Full-Year Results
Adjusted earnings per share for the year ended Jan. 30, 2016, which exclude a $78.1 million ($0.23 per share) first quarter pre-tax gain on the sale of the company’s remaining interest in the third-party apparel sourcing business, increased 14% to $3.99 compared to $3.50 for the year ended Jan. 31, 2015. Full-year operating income increased 12% to $2.192 billion compared to $1.953 billion last year, and adjusted net income was $1.184 billion compared to $1.042 billion last year.

Including the gain from the sale of the sourcing business mentioned above, reported full-year earnings per share were $4.22 compared to $3.50 last year, and net income was $1.253 billion compared to $1.042 billion last year.

Net sales for the year ended Jan. 30, 2016, were $12.154 billion, an increase of 6% compared to $11.454 billion for the year ended Jan. 31, 2015. Comparable store sales for the year ended Jan. 30, 2016, increased 5%.


2016 Outlook
The company currently expects 2016 full-year earnings per share to be between $3.90 and $4.10, including earnings per share between $0.50 and $0.55 in the first quarter. The 2016 earnings per share forecast includes negative impacts related to continued pressure from foreign currency exchange rates and incremental interest expense related to the $1 billion October 2015 note issuance.

The company expects to report a mid-single digit increase in February comparable store sales, above expectations for a low-single digit increase, reflecting a mid-single digit increase at both Victoria’s Secret and Bath & Body Works.

Beginning with the February 2016 sales report, the company will include direct sales in comparable store sales results, consistent with industry practice.

Earnings Call and Additional Information
L Brands will conduct its fourth quarter earnings call at 9 a.m. Eastern on Feb. 25. To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978). For an audio replay, call 1-855-859-2056 (conference ID 33156271) (international replay number: 1-404-537-3406 (conference ID 33156271)) or log onto www.LB.com. Additional fourth quarter and full-year financial information is also available at www.LB.com.

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 3,005 company-owned specialty stores in the United States, Canada and the United Kingdom, and its brands are sold in more than 700 additional noncompany-owned 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
L Brands, Inc. cautions 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 fourth quarter earnings call 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 fourth quarter earnings call:
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 a high volume of 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 into global markets and related risks;
our relationships with independent franchise, license and wholesale partners;
our direct channel businesses;
our failure to protect our reputation and our brand images;
our failure to protect our trade names, trademarks and patents;
the highly competitive nature of the retail industry generally and the segments in which we operate particularly;
consumer acceptance of our products and our ability to 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;
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;
fluctuations in foreign currency exchange rates;
stock price volatility;
our failure 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 employees and manage labor-related costs;
the inability of our manufacturers to deliver products in a timely manner and meet quality standards;
fluctuations in product input costs;
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 failure to maintain the security of customer, associate, supplier or company information;
our failure to comply with regulatory requirements;
tax matters; and
legal and compliance 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 fourth quarter earnings call to reflect circumstances existing after the date of this press release or the fourth quarter earnings call 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 2014 Annual Report on Form 10-K.



VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com


The following information was filed by L Brands, Inc. (LB) on Friday, February 26, 2016 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)
Code Of Conduct, Related Person Transaction Policy And Associated Matters (details)
Code Of Conduct, Related Person Transaction Policy And Associated Matters (notes)
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)
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 (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)
New Accounting Pronouncements (notes)
New Accounting Pronouncements Debt Issuance Costs (details)
New Accounting Pronouncements Deferred Income Taxes (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)
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: 0000701985-16-000051
Submitted to the SEC: Fri Mar 18 2016 5:08:02 PM EST
Accepted by the SEC: Fri Mar 18 2016
Period: Saturday, January 30, 2016
Industry: Retail Womens Clothing Stores

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