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L Brands, Inc. (LB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 28, 2017

L Brands, Inc.

CIK: 701985 Ticker: LB


Exhibit 99.1
lbrandsa02aa07.jpg

L BRANDS REPORTS FOURTH QUARTER
AND FULL-YEAR 2016 EARNINGS

- UPDATES FEBRUARY COMP GUIDANCE AND PROVIDES FIRST QUARTER
AND FULL-YEAR 2017 EARNINGS GUIDANCE -


Columbus, Ohio, Feb. 22, 2017 - L Brands, Inc. (NYSE: LB) today reported 2016 fourth quarter and full-year results.

Fourth Quarter Results
Earnings per share for the fourth quarter ended Jan. 28, 2017, were $2.18 compared to $2.15 for the quarter ended Jan. 30, 2016. Fourth quarter operating income decreased 8 percent to $987.6 million compared to $1.078 billion last year, and net income was $631.7 million compared to $636.0 million last year.

Reported results above include a favorable tax settlement of $41.7 million, or $0.14 per share. Excluding this item, adjusted net income decreased 7 percent to $590.0 million compared to $636.0 million last year, and adjusted earnings per share decreased 6 percent to $2.03 compared to $2.15 last year.

Net sales for the fourth quarter ended Jan. 28, 2017, were $4.489 billion, an increase of 2 percent compared to $4.395 billion for the quarter ended Jan. 30, 2016. Comparable sales for the fourth quarter ended Jan. 28, 2017, were flat. For the fourth quarter, the exit of the swim and apparel categories had a negative impact of 2 percentage points and 4 percentage points to total company and Victoria’s Secret comparable sales, respectively.

Full-Year Results
Earnings per share for the year ended Jan. 28, 2017, were $3.98 compared to $4.22 for the year ended Jan. 30, 2016. Full-year operating income was $2.003 billion compared to $2.192 billion last year, and net income was $1.158 billion compared to $1.253 billion last year.

The reported results above include certain significant items as detailed below:

In 2016:
A pre-tax gain of $108.3 million ($0.24 per share) related to a cash distribution from Easton Town Center;
A pre-tax charge of $35.8 million ($0.08 per share) related to the early extinguishment of the company’s July 2017 notes;
Pre-tax charges of $34.5 million ($0.07 per share) related to previously announced actions at Victoria’s Secret, including severance charges, fabric cancellations and the write-off of catalogue paper; and
A favorable tax settlement of $41.7 million ($0.14 per share)

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 Wednesday, February 22, 2017 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)
Acquisition Acquisition
Acquisition Acquisition (details)
Acquisition Acquisition (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 Financial Instruments Derivative Instruments (foreign Exchange Contracts - Cash Flow Hedging Disclosure) (details)
Derivative Financial Instruments Derivative Instruments (interest Rate Contracts - Fair Value Hedging Disclosure) (details)
Derivative Financial Instruments Fair Value Derivatives, Balance Sheet Location, By Derivative Contract Type (details)
Derivative Financial Instruments Foreign Currency Derivatives Notional Amount Outstanding (details)
Derivative Instruments
Derivative Instruments (tables)
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 (tables)
Fair Value Measurements Fair Value Measurements (securities Narrative) (details)
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)
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 (details)
Restructuring Activities (notes)
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: 0000701985-17-000022
Submitted to the SEC: Fri Mar 17 2017 5:04:06 PM EST
Accepted by the SEC: Fri Mar 17 2017
Period: Saturday, January 28, 2017
Industry: Retail Womens Clothing Stores

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