L Brands Reports October 2017 Sales; Updates Third Quarter Earnings Guidance and Reiterates 2017 Earnings Guidance
02 November 2017 - 7:15AM
L Brands, Inc. (NYSE:LB) reported net sales of $794.1 million for
the four weeks ended Oct. 28, 2017, an increase of 5 percent,
compared to net sales of $756.7 million for the four weeks ended
Oct. 29, 2016. Comparable sales increased 2 percent for the four
weeks ended Oct. 28, 2017. For October, the exit of the swim and
apparel categories had a negative impact of about 1 percentage
point and 2 percentage points to total company and Victoria’s
Secret comparable sales, respectively.
The company reported net sales of $2.618 billion
for the 13 weeks ended Oct. 28, 2017, an increase of 1 percent,
compared to net sales of $2.581 billion for the 13 weeks ended Oct.
29, 2016. Comparable sales decreased 1 percent for the 13 weeks
ended Oct. 28, 2017. For the 13 weeks ended Oct. 28, 2017, the
exit of the swim and apparel categories had a negative impact of
about 2 percentage points and 2 percentage points to total company
and Victoria’s Secret comparable sales, respectively.
The company reported net sales of $7.809 billion
for the 39 weeks ended Oct. 28, 2017, a decrease of 3 percent,
compared to net sales of $8.085 billion for the 39 weeks ended Oct.
29, 2016. Comparable sales decreased 6 percent for the 39 weeks
ended Oct. 28, 2017. For the 39 weeks ended Oct. 28, 2017, the exit
of the swim and apparel categories had a negative impact of about 5
percentage points and 7 percentage points to total company and
Victoria’s Secret comparable sales, respectively.
The company expects third quarter earnings per
share to be at the high end of its previous guidance of $0.25 to
$0.30, and reiterates its previous full-year 2017 earnings guidance
of $3.00 to $3.20 per share. The company will conduct its third
quarter earnings call at 9 a.m. Eastern on Nov. 16.
To hear further commentary provided on L Brands’
prerecorded October 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 800 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 October 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 October 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
October 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.
For further information, please
contact:
L Brands:Investor Relations
Amie Preston
(614)
415-6704
apreston@lb.com
Media RelationsTammy Roberts Myers(614)
415-7072communications@lb.com
L BRANDS |
OCTOBER 2017 |
|
Comparable Sales Increase (Decrease) (Stores and
Direct): |
|
Oct.2017 |
|
Oct.2016 |
|
ThirdQuarter2017 |
|
ThirdQuarter2016 |
|
Year-to-Date2017 |
|
Year-to-Date2016 |
|
Victoria’s Secret1 |
1 |
% |
|
(2 |
%) |
|
(4 |
%) |
|
(1 |
%) |
|
(11 |
%) |
|
1 |
% |
|
Bath & Body
Works1 |
5 |
% |
|
6 |
% |
|
4 |
% |
|
7 |
% |
|
4 |
% |
|
6 |
% |
|
L
Brands2 |
2 |
% |
|
1 |
% |
|
(1 |
%) |
|
2 |
% |
|
(6 |
%) |
|
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): |
|
Oct.2017 |
|
Oct.2016 |
|
Third Quarter2017 |
|
ThirdQuarter2016 |
|
Year-to-Date2017 |
|
Year-to-Date2016 |
|
Victoria’s Secret1 |
(4 |
%) |
|
(1 |
%) |
|
(5 |
%) |
|
(2 |
%) |
|
(9 |
%) |
|
0 |
% |
|
Bath & Body
Works1 |
2 |
% |
|
4 |
% |
|
1 |
% |
|
5 |
% |
|
1 |
% |
|
4 |
% |
|
L
Brands2 |
(2 |
%) |
|
1 |
% |
|
(3 |
%) |
|
0 |
% |
|
(6 |
%) |
|
1 |
% |
|
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):
Total Sales (Millions): |
|
Third Quarter 2017 |
|
Third Quarter 2016 |
|
Year-to-Date 2017 |
|
Year-to-Date 2016 |
Victoria’s Secret1 |
$ 1,243.0 |
|
$ 1,285.9 |
|
$ 3,840.6 |
|
$ 4,136.2 |
Victoria’s Secret
Direct |
|
295.9 |
|
|
298.2 |
|
|
877.7 |
|
|
1,056.1 |
Total
Victoria’s Secret |
$ 1,538.9 |
|
$ 1,584.1 |
|
$ 4,718.3 |
|
$ 5,192.3 |
Bath & Body
Works1 |
$ 703.1 |
|
$ 681.6 |
|
$ 2,044.6 |
|
$ 1,977.4 |
Bath & Body Works
Direct |
|
112.7 |
|
|
88.6 |
|
|
309.6 |
|
|
254.4 |
Total
Bath & Body Works |
$ 815.8 |
|
$ 770.2 |
|
$ 2,354.2 |
|
$ 2,231.8 |
VS & BBW
International2 |
$ 114.9 |
|
$ 103.7 |
|
$ 332.1 |
|
$ 298.7 |
Other |
$ 148.2 |
|
$ 123.0 |
|
$ 404.7 |
|
$ 361.7 |
L
Brands |
$ 2,617.8 |
|
$ 2,581.0 |
|
$ 7,809.3 |
|
$ 8,084.5 |
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, royalties associated with
franchised stores and wholesale sales.
Total Company-Owned Stores: |
|
|
Stores Operating at 1/28/17 |
Opened |
Closed |
Stores Operating at 10/28/17 |
|
|
|
|
|
|
|
Victoria's Secret
U.S. |
|
998 |
3 |
(8 |
) |
993 |
PINK U.S. |
|
133 |
7 |
(1 |
) |
139 |
Victoria's Secret
Canada |
|
37 |
2 |
- |
|
39 |
PINK Canada |
|
9 |
- |
(2 |
) |
7 |
Total
Victoria’s Secret |
|
1,177 |
12 |
(11 |
) |
1,178 |
|
|
|
|
|
|
Bath & Body Works
U.S. |
|
1,591 |
25 |
(14 |
) |
1,602 |
Bath & Body Works
Canada |
|
102 |
- |
- |
|
102 |
Total
Bath & Body Works |
|
1,693 |
25 |
(14 |
) |
1,704 |
|
|
|
|
|
|
Victoria’s Secret
U.K. |
|
15 |
1 |
- |
|
16 |
PINK U.K. |
|
3 |
1 |
- |
|
4 |
Victoria’s Secret
Beauty and Accessories |
|
31 |
1 |
(3 |
) |
29 |
Victoria’s Secret
China |
|
- |
2 |
- |
|
2 |
Total VS
& BBW International |
|
49 |
5 |
(3 |
) |
51 |
|
|
|
|
|
|
Henri Bendel |
|
29 |
- |
(1 |
) |
28 |
La Senza U.S. |
|
4 |
1 |
- |
|
5 |
La Senza Canada |
|
122 |
1 |
(2 |
) |
121 |
Total L Brands
Stores |
|
3,074 |
44 |
(31 |
) |
3,087 |
Total Noncompany-Owned Stores: |
|
|
|
|
|
|
|
Stores Operating at 1/28/17 |
Opened |
Closed |
Stores Operating At 10/28/17 |
|
|
|
|
|
|
Victoria’s Secret
Beauty & Accessories – Travel Retail |
|
152 |
13 |
(11 |
) |
154 |
Bath & Body Works –
Travel Retail |
|
8 |
2 |
- |
|
10 |
Victoria’s Secret
Beauty & Accessories |
|
239 |
16 |
(11 |
) |
244 |
Victoria’s Secret |
|
23 |
7 |
- |
|
30 |
PINK |
|
5 |
- |
- |
|
5 |
Bath & Body
Works |
|
151 |
16 |
(1 |
) |
166 |
La Senza |
|
203 |
4 |
(13 |
) |
194 |
Total |
|
781 |
58 |
(36 |
) |
803 |
|
|
|
|
|
|
LandBridge (NYSE:LB)
Historical Stock Chart
From Jul 2024 to Aug 2024
LandBridge (NYSE:LB)
Historical Stock Chart
From Aug 2023 to Aug 2024