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L Brands, Inc. (LB) SEC Filing 10-Q Quarterly Report for the period ending Saturday, May 1, 2021

L Brands, Inc.

HISTORY TOOLS
CIK: 701985 Ticker: LB

Exhibit 99.1
lbrandsa02aa251a.jpg
L BRANDS REPORTS RECORD FIRST QUARTER EARNINGS

Columbus, Ohio (May 19, 2021) — L Brands, Inc. (NYSE: LB) today reported first quarter 2021 earnings results.
The company reported earnings per share of $0.97 for the first quarter ended May 1, 2021 compared to a loss per share of $1.07 for the first quarter ended May 2, 2020. First quarter operating income was $572.1 million compared to a loss of $317.7 million last year, and net income was $276.6 million compared to a loss of $296.9 million last year.
Reported results above include the following significant items:
In 2021, a $105.5 million ($0.28 per share) pre-tax charge on the early extinguishment of debt.
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 items, adjusted first quarter 2021 earnings per share were $1.25 compared to an adjusted loss per share of $0.99 last year, operating income was $572.1 million compared to an adjusted loss of $220.9 million last year, and adjusted net income was $356.7 million compared to an adjusted net loss of $275.2 million last year.
Andrew Meslow, CEO of L Brands, commented, “L Brands delivered record first quarter earnings, driven by continued strength and exceptional performance at Bath & Body Works and Victoria’s Secret. We are pleased that the momentum in both businesses has continued, driven by positive customer responses to our assortments, which allowed us to reduce promotional activity and deliver substantial increases in our merchandise margin rates. We’d like to express our appreciation to our associates and partners who have made these record results possible. Grounded in the strength of the two businesses, we look forward with confidence to the separation of Bath & Body Works and Victoria’s Secret into two industry-leading, publicly traded companies.”
Meslow continued, “We are also pleased to continue the company’s long-standing history of giving back to our communities through a $35 million contribution in the first quarter, split between the L Brands Foundation, and two new foundations for the separate Bath & Body Works and Victoria’s Secret businesses. Since the establishment of the L Brands Foundation in 1993, we have donated more than $300 million to support thousands of organizations with a focus on health and empowerment of women, nurturing and mentoring children, improving education and enriching the cultural arts. Embedded in our focus is a commitment to diversity, equity and inclusion. As we separate Bath & Body Works and Victoria’s Secret, each business is committed to continuing to make a positive difference in the world and our communities.”
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 19, 2021 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

Cover
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)
Consolidated Statements Of Total Equity (Deficit) (Parenthetical)
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 (Narrative) (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)
Earnings Per Share And Shareholders' Equity - Schedule Of Repurchase Of Common Stock (Details)
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-Lived Assets
Long-Lived Assets (Details)
Long-Lived Assets (Tables)
Long-Lived Assets - Impairment Of Long-Lived Assets Held And Used By Asset (Details)
Long-Term Debt And Borrowing Facilities
Long-Term Debt And Borrowing Facilities (Asset-Backed Revolving Credit Facility) (Narrative) (Details)
Long-Term Debt And Borrowing Facilities (Issuance And Repurchase Of Notes) (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 Foreign Facilities (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)
Subsequent Events
Subsequent Events (Details)
Ticker: LB
CIK: 701985
Form Type: 10-Q Quarterly Report
Accession Number: 0000701985-21-000020
Submitted to the SEC: Thu Jun 03 2021 4:24:40 PM EST
Accepted by the SEC: Thu Jun 03 2021
Period: Saturday, May 1, 2021
Industry: Retail Womens Clothing Stores

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