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L Brands, Inc. (LB) SEC Filing 10-Q Quarterly report for the period ending Saturday, August 1, 2020

L Brands, Inc.

CIK: 701985 Ticker: LB


Exhibit 99.1
lbrandsa02aa25.jpg
L BRANDS REPORTS SECOND QUARTER 2020 RESULTS

COLUMBUS, Ohio, Aug. 19, 2020
- L Brands, Inc. (NYSE: LB) today reported second quarter earnings results.

Consistent with expectations disclosed in the company’s July 28, 2020 business update, net sales were $2.319 billion for the quarter ended Aug. 1, 2020, a decrease of 20 percent compared to sales of $2.902 billion for the quarter ended Aug. 3, 2019. The company’s stores were closed during periods of time throughout the second quarter due to the COVID-19 pandemic. As of the end of the second quarter, most Bath & Body Works and Victoria’s Secret stores in North America have reopened.

Total Bath & Body Works second quarter sales in the United States and Canada were $1.197 billion, an increase of 13 percent compared to $1.061 billion last year. Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 191 percent to $518.6 million compared to $178.4 million last year. Bath & Body Works second quarter store comparable sales increased 87 percent during the period in which stores were open.

Total Victoria’s Secret second quarter sales in the United States and Canada were $977.5 million, a decrease of 39 percent compared to $1.606 billion last year. Sales at the Victoria’s Secret direct business, which remained open throughout the quarter, increased by 65 percent to $613.9 million compared to $373.1 million last year. Victoria’s Secret second quarter store comparable sales decreased 10 percent during the period in which stores were open.

Reported loss per share for the second quarter ended Aug. 1, 2020, was $0.18 compared to earnings per share of $0.14 for the quarter ended Aug. 3, 2019. Second quarter operating income was $44.0 million compared to $174.6 million last year, and net loss was $49.6 million compared to net income of $37.6 million last year.

The second quarter reported results include the following special items:

In 2020, net charges of $0.42 per share, as follows:
A pre-tax non-cash charge of $117.1 million ($0.35 per share) related to the impairment of certain Victoria’s Secret lease and store assets;
A pre-tax charge of $80.8 million ($0.23 per share), principally severance, related to previously announced restructuring actions; 
A pre-tax net gain, primarily non-cash, of $36.3 million ($0.09 per share) related to the closure and termination of our lease and the related liability for the Victoria’s Secret Hong Kong flagship store; and,
An income tax benefit of $20.5 million ($0.07 per share) related to recent changes in tax legislation included in the CARES act.



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, August 19, 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)
Property And Equipment, Net - Impairment Of Long-Lived Assets Held And Used By Asset (Details)
Restructuring
Restructuring (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)
Ticker: LB
CIK: 701985
Form Type: 10-Q Quarterly Report
Accession Number: 0000701985-20-000036
Submitted to the SEC: Thu Sep 03 2020 5:03:05 PM EST
Accepted by the SEC: Thu Sep 03 2020
Period: Saturday, August 1, 2020
Industry: Retail Womens Clothing Stores

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