L Brands Reports February 2017 Sales
02 March 2017 - 11:15PM
L Brands, Inc. (NYSE:LB) reported net sales of $765.5 million for
the four-week period ended Feb. 25, 2017, a decrease of 10%
compared to net sales of $849.3 million for the four-week period
ended Feb. 27, 2016. Comparable sales for the four weeks
ended Feb. 25, 2017, decreased 13%. For February, the exit of
the swim and apparel categories had a negative impact of 6
percentage points and 8 percentage points to total company and
Victoria’s Secret comparable sales, respectively.
To hear further commentary provided on L Brands’
prerecorded February 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
3,077 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 February 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 February 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 February 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 BRANDSFEBRUARY
2017
Comparable Sales Increase (Decrease) (Stores and
Direct):
|
Feb.2017 |
|
Feb.2016 |
|
|
|
|
Victoria’s Secret1 |
(16 |
%) |
|
4 |
% |
Bath & Body
Works1 |
(4 |
%) |
|
9 |
% |
L
Brands2 |
(13 |
%) |
|
5 |
% |
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):
|
Feb.2017 |
|
Feb.2016 |
|
|
|
|
Victoria’s Secret1 |
(16 |
%) |
|
4 |
% |
Bath & Body
Works1 |
(6 |
%) |
|
7 |
% |
L
Brands2 |
(13 |
%) |
|
5 |
% |
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 1/28/17 |
|
Opened |
Closed |
|
at 2/25/17 |
|
|
|
|
|
|
|
|
Victoria's Secret
U.S. |
|
998 |
|
- |
- |
|
|
998 |
PINK U.S. |
|
133 |
|
- |
- |
|
|
133 |
Victoria's Secret
Canada |
|
37 |
|
1 |
- |
|
|
38 |
PINK Canada |
|
9 |
|
- |
(1 |
) |
|
8 |
Total
Victoria’s Secret |
|
1,177 |
|
1 |
(1 |
) |
|
1,177 |
|
|
|
|
|
|
|
|
Bath & Body Works
U.S. |
|
1,591 |
|
1 |
- |
|
|
1,592 |
Bath & Body Works
Canada |
|
102 |
|
- |
- |
|
|
102 |
Total
Bath & Body Works |
|
1,693 |
|
1 |
- |
|
|
1,694 |
|
|
|
|
|
|
|
|
Victoria’s Secret
U.K. |
|
15 |
|
- |
- |
|
|
15 |
PINK U.K. |
|
3 |
|
- |
- |
|
|
3 |
Victoria’s Secret
Beauty and Accessories |
|
31 |
|
- |
- |
|
|
31 |
Victoria’s Secret
China |
|
- |
|
2 |
- |
|
|
2 |
Henri Bendel |
|
29 |
|
- |
- |
|
|
29 |
La Senza U.S. |
|
4 |
|
- |
- |
|
|
4 |
La Senza Canada |
|
122 |
|
- |
- |
|
|
122 |
Total L Brands
Stores |
|
3,074 |
|
4 |
(1 |
) |
|
3,077 |
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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