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L Brands, Inc. (LB) SEC Filing 10-Q Quarterly report for the period ending Saturday, November 2, 2019

L Brands, Inc.

CIK: 701985 Ticker: LB


Exhibit 99.1
lbrandsa02aa17.jpg
L BRANDS REPORTS THIRD QUARTER 2019 RESULTS

- PROVIDES FOURTH QUARTER GUIDANCE -

Columbus, Ohio, Nov. 20, 2019 - L Brands, Inc. (NYSE: LB) today reported 2019 third quarter results.

Third Quarter Results
The company reported a loss per share of $0.91 for the third quarter ended Nov. 2, 2019, compared to a loss per share of $0.16 for the quarter ended Nov. 3, 2018. Third quarter operating loss was $151.2 million compared to operating income of $54.4 million last year, and net loss was $252.0 million compared to a net loss of $42.8 million last year.

Reported results above include the following significant items:

In 2019, pre-tax charges of $284.7 million ($0.93 per share) as follows:
A $247.5 non-cash impairment charge ($0.83 per share) related to certain Victoria’s Secret store and other assets; and
A $37.2 million charge ($0.10 per share) to increase reserves related to ongoing guarantees for the La Senza business which was sold in the fourth quarter of 2018.

In 2018, pre-tax charges of $101.2 million ($0.32 per share) as follows:
An $80.9 million non-cash impairment charge ($0.26 per share) related to certain Victoria’s Secret store assets; and
A $20.3 million charge ($0.05 per share), principally cash, related to the closure of the Henri Bendel business.

Excluding the above charges, adjusted third quarter earnings per share were $0.02 compared to $0.16 last year, adjusted operating income was $96.3 million compared to $155.6 million last year, and adjusted net income was $5.7 million compared to $45.0 million last year.

At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the above charges.

The company reported net sales of $2.677 billion for the 13 weeks ended Nov. 2, 2019, compared to net sales of $2.775 billion for the quarter ended Nov. 3, 2018. Comparable sales decreased 2 percent for the quarter ended Nov. 2, 2019.

Fourth Quarter 2019 Outlook
The company stated that it expects 2019 fourth quarter earnings per share to be about $2.00, which would result in full-year adjusted earnings per share of about $2.40, compared to its previous full-year guidance range of $2.30 to $2.60.


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

The following information was filed by L Brands, Inc. (LB) on Wednesday, November 20, 2019 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.

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Inside L Brands, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Total Equity (Deficit) (Parenthetical)
Consolidated Statements Of Total Equity (Deficit) Statement
Commitments And Contingencies
Commitments And Contingencies (Details)
Comprehensive Income
Comprehensive Income (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Comprehensive Income (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Foreign Exchange Contracts - Cash Flow Hedging Disclosure) (Details)
Derivative Financial Instruments (Tables)
Derivative Financial Instruments Fair Values Derivatives, Balance Sheet Location, By Derivative Contract Type (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Policy)
Earnings Per Share And Shareholders' Equity
Earnings Per Share And Shareholders' Equity (Dividends) (Details)
Earnings Per Share And Shareholders' Equity (Schedule Of Company's Repurchase Program) (Details)
Earnings Per Share And Shareholders' Equity (Shares Utilized For The Calculation Of Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share And Shareholders' Equity (Tables)
Equity Investments
Equity Investments (Details)
Fair Value Measurements
Fair Value Measurements (Carrying Value And Fair Value Of Long-Term Debt, Disclosure) (Detail)
Fair Value Measurements (Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details)
Fair Value Measurements (Tables)
Goodwill And Trade Names (Details)
Goodwill And Trade Names (Notes)
Goodwill And Trade Names (Tables)
Goodwill And Trade Names Trade Names (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Tables)
Long-Term Debt And Borrowing Facilities
Long-Term Debt And Borrowing Facilities (Issuance And Repurchase Of Notes) (Narrative) (Details)
Long-Term Debt And Borrowing Facilities (Revolving Facility And Letters Of Credit) (Narrative) (Details)
Long-Term Debt And Borrowing Facilities (Schedule Of Long-Term Debt Instruments) (Details)
Long-Term Debt And Borrowing Facilities (Tables)
Long-Term Debt And Borrowing Facilities - Exchange Of Notes (Details)
New Accounting Pronouncements
New Accounting Pronouncements - Narrative (Details)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Restructuring Activities
Restructuring Activities (Details)
Retirement Benefits
Retirement Benefits (Narrative) (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Revenue Recognition Narrative (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Supplemental Guarantor Financial Information (Consolidated Balance Sheets) (Details)
Supplemental Guarantor Financial Information (Consolidated Statements Of Cash Flows) (Details)
Supplemental Guarantor Financial Information (Consolidated Statements Of Income) (Details)
Supplemental Guarantor Financial Information (Narrative) (Details)
Supplemental Guarantor Financial Information (Tables)
Supplemental Guarantor Financial Information Supplemental Guarantor Financial Information
Ticker: LB
CIK: 701985
Form Type: 10-Q Quarterly Report
Accession Number: 0000701985-19-000049
Submitted to the SEC: Fri Dec 06 2019 11:26:54 AM EST
Accepted by the SEC: Fri Dec 06 2019
Period: Saturday, November 2, 2019
Industry: Retail Womens Clothing Stores

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