First Quarter Earnings Presentation
May 22, 2019
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," "planned," "potential" and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management:
- general economic conditions, consumer confidence, consumer spending patterns and market disruptions including severe weather conditions, natural disasters, health hazards, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;
- the seasonality of our business;
- the dependence on mall traffic and the availability of suitable store locations on appropriate terms;
- our ability to grow through new store openings and existing store remodels and expansions;
- our ability to successfully expand internationally and related risks;
- our independent franchise, license and wholesale partners;
- our direct channel businesses;
- our ability to protect our reputation and our brand images;
- our ability to attract customers with marketing, advertising and promotional programs;
- our ability to protect our trade names, trademarks and patents;
- the highly competitive nature of the retail industry and the segments in which we operate;
- consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully;
- our ability to source, distribute and sell goods and materials on a global basis, including risks related to:
- political instability, significant health hazards, environmental hazards or natural disasters;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- potential delays or disruptions in shipping and transportation and related pricing impacts;
- disruption due to labor disputes; and
- changing expectations regarding product safety due to new legislation;
- our geographic concentration of vendor and distribution facilities in central Ohio;
- fluctuations in foreign currency exchange rates;
- stock price volatility;
- our ability to pay dividends and related effects;
- our ability to maintain our credit rating;
- our ability to service or refinance our debt;
- shareholder activism matters;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified associates and managelabor-related costs;
- the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
- fluctuations in product input costs;
- our ability to adequately protect our assets from loss and theft;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from ourself-insurance;
- liabilities arising from divested businesses;
- our ability to implement and maintain information technology systems and to protect associated data;
- our ability to maintain the security of customer, associate,third-party or company information;
- our ability to comply with regulatory requirements;
- legal and compliance matters; and
- tax, trade and other regulatory matters.
We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this report to reflect circumstances existing after the date of this report or to reflect the | 2 |
occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. |
L BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME THIRTEEN WEEKS ENDED MAY 4, 2019 AND MAY 5, 2018
(Unaudited)
(In millions except per share amounts)
% | |||||||||||
Increase | Increase | ||||||||||
2019 | 2018 | (Decrease) | (Decrease) | ||||||||
Net Sales | $ | 2,628.8 | $ | 2,625.8 | $ | 3.0 | 0% | ||||
Comparable Store Sales | -3% | -2% | |||||||||
Comparable Sales | 0% | 3% | |||||||||
Gross Profit | 934.0 | 943.8 | (9.8) | -1% | |||||||
% of Sales | 35.5% | 35.9% | (40 bps) | ||||||||
General, Administrative and | |||||||||||
Store Operating Expenses | 780.7 | 789.0 | (8.3) | -1% | |||||||
% of Sales | 29.7% | 30.0% | (30 bps) | ||||||||
Operating Income | (1.5) | -1% | |||||||||
153.3 | 154.8 | ||||||||||
% of Sales | 5.8% | 5.9% | (10 bps) | ||||||||
Interest Expense and Other | 92.7 | 96.5 | (3.8) | -4% | |||||||
Income Before Income Taxes | 60.6 | 58.3 | 2.3 | 4% | |||||||
Provision for Income Taxes | 20.3 | 10.8 | 9.5 | 89% | |||||||
% of Pre-Tax Income | 33.6% | 18.5% | |||||||||
Net Income | $ | 40.3 | $ | 47.5 | $ | (7.2) | -15% | ||||
% of Sales | (30 bps) | ||||||||||
1.5% | 1.8% | ||||||||||
Net Income Per Diluted Share | $ | 0.14 | $ | 0.17 | $ | (0.03) | -18% | ||||
Weighted Average Shares Outstanding | 278.2 | 281.6 | |||||||||
3
L BRANDS, INC. AND SUBSIDIARIES
OPERATING INCOME BY SEGMENT
THIRTEEN WEEKS ENDED MAY 4, 2019 AND MAY 5, 2018
(Unaudited)
(In millions)
% | ||||||||||||
Increase | Increase | |||||||||||
2019 | 2018 | (Decrease) | (Decrease) | |||||||||
Victoria's Secret | $ | 32.7 | $ | 83.2 | $ | (50.5) | -61% | |||||
% of Sales | 2.2% | 5.2% | (300 bps) | |||||||||
Bath & Body Works | 154.8 | 123.7 | 31.1 | 25% | ||||||||
% of Sales | 17.8% | 16.3% | 150 bps | |||||||||
Victoria's Secret and Bath & Body Works International | (4.0) | (4.8) | 0.8 | 16% | ||||||||
% of Sales | (3.0%) | (3.6%) | 60 bps | |||||||||
Other | (30.2) | (47.3) | 17.1 | 36% | ||||||||
% of Sales | (26.9%) | (33.5%) | 660 bps | |||||||||
Total L Brands | $ | (1.5) | -1% | |||||||||
$ | 153.3 | $ | 154.8 | |||||||||
% of Sales | (10 bps) | |||||||||||
5.8% | 5.9% |
4
L BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited) (In thousands)
ASSETS | May 4, 2019 | May 5, 2018 | |||||
Current Assets | |||||||
Cash and Cash Equivalents | $ | 1,145,577 | $ | 1,031,527 | |||
Accounts Receivable, Net | 273,926 | 273,654 | |||||
Inventories | 1,357,483 | 1,350,506 | |||||
Other | 169,966 | 233,764 | |||||
Total Current Assets | 2,946,952 | 2,889,451 | |||||
Property and Equipment, Net | 2,794,319 | 2,893,521 | |||||
Right-of-Use Lease Assets | 3,270,613 | - | |||||
Goodwill | 1,348,287 | 1,348,287 | |||||
Trade Names | 411,000 | 411,000 | |||||
Deferred Income Taxes | 61,022 | 22,308 | |||||
Other Assets | 165,966 | 184,029 | |||||
TOTAL ASSETS | $ | 10,998,159 | $ | 7,748,596 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | |||||||
Current Liabilities | |||||||
Accounts Payable | $ | 688,195 | $ | 716,880 | |||
Accrued Expenses and Other | 872,531 | 847,385 | |||||
Current Debt | 71,741 | 88,782 | |||||
Current Lease Liabilities | 443,093 | - | |||||
Income Taxes | 121,634 | 204,217 | |||||
Total Current Liabilities | 2,197,194 | 1,857,264 | |||||
Deferred Income Taxes | 238,059 | 234,295 | |||||
Long-Term Debt | 5,748,696 | 5,718,602 | |||||
Long-Term Lease Liabilities | 3,234,085 | - | |||||
Other Long-Term Liabilities | 478,001 | 906,989 | |||||
Shareholders' Equity (Deficit) | (897,876) | (968,554) | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ | 10,998,159 | $ | 7,748,596 |
5
L BRANDS 1ST QUARTER
1st Quarter 2019 versus 2018
($ amounts in millions)
(Unaudited)
Victoria's Secret | Bath & Body Works | Total L Brands | |||
Comparable store sales | (7%) | 7% | (3%) | ||
Comparable sales | (5%) | 13% | 0% | ||
Sales change | (5%) | 15% | 0% | ||
Sales | $1,511 | $871 | $2,629 | ||
Gross profit (% of sales) | Down Significantly | Up | 35.5% | ||
Operating income (% of sales) | 2.2% | 17.8% | 5.8% | ||
Operating income | $33 | $155 | $153 | ||
Net income | $40 | ||||
Average shares outstanding | 278 | ||||
Earnings per share | $0.14 |
6
L Brands, Inc.
2019 Outlook as of May 22, 2019
Second Quarter | Full Year 2019 | |
Comps | About flat | Up low-single digits |
Gross Margin Rate | Down from 35.5% LY | Down from 37.7% LY |
SG&A Expense Rate | Up from 27.8% LY | Up from 26.9% LY |
Net Non-Operating Expense | About $90 million | About $370 million |
Tax Rate (before discrete items) | Between 30% and 35% | Between 28% and 30% |
Weighted Average Shares Outstanding | Approximately 279 million | Approximately 279 million |
Earnings Per Share | $0.15 to $0.20 | $2.30 to $2.60 |
Capital Expenditures | N/A | About $575 - $600 million |
Depreciation and Amortization | N/A | Approximately $580 million1 |
Free Cash Flow2 | N/A | About $700 million |
1As a result of the adoption of the new lease accounting standard in the first quarter of 2019, our estimate for depreciation and amortization no longer includes amortization of landlord allowances.
2Defined as operating cash flow less capital expenditures.
7
L BRANDS
COMPANY - OWNED STORE COUNT AND SELLING SQ FT
2019 Forecast
Total | ||||||||
Beginning of | New Stores | Closures | Reconstructions | End of Year | Increase / (Decrease) | |||
Year | and Change in | |||||||
SSF | ||||||||
Victoria's Secret | (5%) | |||||||
Store Count | 957 | 2 | (50) | 7 | 909 | (48) | ||
Selling Sq Ft 000's | 6,613 | 12 | (238) | (1) | 6,386 | (227) | (3%) | |
PINK | 2% | |||||||
Store Count | 141 | 3 | - | 2 | 144 | 3 | ||
Selling Sq Ft 000's | 506 | 11 | - | 4 | 521 | 15 | 3% | |
Victoria's Secret - Canada | (8%) | |||||||
Store Count | 39 | - | (3) | - | 36 | (3) | ||
Selling Sq Ft 000's | 379 | - | (29) | - | 350 | (29) | (8%) | |
PINK - Canada | - | |||||||
Store Count | 6 | - | - | - | 6 | - | ||
Selling Sq Ft 000's | 23 | - | - | - | 23 | - | - | |
Subtotal VS | ||||||||
Store Count | 1,143 | 5 | (53) | 9 | 1,095 | (48) | (4%) | |
Selling Sq Ft 000's | 7,521 | 24 | (267) | 3 | 7,280 | (241) | (3%) | |
Bath & Body Works | 1% | |||||||
Store Count | 1,619 | 46 | (24) | 175 | 1,641 | 22 | ||
Selling Sq Ft 000's | 4,185 | 123 | (57) | 63 | 4,314 | 128 | 3% | |
Bath & Body Works - Canada | 2% | |||||||
Store Count | 102 | 2 | - | 8 | 104 | 2 | ||
Selling Sq Ft 000's | 258 | 5 | - | 3 | 265 | 7 | 3% |
Subtotal BBW
Store Count | 1,721 | 48 | (24) | 183 | 1,745 |
Selling Sq Ft 000's | 4,443 | 127 | (57) | 65 | 4,579 |
Victoria's Secret - UK / Ireland | |||||
Store Count | 21 | - | - | - | 21 |
Selling Sq Ft 000's | 214 | - | - | - | 214 |
PINK - UK | |||||
Store Count | 5 | - | - | - | 5 |
Selling Sq Ft 000's | 17 | - | - | - | 17 |
Victoria's Secret - Greater China | |||||
Store Count | 15 | 5 | - | 1 | 20 |
Selling Sq Ft 000's | 165 | 24 | - | (5) | 184 |
VSBA - Greater China | |||||
Store Count | 38 | 15 | (6) | - | 47 |
Selling Sq Ft 000's | 36 | 11 | (6) | - | 41 |
Subtotal VS & BBW International | |||||
Store Count | 79 | 20 | (6) | 1 | 93 |
Selling Sq Ft 000's | 432 | 35 | (6) | (5) | 456 |
24 | 1% |
136 | 3% |
- | - |
- | - |
- | - |
- | - |
533%
1911%
924%
515%
- 18%
- 6%
Total | |||||||||
Store Count | 2,943 | 73 | (83) | 193 | 2,933 | (10) | (0%) | 8 | |
Selling Sq Ft 000's | 12,396 | 186 | (330) | 63 | 12,315 | (81) | (1%) | ||
L BRANDS, INC.
INTERNATIONAL STORE COUNT
2019 FORECAST
2018 | 2019 | 2019 | 2019 Fcst | |||||
Year End | New Stores | Closures | Year End | |||||
Wholly Owned Stores | ||||||||
Victoria's Secret Full Assortment - U.K. | 20 | 0 | 0 | 20 | ||||
PINK - U.K. | 5 | 0 | 0 | 5 | ||||
Victoria's Secret Full Assortment - Ireland | 1 | 0 | 0 | 1 | ||||
Victoria's Secret Full Assortment - Greater China | 15 | 3 to 5 | 0 | 18 to | 20 | |||
Victoria's Secret Beauty & Accessories - Greater China | 38 | 12 to 15 | 5 to 6 | 44 to | 48 | |||
Wholly Owned Total | ||||||||
79 | 15 to 20 | 5 to 6 | 88 to | 94 | ||||
Partner Owned Stores | ||||||||
Victoria's Secret Full Assortment | 47 | 18 to 20 | 0 | 65 to | 67 | |||
PINK | 9 | 1 to 2 | 0 | 10 to | 11 | |||
Victoria's Secret Beauty & Accessories - Local Market | 219 | 5 to 7 | 18 to 20 | 204 to | 208 | |||
Bath & Body Works - Local Market | 223 | 44 to 48 | 4 to 5 | 262 to | 267 | |||
Victoria's Secret Beauty & Accessories - Travel Retail | 164 | 15 to 18 | 18 to 20 | 159 to | 164 | |||
Bath & Body Works - Travel Retail | 12 | 4 to 5 | 0 to 1 | 15 to | 17 | |||
Partner Owned Total | ||||||||
674 | 87 to 100 | 40 to 46 | 715 to | 734 | ||||
Total VS & BBW International | ||||||||
753 | 102 to 120 | 45 to 52 | 803 to | 828 |
9
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)
Net Sales | 2019 | 2018 | |||
$ | 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 | $ | 40,255 | $ | 47,517 | |
Net Income Per Diluted Share | $ | 0.14 | $ | 0.17 | |
Weighted Average Shares Outstanding | 278,165 | 281,587 | |||
11
L BRANDS, INC. AND SUBSIDIARIES
STORES AND SELLING SQUARE FOOTAGE
At May 4, 2019 and May 5, 2018
May 4, 2019 | May 5, 2018 | ||||||
Selling | Selling | ||||||
Stores | Sq. Ft. (000's) | Stores | Sq. Ft. (000's) | ||||
Victoria's Secret U.S. | 922 | 6,448 | 980 | 6,697 | |||
PINK U.S. | 142 | 511 | 140 | 492 | |||
Victoria's Secret Canada | 39 | 379 | 39 | 379 | |||
PINK Canada | 6 | 23 | 6 | 23 | |||
Bath & Body Works U.S. | 1,630 | 4,224 | 1,594 | 4,052 | |||
Bath & Body Works Canada | 102 | 258 | 102 | 255 | |||
Victoria's Secret U.K. / Ireland | 21 | 214 | 19 | 193 | |||
PINK U.K. | 5 | 17 | 5 | 17 | |||
Victoria's Secret Beauty and Accessories | 38 | 35 | 29 | 29 | |||
Victoria's Secret China | 15 | 165 | 7 | 89 | |||
Henri Bendel | - | - | 24 | 73 | |||
La Senza Canada | - | - | 119 | 335 | |||
La Senza U.S. | - | - | 5 | 13 | |||
Total L Brands | 2,920 | 12,274 | 3,069 | 12,647 | |||
12
L BRANDS, INC. AND SUBSIDIARIES
2019 Selected Data
(Unaudited) (In thousands)
2019 | 2018 | ||||
Capital Expenditures | |||||
First Quarter | $ | 123,307 | $ | 159,678 | |
Second Quarter | 185,600 | ||||
Spring Season | 345,278 | ||||
Third Quarter | 215,286 | ||||
Fourth Quarter | 68,311 | ||||
Year | $ | 123,307 | $ | 628,875 | |
Depreciation & Amortization | |||||
First Quarter | $ | 145,314 | $ | 136,874 | |
Second Quarter | 137,034 | ||||
Spring Season | 273,908 | ||||
Third Quarter | 137,787 | ||||
Fourth Quarter | 135,358 | ||||
Year | $ | 145,314 | $ | 547,053 |
13
L BRANDS, INC.
QUARTERLY FINANCIAL INFORMATION
(UNAUDITED)
The following table provides our quarterly financial information as determined in accordance with generally accepted accounting principles and also on an "Adjusted" basis. The "Adjusted" financial information should not be construed as an alternative to the reported results determined in accordance with generally accepted accounting principles. Further, our definition of "Adjusted" may differ from similarly titled measures used by other companies. We believe the "Adjusted" financial information is useful for assessing our ongoing operations. The "Adjusted" financial information should be used in conjunction with the reported financial information included herein and also our historical financial statements and notes thereto contained in our quarterly reports on Form 10-Q and annual report on Form 10-K. For detailed information related to the adjustments included in our "Adjusted"
financial information, please refer to our quarterly earnings press releases available on our website www.LB.com.
14
PERIOD | 2017 | 2018 | 2019 | ||
1. Net Sales - Consolidated | |||||
1st Qtr | 2,436,523 | 2,625,846 | 2,628,809 | ||
2nd Qtr | 2,755,020 | 2,983,849 | |||
3rd Qtr | 2,617,784 | 2,774,874 | |||
4th Qtr | 4,823,105 | 4,852,309 | |||
6 Mos | 5,191,543 | 5,609,695 | |||
9 Mos | 7,809,327 | 8,384,569 | |||
Year | 12,632,431 | 13,236,878 | |||
2. Net Sales - Victoria's Secret | |||||
1st Qtr | 1,533,049 | 1,589,427 | 1,510,852 | ||
2nd Qtr | 1,646,288 | 1,724,803 | |||
3rd Qtr | 1,538,940 | 1,528,799 | |||
4th Qtr | 2,668,879 | 2,531,836 | |||
6 Mos | 3,179,337 | 3,314,229 | |||
9 Mos | 4,718,277 | 4,843,028 | |||
Year | 7,387,156 | 7,374,864 | |||
3. Net Sales - Bath & Body Works | |||||
1st Qtr | 678,044 | 760,434 | 870,734 | ||
2nd Qtr | 860,337 | 963,586 | |||
3rd Qtr | 815,791 | 956,202 | |||
4th Qtr | 1,793,716 | 1,950,798 | |||
6 Mos | 1,538,381 | 1,724,019 | |||
9 Mos | 2,354,173 | 2,680,221 | |||
Year | 4,147,888 | 4,631,020 |
15
PERIOD | 2017 | 2018 | 2019 | |
4. Net Sales - Victoria's Secret and Bath & Body Works International | ||||
1st Qtr | 103,307 | 135,117 | 134,955 | |
2nd Qtr | 113,940 | 145,489 | ||
3rd Qtr | 114,900 | 134,004 | ||
4th Qtr | 170,285 | 190,673 | ||
6 Mos | 217,247 | 280,607 | ||
9 Mos | 332,147 | 414,611 | ||
Year | 502,432 | 605,284 | ||
5. Net Sales - Other | ||||
1st Qtr | 122,122 | 140,868 | 112,268 | |
2nd Qtr | 134,454 | 149,972 | ||
3rd Qtr | 148,153 | 155,868 | ||
4th Qtr | 190,225 | 179,003 | ||
6 Mos | 256,577 | 290,840 | ||
9 Mos | 404,730 | 446,708 | ||
Year | 594,955 | 625,710 | ||
6. Comparable Store Sales - Consolidated | ||||
1st Qtr | -9% | -2% | -3% | |
2nd Qtr | -6% | -1% | ||
3rd Qtr | -3% | 0% | ||
4th Qtr | -2% | -1% | ||
6 Mos | -7% | -2% | ||
9 Mos | -6% | -1% | ||
Year | -4% | -1% |
16
PERIOD | 2017 | 2018 | 2019 |
7. Comparable Sales - Consolidated | |||
1st Qtr | -9% | 3% | 0% |
2nd Qtr | -8% | 3% | |
3rd Qtr | -1% | 4% | |
4th Qtr | 2% | 3% | |
6 Mos | -9% | 3% | |
9 Mos | -6% | 3% | |
Year | -3% | 3% | |
8. Comparable Store Sales - Victoria's Secret | |||
1st Qtr | -12% | -5% | -7% |
2nd Qtr | -11% | -5% | |
3rd Qtr | -5% | -6% | |
4th Qtr | -6% | -7% | |
6 Mos | -11% | -5% | |
9 Mos | -9% | -5% | |
Year | -8% | -6% | |
9. Comparable Sales - Victoria's Secret | |||
1st Qtr | -14% | 1% | -5% |
2nd Qtr | -14% | -1% | |
3rd Qtr | -4% | -2% | |
4th Qtr | -1% | -3% | |
6 Mos | -14% | 0% | |
9 Mos | -11% | -1% | |
Year | -8% | -2% |
17
PERIOD | 2017 | 2018 | 2019 | |||
10. Comparable Store Sales - Bath & Body Works | ||||||
1st Qtr | -1% | 5% | 7% | |||
2nd Qtr | 4% | 7% | ||||
3rd Qtr | 1% | 10% | ||||
4th Qtr | 4% | 8% | ||||
6 Mos | 2% | 6% | ||||
9 Mos | 1% | 8% | ||||
Year | 2% | 8% | ||||
11. Comparable Sales - Bath & Body Works | ||||||
1st Qtr | 2% | 8% | 13% | |||
2nd Qtr | 6% | 10% | ||||
3rd Qtr | 4% | 13% | ||||
4th Qtr | 6% | 12% | ||||
6 Mos | 4% | 9% | ||||
9 Mos | 4% | 10% | ||||
Year | 5% | 11% | ||||
12. Costs of Goods Sold, Buying and Occupancy Costs | ||||||
1st Qtr | 1,533,673 | 1,682,016 | 1,694,795 | |||
2nd Qtr | 1,727,129 | 1,924,804 | ||||
3rd Qtr | 1,629,437 | 1,846,622 | ||||
3rd Qtr - Adjusted | N/A | 1,751,982 | ||||
4th Qtr | 2,782,769 | 2,884,629 | ||||
6 Mos | 3,260,802 | 3,606,820 | ||||
9 Mos | 4,890,239 | 5,453,442 | ||||
9 Mos - Adjusted | N/A | 5,358,802 | ||||
Year | 7,673,007 | 8,338,071 | ||||
Year - Adjusted | N/A | 8,243,431 |
18
PERIOD | 2017 | 2018 | 2019 | ||||
13. Gross Profit | |||||||
1st Qtr | 902,850 | 943,830 | 934,014 | ||||
2nd Qtr | 1,027,891 | 1,059,045 | |||||
3rd Qtr | 988,347 | 928,252 | |||||
3rd Qtr - Adjusted | N/A | 1,022,892 | |||||
4th Qtr | 2,040,336 | 1,967,680 | |||||
6 | Mos | 1,930,741 | 2,002,875 | ||||
9 | Mos | 2,919,088 | 2,931,127 | ||||
9 | Mos - Adjusted | N/A | 3,025,767 | ||||
Year | 4,959,424 | 4,898,807 | |||||
Year - Adjusted | N/A | 4,993,447 | |||||
14. General Administrative & Store Operating Expenses | |||||||
1st Qtr | 693,658 | 789,023 | 780,669 | ||||
2nd Qtr | 726,996 | 830,908 | |||||
3rd Qtr | 756,684 | 873,857 | |||||
3rd Qtr - Adjusted | N/A | 867,309 | |||||
4th Qtr | 1,053,697 | 1,068,990 | |||||
6 | Mos | 1,420,655 | 1,619,931 | ||||
9 | Mos | 2,177,339 | 2,493,787 | ||||
9 | Mos - Adjusted | N/A | 2,487,239 | ||||
Year | 3,231,035 | 3,562,778 | |||||
Year - Adjusted | N/A | 3,556,230 |
19
PERIOD | 2017 | 2018 | 2019 | ||||
15. Operating Income (Loss) - Consolidated | |||||||
1st Qtr | 209,192 | 154,807 | 153,345 | ||||
2nd Qtr | 300,895 | 228,137 | |||||
3rd Qtr | 231,663 | 54,395 | |||||
3rd Qtr - Adjusted | N/A | 155,583 | |||||
4th Qtr | 986,639 | 799,448 | |||||
4th Qtr - Adjusted | N/A | 898,690 | |||||
6 | Mos | 510,086 | 382,944 | ||||
9 | Mos | 741,749 | 437,340 | ||||
9 | Mos - Adjusted | N/A | 538,528 | ||||
Year | 1,728,389 | 1,236,787 | |||||
Year - Adjusted | N/A | 1,437,217 | |||||
16. Operating Income (Loss) - Victoria's Secret | |||||||
1st Qtr | 158,735 | 83,170 | 32,720 | ||||
2nd Qtr | 183,051 | 114,250 | |||||
3rd Qtr | 134,093 | (35,872) | |||||
3rd Qtr - Adjusted | N/A | 14,248 | |||||
4th Qtr | 456,468 | 300,739 | |||||
6 | Mos | 341,786 | 197,420 | ||||
9 | Mos | 475,879 | 161,549 | ||||
9 | Mos - Adjusted | N/A | 211,669 | ||||
Year | 932,347 | 462,288 | |||||
Year - Adjusted | N/A | 512,408 |
20
PERIOD | 2017 | 2018 | 2019 | |||
17. Operating Income (Loss) - Bath & Body Works | ||||||
1st Qtr | 101,829 | 123,660 | 154,851 | |||
2nd Qtr | 156,354 | 168,766 | ||||
3rd Qtr | 137,520 | 177,845 | ||||
4th Qtr | 556,813 | 607,183 | ||||
6 | Mos | 258,182 | 292,426 | |||
9 | Mos | 395,702 | 470,271 | |||
Year | 952,515 | 1,077,454 | ||||
18. Operating Income (Loss) - Victoria's Secret and Bath & Body Works International | ||||||
1st Qtr | (566) | (4,803) | (4,011) | |||
2nd Qtr | 1,657 | (9,392) | ||||
3rd Qtr | (70) | (41,806) | ||||
3rd Qtr - Adjusted | N/A | (11,048) | ||||
4th Qtr | 3,976 | 18,666 | ||||
6 | Mos | 1,091 | (14,195) | |||
9 | Mos | 1,021 | (56,001) | |||
9 | Mos - Adjusted | N/A | (25,243) | |||
Year | 4,997 | (37,335) | ||||
Year - Adjusted | N/A | (6,577) |
21
PERIOD | 2017 | 2018 | 2019 | ||||
19. Operating Income (Loss) - Other | |||||||
1st Qtr | (50,806) | (47,220) | (30,216) | ||||
2nd Qtr | (40,168) | (45,488) | |||||
3rd Qtr | (39,880) | (45,772) | |||||
3rd Qtr - Adjusted | N/A | (25,462) | |||||
4th Qtr | (30,618) | (127,141) | |||||
4th Qtr - Adjusted | N/A | (27,899) | |||||
6 | Mos | (90,973) | (92,708) | ||||
9 | Mos | (130,853) | (138,479) | ||||
9 | Mos - Adjusted | N/A | (118,169) | ||||
Year | (161,470) | (265,620) | |||||
Year - Adjusted | N/A | (146,068) | |||||
20. Interest Expense | |||||||
1st Qtr | 100,608 | 97,899 | 98,897 | ||||
2nd Qtr | 100,428 | 98,332 | |||||
3rd Qtr | 98,640 | 95,685 | |||||
4th Qtr | 106,313 | 92,812 | |||||
6 | Mos | 201,035 | 196,231 | ||||
9 | Mos | 299,675 | 291,916 | ||||
Year | 405,988 | 384,728 |
22
PERIOD | 2017 | 2018 | 2019 | ||||
21. Other Income (Loss) | |||||||
1st Qtr | 9,863 | 1,401 | 6,152 | ||||
2nd Qtr | 16,617 | (830) | |||||
3rd Qtr | 1,639 | 164 | |||||
4th Qtr | (38,146) | 4,390 | |||||
4th Qtr - Adjusted | 6,839 | N/A | |||||
6 | Mos | 26,479 | 570 | ||||
9 | Mos | 28,118 | 733 | ||||
Year | (10,029) | 5,124 | |||||
Year - Adjusted | 34,956 | N/A | |||||
22. Income (Loss) Before Income Taxes | |||||||
1st Qtr | 118,447 | 58,309 | 60,600 | ||||
2nd Qtr | 217,084 | 128,975 | |||||
3rd Qtr | 134,662 | (41,126) | |||||
3rd Qtr - Adjusted | N/A | 60,062 | |||||
4th Qtr | 842,180 | 711,026 | |||||
4th Qtr - Adjusted | 887,165 | 810,268 | |||||
6 | Mos | 335,530 | 187,283 | ||||
9 | Mos | 470,192 | 146,157 | ||||
9 | Mos - Adjusted | N/A | 247,345 | ||||
Year | 1,312,372 | 857,183 | |||||
Year - Adjusted | 1,357,357 | 1,057,613 |
23
PERIOD | 2017 | 2018 | 2019 | ||||
23. Provision (Benefit) for Income Taxes | |||||||
1st Qtr | 24,393 | 10,792 | 20,345 | ||||
2nd Qtr | 78,210 | 29,941 | |||||
3rd Qtr | 48,677 | 1,624 | |||||
3rd Qtr - Adjusted | N/A | 15,087 | |||||
4th Qtr | 178,108 | 170,944 | |||||
4th Qtr - Adjusted | 286,554 | 215,061 | |||||
6 | Mos | 102,602 | 40,732 | ||||
9 | Mos | 151,279 | 42,356 | ||||
9 | Mos - Adjusted | N/A | 55,819 | ||||
Year | 329,386 | 213,300 | |||||
Year - Adjusted | 437,832 | 270,880 | |||||
24. Net Income (Loss) | |||||||
1st Qtr | 94,054 | 47,517 | 40,255 | ||||
2nd Qtr | 138,874 | 99,034 | |||||
3rd Qtr | 85,985 | (42,750) | |||||
3rd Qtr - Adjusted | N/A | 44,975 | |||||
4th Qtr | 664,072 | 540,082 | |||||
4th Qtr - Adjusted | 600,611 | 595,207 | |||||
6 | Mos | 232,928 | 146,551 | ||||
9 | Mos | 318,913 | 103,801 | ||||
9 | Mos - Adjusted | N/A | 191,526 | ||||
Year | 982,986 | 643,883 | |||||
Year - Adjusted | 919,525 | 786,733 |
24
PERIOD | 2017 | 2018 | 2019 | |||||
25. Net Income (Loss) Per Dilutive Share | ||||||||
1st Qtr | $0.33 | $0.17 | $0.14 | |||||
2nd Qtr | $0.48 | $0.36 | ||||||
3rd Qtr | $0.30 | ($0.16) | ||||||
3rd Qtr - Adjusted | N/A | $0.16 | ||||||
4th Qtr | $2.33 | $1.94 | ||||||
4th Qtr - Adjusted | $2.11 | $2.14 | ||||||
6 | Mos | $0.81 | $0.52 | |||||
9 | Mos | $1.11 | $0.37 | |||||
9 | Mos - Adjusted | N/A | $0.69 | |||||
Year | $3.42 | $2.31 | ||||||
Year - Adjusted | $3.20 | $2.82 | ||||||
26. Weighted Average Diluted Shares Outstanding | ||||||||
1st Qtr | 289,327 | 281,587 | 278,165 | |||||
2nd Qtr | 288,936 | 278,723 | ||||||
3rd Qtr | 285,437 | 277,116 | ||||||
3rd Qtr - Basic | N/A | 275,103 | ||||||
4th Qtr | 284,546 | 277,935 | ||||||
6 | Mos | 289,132 | 280,155 | |||||
9 | Mos | 287,900 | 279,142 | |||||
Year | 287,062 | 278,840 | ||||||
27. Dividends per Share | ||||||||
1st Qtr | 0.60 | 0.60 | 0.30 | |||||
2nd Qtr | 0.60 | 0.60 | ||||||
3rd Qtr | 0.60 | 0.60 | ||||||
4th Qtr | 0.60 | 0.60 | ||||||
6 | Mos | 1.20 | 1.20 | |||||
9 | Mos | 1.80 | 1.80 | 25 | ||||
Year | 2.40 | 2.40 |
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Disclaimer
L Brands Inc. published this content on 22 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 22 May 2019 21:27:04 UTC