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L Brands, Inc. (LB) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 1, 2020

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L Brands, Inc.

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CIK: 701985 Ticker: LB


Exhibit 99.1
lbrandsa02aa19.jpg
L BRANDS REPORTS FOURTH QUARTER AND FULL-YEAR
2019 EARNINGS
- BATH & BODY WORKS REPORTS RECORD FOURTH QUARTER
AND FULL-YEAR RESULTS -

- L BRANDS PROVIDES FIRST QUARTER 2020 GUIDANCE -

Columbus, Ohio, Feb. 26, 2020 - L Brands, Inc. (NYSE: LB) today reported 2019 fourth quarter and full-year results.

Fourth Quarter Results
The company reported a loss per share of $0.70 for the fourth quarter ended Feb. 1, 2020, compared to earnings per share of $1.94 for the quarter ended Feb. 2, 2019. Fourth quarter operating income was $81.7 million compared to operating income of $799.4 million last year, and the net loss was $192.3 million compared to net income of $540.1 million last year.

Reported results above include the following significant items:

In 2019:
•
Pre-tax, non-cash impairment charges of $725.0 million ($2.58 per share) related to Victoria’s Secret goodwill and store-related assets.

In 2018:
•
A pre-tax charge, principally non-cash, related to the sale of La Senza of $99.2 million ($0.20 per share).

Excluding the above charges, adjusted fourth quarter earnings per share were $1.88 compared to $2.14 last year, adjusted operating income was $806.7 million compared to $898.7 million last year, and adjusted net income was $523.7 million compared to $595.2 million last year.

The company reported net sales of $4.707 billion for the fourth quarter ended Feb. 1, 2020, compared to net sales of $4.852 billion for the fourth quarter ended Feb. 2, 2019. Comparable sales decreased 2 percent for the fourth quarter ended Feb. 1, 2020.
 
Full-Year Results
The company reported a loss per share of $1.33 for the year ended Feb. 1, 2020, compared to earnings per share of $2.31 for the year ended Feb. 2, 2019. Full-year operating income was $258.4 million compared to operating income of $1.237 billion last year, and the net loss was $366.4 million compared to net income of $643.9 million last year.


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, February 26, 2020 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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Inside L Brands, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
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)
Commitments And Contingencies
Commitments And Contingencies (Details)
Comprehensive Income (Loss)
Comprehensive Income (Loss) (Detail)
Comprehensive Income (Loss) (Tables)
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 And Trade Names
Goodwill And Trade Names (Narrative) (Details)
Goodwill And Trade Names (Schedule Of Goodwill) (Details)
Goodwill And Trade Names (Tables)
Goodwill And Trade Names Goodwill And Trade Names (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 (Lease Cost) (Details)
Leases (Lease Maturities) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Leases Rent Expenses) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Long-Term Debt And Borrowing Facilities
Long-Term Debt And Borrowing Facilities (Narrative) (Details)
Long-Term Debt And Borrowing Facilities (Schedule Of Long-Term Debt Instruments) (Details)
Long-Term Debt And Borrowing Facilities (Schedule Of Principal Payments On Long-Term Debt) (Details)
Long-Term Debt And Borrowing Facilities (Tables)
Long-Term Debt And Borrowing Facilities Long-Term Debt (Revolving Facility And Letters Of Credit (Narrative) (Details)
New Accounting Pronouncements (Notes)
New Accounting Pronouncements Leases (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)
Property And Equipment, Net Property And Equipment, Net (Long-Lived Assets Impairment) (Details)
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)
Revenue Recognition (Details)
Revenue Recognition (Notes)
Revenue Recognition (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: 0000701985-20-000010
Submitted to the SEC: Fri Mar 27 2020 6:50:38 PM EST
Accepted by the SEC: Mon Mar 30 2020
Period: Saturday, February 1, 2020
Industry: Retail Womens Clothing Stores

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