• Linkdin
L Brands Reports First Quarter 2019 Results
23
May '19

COLUMBUS, Ohio, May 22, 2019 (GLOBE NEWSWIRE) L Brands, Inc. (NYSE: LB) today reported first quarter earnings results.

The company reported net sales of $2.629 billion for the first quarter ended May 4, 2019, compared to sales of $2.626 billion for the quarter ended May 5, 2018.  Comparable sales for the first quarter ended May 4, 2019, were flat compared to the quarter ended May 5, 2018.  First quarter comparable sales declined 5 percent at the Victoria’s Secret segment and increased 13 percent at Bath & Body Works.

Earnings per share for the first quarter ended May 4, 2019, were $0.14 compared to $0.17 for the quarter ended May 5, 2018.  First quarter operating income was $153.3 million compared to $154.8 million last year, and net income was $40.3 million compared to $47.5 million last year.

The first quarter earnings per share result of $0.14 exceeded the company’s guidance of about breakeven, driven by record results at Bath & Body Works.

2019 Outlook
The company updated its guidance for 2019 full-year earnings per share to between $2.30 to $2.60 from $2.20 to $2.60 previously, and issued guidance for second quarter earnings per share between $0.15 and $0.20.

ABOUT L BRANDS:

L Brands, through Victoria’s Secret, PINK and Bath & Body Works, is an international company.  The company operates 2,920 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 650 franchised locations worldwide. 


L BRANDS

FIRST QUARTER 2019

Comparable Sales Increase (Decrease) (Stores and Direct):

  First
Quarter
2019
  First
Quarter
2018
       
Victoria’s Secret1 (5%)   1%
Bath & Body Works1 13%   8%
L Brands2 0%   3%

1 – Results include company-owned stores in the U.S. and Canada and direct sales.
2 – Results include company-owned stores in the U.S., Canada, the U.K. and Greater China and direct sales.
 

Comparable Sales Increase (Decrease) (Stores Only):

  First
Quarter
2019
  First
Quarter
2018
       
Victoria’s Secret1 (7%)   (5%)
Bath & Body Works1 7%   5%
L Brands2 (3%)   (2%)

1 – Results include company-owned stores in the U.S. and Canada.
2 – Results include company-owned stores in the U.S., Canada, the U.K. and Greater China.
 

Total Sales (Millions):

 

First
Quarter
 2019
 

First
Quarter
 2018
       
Victoria’s Secret1 $ 1,148.8   $ 1,235.9
Victoria’s Secret Direct   362.1     353.5
Total Victoria’s Secret $ 1,510.9   $ 1,589.4
Bath & Body Works1 $ 714.3   $ 648.6
Bath & Body Works Direct   156.4     111.8
Total Bath & Body Works $ 870.7   $ 760.4
VS & BBW International2 $ 135.0   $ 135.1
Other $ 112.2   $ 140.9
L Brands $ 2,628.8   $ 2,625.8

1 – Results include company-owned stores in the U.S. and Canada.
2 – Results include retail sales from company-owned stores outside of the U.S. and Canada, direct sales in China, royalties associated with franchised stores and wholesale sales.
 

Total Company-Owned Stores:

    Stores   Stores
    Operating Operating
    at 2/2/19 Opened Closed at 5/4/19
           
           
Victoria's Secret U.S.   957 - (35)   922
PINK U.S.   141 1 -   142
Victoria's Secret Canada   39 - -   39
PINK Canada   6 - -   6
Total Victoria’s Secret   1,143 1 (35)   1,109
           
Bath & Body Works U.S.   1,619 14 (3)   1,630
Bath & Body Works Canada   102 - -   102
Total Bath & Body Works   1,721 14 (3)   1,732
           
Victoria’s Secret U.K./Ireland   21 - -   21
PINK U.K.   5 - -   5
Victoria’s Secret Beauty and Accessories   38 2 (2)   38
Victoria’s Secret China   15 - -   15
Total International   79 2 (2)   79
           
Total L Brands Stores   2,943 17 (40)   2,920

 

Total Noncompany-Owned Stores:

    Stores     Stores
    Operating Operating
    at 2/2/19 Opened Closed at 5/4/19
           
Victoria’s Secret Beauty & Accessories – Travel Retail   164 5 (8)   161
Bath & Body Works – Travel Retail   12 1 -   13
Victoria’s Secret Beauty & Accessories   219 2 (4)   217
Victoria’s Secret   47 3 -   50
PINK   9 - -   9
Bath & Body Works   223 8 (1)   230
Total    674 19 (13)   680
           

 

L BRANDS, INC. AND SUBSIDIARIES  
CONSOLIDATED STATEMENTS OF INCOME   
THIRTEEN WEEKS ENDED MAY 4, 2019 AND MAY 5, 2018  
(Unaudited)  
(In thousands except per share amounts)   
             
      2019       2018      
Net Sales $ 2,628,809     $ 2,625,846      
Costs of Goods Sold, Buying and Occupancy   (1,694,795)       (1,682,016)      
Gross Profit   934,014       943,830      
General, Administrative and Store Operating Expenses   (780,669)       (789,023)      
Operating Income   153,345       154,807      
Interest Expense   (98,897)       (97,899)      
Other Income   6,152       1,401      
             
Income Before Income Taxes   60,600       58,309      
Provision for Income Taxes   20,345       10,792      
             
Net Income $

 

(This story has not been edited by Fibre2Fashion staff and is published from a syndicated feed.)


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