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Q4FY16 net sales at apparel marker L Brands up 8%
08
Feb '16
Net sales for the fourth fiscal quarter ended January 30, 2016 at L Brands went up 8 per cent year over year to reach $4.395 billion, while comparable store sales grew 6 per cent.

“Net sales for full fiscal 2016 totaled $12.154 billion, a year on year increase of 6 per cent, while comparable store sales for the fiscal rose 5 per cent,” L Brands stated, while announcing interim results.

Net sales for the four-week period ended January 30, 2016, were $811.3 million, an increase of 4 per cent over the fiscal ago period at $783.1 million and comparable store sales declined 2 per cent.

“January sales results were negatively impacted by a timing shift in the Victoria's Secret semi-annual sale into December,” the apparel marketer said.

“Absent the estimated impact of this timing shift, total company comps would have risen 1 per cent in the four-week period,” it explained.

The company expects to report fourth quarter earnings per share of about $2.05, above its previous guidance of $1.85 to $1.95.

L Brands is increasing its annual ordinary dividend by 20 per cent to $2.40 per share from $2.00 per share and in addition, announced a special dividend of $2.00 per share.

The quarterly ordinary dividend of $0.60 per share and the $2.00 special dividend will be paid on March 4, 2016, to shareholders of record on February 19, 2016.

Additionally, the company has authorised a new $500 million share repurchase program, which includes the remaining $17 million outstanding under the previous program.

The company repurchased $483 million of stock in 2015 and repurchases will be made at the times, in the amounts and in the manner that the company believes appropriate.

CEO Leslie Wexner said, “We achieved our best year ever in 2015 and I am very appreciative of the focus on our customers, the excellent execution and teamwork across the enterprise that drove this result.”

“The dividend and share repurchase actions announced; reflect confidence in our growth opportunities and commitment to delivering shareholder value,” Wexner too added.

L Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel operates 3,005 company-owned stores in the US, Canada and the UK and its brands are sold in other 700 locations worldwide. (AR)

Fibre2Fashion News Desk – India

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