L Brands Reports December 2016 Sales and Updates Fourth Quarter Earnings Guidance
05 January 2017 - 11:15PM
L Brands, Inc. (NYSE:LB) reported net sales of $2.438 billion for
the five weeks ended Dec. 31, 2016, an increase of 1 percent,
compared to net sales of $2.415 billion for the five weeks ended
Jan. 2, 2016. Comparable sales decreased 1 percent for the
five weeks ended Dec. 31, 2016.
The company reported net sales of $11.769
billion for the 48 weeks ended Dec. 31, 2016, an increase of 4
percent compared to net sales of $11.343 billion for the 48 weeks
ended Jan. 2, 2016. Comparable sales increased 2 percent for
the 48 weeks ended Dec. 31, 2016.
The company stated that it now expects fourth
quarter earnings per share to be toward the lower end of its
previous guidance of $1.85 to $2.00.
To hear further commentary provided on L Brands’
prerecorded December sales message, call 1-866-639-7583 or log onto
www.LB.com for an audio replay.
ABOUT L BRANDS:L Brands, through
Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri
Bendel, is an international company. The company operates
3,087 company-owned specialty stores in the United States, Canada,
the United Kingdom and Greater China, and its brands are sold in
more than 700 additional franchised locations worldwide. The
company’s products are also available online at
www.VictoriasSecret.com, www.BathandBodyWorks.com,
www.HenriBendel.com and www.LaSenza.com.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995We 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 the December sales call 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 the December sales call 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 relationships with 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 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 supplier 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;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified employees
and manage labor-related costs;
- the ability of our manufacturers to deliver products in a
timely manner, meet quality standards and comply with applicable
laws and regulations;
- fluctuations in product input costs;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from our self-insurance;
- our ability to implement and maintain information technology
systems and to protect associated data;
- our ability to maintain the security of customer, associate,
supplier or company information;
- our ability to comply with regulatory requirements;
- legal and compliance matters; and
- tax 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 press release or the
December sales call to reflect circumstances existing after the
date of this press release or to reflect the 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. Additional information regarding
these and other factors can be found in Item 1A. Risk Factors in
our 2015 Annual Report on Form 10-K.
L BRANDSDECEMBER
2016
Comparable Sales Increase (Decrease) (Stores and
Direct):
|
December |
|
|
Year-to-Date |
|
|
2016 |
|
2015 |
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
(4 |
%) |
|
10 |
% |
|
|
0 |
% |
|
5 |
% |
|
Bath & Body
Works1 |
3 |
% |
|
8 |
% |
|
|
5 |
% |
|
7 |
% |
|
L
Brands2 |
(1 |
%) |
|
9 |
% |
|
|
2 |
% |
|
6 |
% |
|
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 and the U.K. and direct sales.
Comparable Sales Increase (Decrease) (Stores
Only):
|
December |
|
|
Year-to-Date |
|
2016 |
|
2015 |
|
|
2016 |
|
2015 |
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
(4 |
%) |
|
8 |
% |
|
|
(1 |
%) |
|
6 |
% |
Bath & Body
Works1 |
0 |
% |
|
6 |
% |
|
|
3 |
% |
|
6 |
% |
L
Brands2 |
(2 |
%) |
|
8 |
% |
|
|
1 |
% |
|
6 |
% |
1 – Results include company-owned stores in the U.S. and
Canada.2 – Results include company-owned stores in the U.S., Canada
and the U.K.
Total Company-Owned Stores:
|
|
Stores |
|
|
|
Stores |
|
|
Operating |
|
Operating |
|
|
at 1/30/16 |
Opened |
Acquired |
Closed |
at 12/31/16 |
|
|
|
|
|
|
|
Victoria's Secret
U.S. |
|
990 |
17 |
- |
(6 |
) |
1,001 |
PINK U.S. |
|
128 |
6 |
- |
(1 |
) |
133 |
Victoria's Secret
Canada |
|
37 |
- |
- |
- |
|
37 |
PINK Canada |
|
9 |
- |
- |
- |
|
9 |
Total Victoria’s
Secret |
|
1,164 |
23 |
- |
(7 |
) |
1,180 |
|
|
|
|
|
|
|
Bath & Body Works
U.S. |
|
1,574 |
29 |
- |
(5 |
) |
1,598 |
Bath & Body Works
Canada |
|
98 |
4 |
- |
- |
|
102 |
Total Bath &
Body Works |
|
1,672 |
33 |
|
(5 |
) |
1,700 |
|
|
|
|
|
|
|
Victoria’s Secret
U.K. |
|
12 |
3 |
- |
- |
|
15 |
PINK U.K. |
|
2 |
1 |
- |
- |
|
3 |
Victoria’s Secret
Beauty and Accessories |
|
- |
6 |
26 |
(1 |
) |
31 |
Henri Bendel |
|
29 |
- |
- |
- |
|
29 |
La Senza U.S. |
|
- |
4 |
- |
- |
|
4 |
La Senza Canada |
|
126 |
- |
- |
(1 |
) |
125 |
Total L Brands
Stores |
|
3,005 |
70 |
26 |
(14 |
) |
3,087 |
For further information, please contact:
L Brands:
Investor Relations
Amie Preston
(614) 415-6704
apreston@lb.com
Media Relations
Tammy Roberts Myers
(614) 415-7072
communications@lb.com
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