L Brands Reports March 2017 Sales
06 April 2017 - 9:15PM
L Brands, Inc. (NYSE:LB) reported net sales decreased 7 percent to
$951.4 million for the five weeks ended April 1, 2017,
compared to net sales of $1.027 billion for the five weeks ended
April 2, 2016. Comparable sales for the five weeks ended
April 1, 2017, decreased 10 percent and were negatively impacted by
the later Easter this year by approximately 2 to 3 points.
For March, the exit of the swim and apparel categories had a
negative impact of 7 percentage points and 10 percentage points to
total company and Victoria’s Secret comparable sales, respectively.
The company reported net sales of $1.717 billion
for the nine weeks ended April 1, 2017, a decrease of 8 percent
compared to sales of $1.876 billion for the nine weeks ended April
2, 2016. Comparable sales for the nine weeks ended April 1,
2017, decreased 11 percent. For the nine week period, the exit of
the swim and apparel categories had a negative impact of 6
percentage points and 9 percentage points to total company and
Victoria’s Secret comparable sales, respectively.
To hear further commentary provided on L Brands’
prerecorded March 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
3,078 company-owned specialty stores in the United States, Canada,
the United Kingdom and Greater China, and its brands are sold in
more than 750 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 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 the March 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 March 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 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 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 associates
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;
- 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 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, 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 press release or the
March 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 2016
Annual Report on Form 10-K.
L BRANDSMARCH
2017
Comparable Sales Increase (Decrease) (Stores and
Direct):
|
March2017 |
|
March2016 |
|
Year-to-Date2017 |
|
Year-to-Date2016 |
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
(13 |
%) |
|
2 |
% |
|
(15 |
%) |
|
3 |
% |
Bath & Body
Works1 |
0 |
% |
|
5 |
% |
|
(2 |
%) |
|
7 |
% |
L
Brands2 |
(10 |
%) |
|
3 |
% |
|
(11 |
%) |
|
4 |
% |
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):
|
March2017 |
|
March2016 |
|
Year-to-Date2017 |
|
Year-to-Date2016 |
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
(12 |
%) |
|
0 |
% |
|
(14 |
%) |
|
2 |
% |
Bath & Body
Works1 |
(3 |
%) |
|
2 |
% |
|
(4 |
%) |
|
4 |
% |
L
Brands2 |
(9 |
%) |
|
1 |
% |
|
(11 |
%) |
|
3 |
% |
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 4/1/17 |
|
|
|
|
|
|
Victoria's Secret
U.S. |
|
998 |
2 |
(1 |
) |
999 |
PINK U.S. |
|
133 |
- |
|
- |
133 |
Victoria's Secret
Canada |
|
37 |
1 |
|
- |
38 |
PINK Canada |
|
9 |
- |
(1 |
) |
8 |
Total Victoria’s
Secret |
|
1,177 |
3 |
(2 |
) |
1,178 |
|
|
|
|
|
|
Bath & Body Works
U.S. |
|
1,591 |
4 |
(2 |
) |
1,593 |
Bath & Body Works
Canada |
|
102 |
- |
|
- |
102 |
Total Bath &
Body Works |
|
1,693 |
4 |
(2 |
) |
1,695 |
|
|
|
|
|
|
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 |
- |
(1 |
) |
121 |
Total L Brands
Stores |
|
3,074 |
9 |
(5 |
) |
3,078 |
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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