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L Brands, Inc. (LB) SEC Filing 10-Q Quarterly report for the period ending Saturday, May 2, 2020

L Brands, Inc.

CIK: 701985 Ticker: LB


Exhibit 99.1
lbrandsa02aa21.jpg
L BRANDS REPORTS FIRST QUARTER 2020 RESULTS

COLUMBUS, Ohio, May 20, 2020
- L Brands, Inc. (NYSE: LB) today reported first quarter results.

On May 4, 2020, the company outlined its go-forward strategy to drive long-term shareholder value. As part of this strategy, the company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses to operate as a separate, standalone company. 

The company reported net sales of $1.654 billion for the first quarter ended May 2, 2020, compared to sales of $2.629 billion for the quarter ended May 4, 2019. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic.

Total Bath & Body Works first quarter sales in the United States and Canada were $712.7 million compared to $870.7 million last year. Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 85 percent to $288.9 million compared to $156.4 million last year. Bath & Body Works first quarter store comparable sales increased 20 percent during the period in which stores were open.

The company reported a loss per share of $1.07 for the first quarter ended May 2, 2020, compared to earnings per share of $0.14 for the quarter ended May 4, 2019. First quarter operating loss was $317.7 million compared to operating income of $153.3 million last year, and net loss was $296.9 million compared to net income of $40.3 million last year.

Reported results above include the following significant items:

In 2020, net charges of $0.08 per share as follows:
$96.8 million ($0.26 per share) non-cash pre-tax impairment charges related to certain Victoria’s Secret store assets, and
A tax benefit of approximately $50.4 million ($0.18 per share), related to the favorable resolution of certain tax matters.

Excluding the above charges, adjusted first quarter loss per share was $0.99 compared to earnings per share of $0.14 last year, adjusted operating loss was $220.9 million compared to operating income of $153.3 million last year, and adjusted net loss was $275.2 million compared to net income of $40.3 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.

Given the high level of uncertainty in the current environment, the company is not providing second quarter or full-year 2020 earnings guidance.



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, May 20, 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-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)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
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 (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Inventories
Inventories (Details)
Inventories (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)
New Accounting Pronouncements
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
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)
Subsequent Events
Subsequent Events (Details)
Ticker: LB
CIK: 701985
Form Type: 10-Q Quarterly Report
Accession Number: 0000701985-20-000020
Submitted to the SEC: Wed Jun 03 2020 5:15:34 PM EST
Accepted by the SEC: Wed Jun 03 2020
Period: Saturday, May 2, 2020
Industry: Retail Womens Clothing Stores

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