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L BRANDS REPORTS THIRD QUARTER 2018 RESULTS
- PROVIDES FOURTH QUARTER GUIDANCE -
- PLANS TO REDUCE 2019 ANNUAL DIVIDEND TO $1.20 PER SHARE -
- ANNOUNCES VICTORIA’S SECRET LINGERIE LEADERSHIP CHANGE -
Columbus, Ohio, Nov. 19, 2018 - L Brands, Inc. (NYSE: LB) today reported 2018 third quarter results.
Third Quarter Results
The company reported a loss per share of $0.16 for the third quarter ended Nov. 3, 2018, compared to earnings per share of $0.30 for the quarter ended Oct. 28, 2017. Third quarter operating income was $54.4 million compared to $231.7 million last year, and net loss was $42.8 million compared to net income of $86.0 million last year.
Reported 2018 results above include pre-tax charges of $101.2 million ($0.32 per share), as follows:
$20.3 million, principally cash, related to the closure of the Henri Bendel business; and
An $80.9 million non-cash impairment charge related to certain Victoria’s Secret store assets.
Excluding these charges, adjusted third quarter earnings per share were $0.16 compared to $0.30 last year, adjusted operating income was $155.6 million compared to $231.7 million last year, and adjusted net income was $45.0 million compared to $86.0 million last year.
The company reported net sales of $2.775 billion for the 13 weeks ended Nov. 3, 2018, an increase of 6 percent, compared to net sales of $2.618 billion for the quarter ended Oct. 28, 2017. Comparable sales increased 4 percent for the 13 weeks ended Nov. 3, 2018 compared to the 13 weeks ended Nov. 4, 2017.
Fourth Quarter 2018 Outlook
The company stated that it expects 2018 fourth quarter earnings per share to be $1.90 to $2.10, and increased its full year 2018 adjusted earnings per share guidance to $2.60 to $2.80 from $2.45 to $2.70 previously.
Leslie H. Wexner, Chairman and Chief Executive Officer, commented, “During the quarter, we made some tough decisions that enable us to increase our focus on our core businesses and highest growth opportunities. These actions, including the closure of the Henri Bendel business and the pursuit of alternatives for La Senza, will strengthen our company in the long-term. Looking ahead, we remain focused on executing our strategy, sticking to the fundamentals of our business, staying close to our customers and leveraging the strength of our brands to deliver on our commitments for our customers, associates and stakeholders. We are confident that the steps we have taken and will continue to take will drive growth and create value for our shareholders.”
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 Monday, November 19, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.