L Brands, Inc. (NYSE: LB) today reported 2019 fourth quarter and
full-year results.
Fourth Quarter ResultsThe
company reported a loss per share of $0.70 for the fourth quarter
ended Feb. 1, 2020, compared to earnings per share of $1.94 for the
quarter ended Feb. 2, 2019. Fourth quarter operating income
was $81.7 million compared to operating income of $799.4 million
last year, and the net loss was $192.3 million compared to net
income of $540.1 million last year.
Reported results above include the following
significant items:
In 2019:
- Pre-tax, non-cash impairment
charges of $725.0 million ($2.58 per share) related to Victoria’s
Secret goodwill and store-related assets.
In 2018:
- A pre-tax charge, principally
non-cash, related to the sale of La Senza of $99.2 million ($0.20
per share).
Excluding the above charges, adjusted fourth
quarter earnings per share were $1.88 compared to $2.14 last year,
adjusted operating income was $806.7 million compared to $898.7
million last year, and adjusted net income was $523.7 million
compared to $595.2 million last year.
The company reported net sales of $4.707 billion
for the fourth quarter ended Feb. 1, 2020, compared to net sales of
$4.852 billion for the fourth quarter ended Feb. 2, 2019.
Comparable sales decreased 2 percent for the fourth quarter ended
Feb. 1, 2020.
Full-Year ResultsThe company
reported a loss per share of $1.33 for the year ended Feb. 1, 2020,
compared to earnings per share of $2.31 for the year ended Feb. 2,
2019. Full-year operating income was $258.4 million compared
to operating income of $1.237 billion last year, and the net loss
was $366.4 million compared to net income of $643.9 million last
year.
Excluding significant items, adjusted full-year
earnings per share were $2.29 compared to $2.82 last year; adjusted
operating income was $1.231 billion compared to $1.437 billion last
year; and adjusted net income was $637.3 million compared to $786.7
million last year.
Net sales were $12.914 billion for the year
ended Feb. 1, 2020, compared to $13.237 billion for the year ended
Feb. 2, 2019. Comparable sales decreased 1 percent for the year
ended Feb. 1, 2020.
The Bath & Body Works business reported
record results for the fourth quarter and full-year 2019. For
the year, Bath & Body Works North America segment comparable
sales increased 10 percent, including a 5 percent increase in
stores and a 32 percent increase in the direct business. Sales
increased 12 percent to $5.170 billion and operating income
increased 11 percent to $1.191 billion.
In the Victoria’s Secret North America segment,
sales for the full year declined 8 percent to $6.805 billion, on a
comparable sales decline of 7 percent. The full-year reported
operating loss, which includes significant items of $730.7 million
in non-cash impairment charges, was $616.1 million.
At the conclusion of this press release is a
reconciliation of reported-to-adjusted results, including a
description of the significant items.
Transformative Transaction with Sycamore
PartnersAs previously announced on February 20, 2020, L
Brands and Sycamore Partners, a private equity firm specializing in
consumer and retail investments, entered into a definitive
agreement that is intended to deliver long-term value to L Brands
shareholders by positioning Bath & Body Works as a highly
profitable, standalone public company and separating Victoria’s
Secret Lingerie, Victoria’s Secret Beauty and PINK (collectively,
Victoria’s Secret) into a privately-held entity focused on
reinvigorating its market-leading businesses and returning them to
historic levels of profitability and growth. Under the terms of the
transaction, and after taking into account certain liabilities,
Sycamore will purchase a 55% interest in Victoria’s Secret for
approximately $525 million. L Brands will retain a 45% stake in
Victoria’s Secret to enable its shareholders to meaningfully
participate in the upside potential of these businesses. The
transaction is the result of a comprehensive review of a broad
range of options undertaken by the board of directors, with input
from outside financial advisors, designed to best position the
company’s brands for long-term success and drive shareholder value.
The transaction is expected to close in the second quarter
2020.
First Quarter 2020 OutlookThe
company currently expects a 2020 first quarter adjusted loss per
share of about $0.05. The company will not provide guidance for the
full year at this time due to the pending transaction with Sycamore
Partners, but the company’s guidance for the first quarter 2020
includes the Victoria’s Secret business.
Earnings Call and Additional Information
Additional fourth quarter financial information,
including management commentary, is currently available
at www.LB.com. L Brands will conduct its fourth
quarter earnings call at 9:00 a.m. Eastern on Feb.
27. To listen, call 1-866-363-4673 (international dial-in
number: 1-973-200-3978); conference ID 6695987. For an audio
replay, call 1-855-859-2056 (international replay number:
1-404-537-3406); conference ID 6695987 or log
onto www.LB.com.
ABOUT L BRANDS:L Brands, through Victoria’s
Secret, PINK and Bath & Body Works, is an international
company. The company operates 2,920 company-owned specialty
stores in the United States, Canada, the United Kingdom and Greater
China, and its brands are also sold in more than 700 franchised
locations worldwide. The company’s products are also
available online at www.VictoriasSecret.com and
www.BathandBodyWorks.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 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:
- the risk that the transactions contemplated by the Transaction
Agreement dated as of Feb. 20, 2020 between the company and SP VS
Buyer LP (the “Transaction”) is not consummated, including the risk
that required regulatory approvals for the Transaction may not be
obtained;
- diversion of our management’s attention away from other
business concerns due to the Transaction;
- the ongoing obligations of the company in connection with the
Transaction;
- 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 manage labor-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 our self-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 press release 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.
For further information, please contact:
L Brands: |
|
Investor Relations |
Media Relations |
Amie Preston |
Tammy Roberts Myers |
(614) 415-6704 |
(614) 415-7072 |
apreston@lb.com |
communications@lb.com |
L BRANDS FOURTH
QUARTER 2019
Comparable Sales Increase (Decrease) (Stores and
Direct):
|
|
Fourth Quarter2019 |
|
Fourth Quarter2018 |
|
Year 2019 |
|
Year2018 |
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
|
(10%) |
|
(3%) |
|
(7%) |
|
(2%) |
Bath & Body Works1 |
|
10% |
|
12% |
|
10% |
|
11% |
L Brands2 |
|
(2%) |
|
3% |
|
(1%) |
|
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):
|
|
Fourth Quarter2019 |
|
Fourth Quarter2018 |
|
Year 2019 |
|
Year2018 |
|
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
|
(10%) |
|
(7%) |
|
(9%) |
|
(6%) |
Bath & Body Works1 |
|
5% |
|
8% |
|
5% |
|
8% |
L Brands2 |
|
(4%) |
|
(1%) |
|
(3%) |
|
(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):
|
Fourth Quarter2019 |
|
Fourth Quarter2018 |
|
Year 2019 |
|
Year 2018 |
|
|
|
|
|
|
|
|
Victoria’s Secret1 |
$ |
1,649.3 |
|
$ |
1,849.3 |
|
$ |
5,111.5 |
|
$ |
5,627.9 |
Victoria’s Secret Direct |
|
626.5 |
|
|
682.5 |
|
|
1,693.0 |
|
|
1,747.0 |
Total Victoria’s
Secret |
$ |
2,275.8 |
|
$ |
2,531.8 |
|
$ |
6,804.5 |
|
$ |
7,374.9 |
Bath & Body Works1 |
$ |
1,744.0 |
|
$ |
1,626.1 |
|
$ |
4,212.4 |
|
$ |
3,907.2 |
Bath & Body Works Direct |
|
430.8 |
|
|
324.7 |
|
|
958.1 |
|
|
723.8 |
Total Bath & Body
Works |
$ |
2,174.8 |
|
$ |
1,950.8 |
|
$ |
5,170.5 |
|
$ |
4,631.0 |
VS & BBW International2 |
$ |
177.1 |
|
$ |
190.7 |
|
$ |
600.0 |
|
$ |
605.3 |
Other |
$ |
79.4 |
|
$ |
179.0 |
|
$ |
339.2 |
|
$ |
625.7 |
L Brands |
$ |
4,707.1 |
|
$ |
4,852.3 |
|
$ |
12,914.2 |
|
$ |
13,236.9 |
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, direct sales in China, royalties
associated with franchised stores and wholesale sales.
Total Company-Owned Stores:
|
|
Stores |
|
|
Stores |
|
|
Operating |
Operating |
|
|
at 2/2/19 |
Opened |
Closed |
at 2/1/20 |
|
|
|
|
|
|
|
|
|
|
|
|
Victoria's Secret U.S. |
|
957 |
4 |
(52 |
) |
909 |
PINK U.S. |
|
141 |
3 |
- |
|
144 |
Victoria's Secret Canada |
|
39 |
- |
(6 |
) |
33 |
PINK Canada |
|
6 |
- |
(1 |
) |
5 |
Total Victoria’s
Secret |
|
1,143 |
7 |
(59 |
) |
1,091 |
|
|
|
|
|
|
Bath & Body Works U.S. |
|
1,619 |
38 |
(20 |
) |
1,637 |
Bath & Body Works
Canada |
|
102 |
1 |
(1 |
) |
102 |
Total Bath & Body
Works |
|
1,721 |
39 |
(21 |
) |
1,739 |
|
|
|
|
|
|
Victoria’s Secret
U.K./Ireland |
|
21 |
- |
- |
|
21 |
PINK U.K. |
|
5 |
- |
- |
|
5 |
Victoria’s Secret Beauty and
Accessories |
|
38 |
10 |
(7 |
) |
41 |
Victoria’s Secret Greater
China |
|
15 |
8 |
- |
|
23 |
Total International |
|
79 |
18 |
(7 |
) |
90 |
|
|
|
|
|
|
Total L Brands
Stores |
|
2,943 |
64 |
(87 |
) |
2,920 |
Total Noncompany-Owned Stores:
|
|
Stores |
|
|
Stores |
|
|
Operating |
Operating |
|
|
at 2/2/19 |
Opened |
Closed |
at 2/1/20 |
|
|
|
|
|
|
Victoria’s Secret Beauty & Accessories – Travel Retail |
|
164 |
15 |
(26 |
) |
153 |
Bath & Body Works – Travel
Retail |
|
12 |
4 |
- |
|
16 |
Victoria’s Secret Beauty &
Accessories |
|
219 |
9 |
(21 |
) |
207 |
Victoria’s Secret |
|
47 |
25 |
- |
|
72 |
PINK |
|
9 |
3 |
- |
|
12 |
Bath & Body Works |
|
223 |
43 |
(4 |
) |
262 |
Total |
|
674 |
99 |
(51 |
) |
722 |
|
L BRANDS,
INC. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) |
THIRTEEN
WEEKS ENDED FEBRUARY 1, 2020 AND FEBRUARY 2, 2019 |
(Unaudited) |
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
Net Sales |
$ |
4,707,141 |
|
|
$ |
4,852,309 |
|
Costs of Goods Sold, Buying and Occupancy |
|
(2,913,454 |
) |
|
|
(2,884,629 |
) |
Gross Profit |
|
1,793,687 |
|
|
|
1,967,680 |
|
General, Administrative and Store Operating Expenses |
|
(1,022,397 |
) |
|
|
(1,068,990 |
) |
Impairment of Victoria's Secret Goodwill |
|
(689,576 |
) |
|
|
- |
|
Loss on Divestiture of La Senza |
|
- |
|
|
|
(99,242 |
) |
Operating Income |
|
81,714 |
|
|
|
799,448 |
|
Interest Expense |
|
(91,977 |
) |
|
|
(92,812 |
) |
Other Income |
|
3,720 |
|
|
|
4,390 |
|
|
|
|
|
|
Income (Loss) Before Income Taxes |
|
(6,543 |
) |
|
|
711,026 |
|
Provision for Income Taxes |
|
185,712 |
|
|
|
170,944 |
|
|
|
|
|
|
Net Income (Loss) |
$ |
(192,255 |
) |
|
$ |
540,082 |
|
|
|
|
|
|
Net Income (Loss) Per Diluted Share |
$ |
(0.70 |
) |
|
$ |
1.94 |
|
|
|
|
|
|
Weighted Average Shares Outstanding |
|
276,477 |
|
|
|
277,935 |
|
|
|
|
|
|
|
L BRANDS,
INC. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) |
FIFTY-TWO
WEEKS ENDED FEBRUARY 1, 2020 AND FEBRUARY 2, 2019 |
(Unaudited) |
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
Net Sales |
$ |
12,914,236 |
|
|
$ |
13,236,878 |
|
Costs of Goods Sold, Buying and Occupancy |
|
(8,463,793 |
) |
|
|
(8,338,071 |
) |
Gross Profit |
|
4,450,443 |
|
|
|
4,898,807 |
|
General, Administrative and Store Operating Expenses |
|
(3,471,946 |
) |
|
|
(3,562,778 |
) |
Impairment of Victoria's Secret Goodwill |
|
(720,051 |
) |
|
|
- |
|
Loss on Divestiture of La Senza |
|
- |
|
|
|
(99,242 |
) |
Operating Income |
|
258,446 |
|
|
|
1,236,787 |
|
Interest Expense |
|
(378,082 |
) |
|
|
(384,728 |
) |
Other Income (Loss) |
|
(61,830 |
) |
|
|
5,124 |
|
|
|
|
|
|
Income (Loss) Before Income Taxes |
|
(181,466 |
) |
|
|
857,183 |
|
Provision for Income Taxes |
|
184,930 |
|
|
|
213,300 |
|
|
|
|
|
|
Net Income (Loss) |
$ |
(366,396 |
) |
|
$ |
643,883 |
|
|
|
|
|
|
Net Income (Loss) Per Diluted Share |
$ |
(1.33 |
) |
|
$ |
2.31 |
|
|
|
|
|
|
Weighted Average Shares Outstanding |
|
276,163 |
|
|
|
278,840 |
|
|
|
|
|
|
|
|
L BRANDS,
INC. AND SUBSIDIARIES |
|
ADJUSTED
FINANCIAL INFORMATION |
|
(Unaudited) |
|
(In
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Year-to-Date |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Details of Special Items - Income (Expense) |
|
|
|
|
|
|
|
|
|
Impairment
of Victoria's Secret Goodwill |
|
$ (689,576) |
$ - |
|
$ (720,051) |
$ - |
|
Victoria's
Secret Store-Related Asset Impairment |
|
(35,384) |
|
- |
|
(252,442) |
|
(80,878) |
|
Henri Bendel
Closure Costs |
|
- |
|
- |
|
- |
|
(20,310) |
|
Loss on
Divestiture of La Senza |
|
- |
|
(99,242) |
|
- |
|
(99,242) |
|
Special
Items included in Operating Income |
|
(724,960) |
|
(99,242) |
|
(972,493) |
|
(200,430) |
|
La Senza
Charges |
|
- |
|
- |
|
(37,217) |
|
- |
|
Loss on
Extinguishment of Debt |
|
- |
|
- |
|
(39,564) |
|
- |
|
Special
Items included in Other Income (Loss) |
|
- |
|
- |
|
(76,781) |
|
- |
|
Tax Effect
of Special Items included in Operating Income and Other Income
(Loss) |
|
8,997 |
|
44,117 |
|
45,544 |
|
57,580 |
|
Special
Items included in Net Income (Loss) |
|
$ (715,963) |
$ (55,125) |
|
$ (1,003,730) |
|
$ (142,850) |
|
Special
Items included in Earnings (Loss) Per Diluted Share |
|
$ (2.58) |
|
$ (0.20) |
|
$ (3.62) |
|
$ (0.51) |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported Operating Income to Adjusted
Operating Income |
|
|
|
|
|
|
|
|
|
Reported
Operating Income |
|
$
81,714 |
|
$
799,448 |
|
$
258,446 |
|
$
1,236,787 |
|
Special
Items included in Operating Income |
|
724,960 |
|
99,242 |
|
972,493 |
|
200,430 |
|
Adjusted
Operating Income |
|
$ 806,674 |
|
$ 898,690 |
|
$ 1,230,939 |
$ 1,437,217 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported Net Income (Loss) to Adjusted
Net Income |
|
|
|
|
|
|
|
|
|
Reported Net
Income (Loss) |
|
$ (192,255) |
$
540,082 |
|
$ (366,396) |
$
643,883 |
|
Special
Items included in Net Income (Loss) |
|
715,963 |
|
55,125 |
|
1,003,730 |
|
142,850 |
|
Adjusted Net
Income |
|
$ 523,708 |
|
$ 595,207 |
|
$ 637,334 |
|
$ 786,733 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Reported Earnings (Loss) Per Diluted
Share to Adjusted Earnings Per Diluted Share |
|
|
|
|
|
|
|
Reported
Earnings (Loss) Per Diluted Share |
|
$
(0.70) |
|
$ 1.94 |
|
$
(1.33) |
|
$ 2.31 |
|
Special
Items included in Earnings (Loss) Per Diluted Share |
|
2.58 |
|
0.20 |
|
3.62 |
|
0.51 |
|
Adjusted
Earnings Per Diluted Share |
|
$ 1.88 |
|
$ 2.14 |
|
$ 2.29 |
|
$ 2.82 |
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Reconciliation of GAAP Financial Measures to Non-GAAP Financial
Measures. |
L BRANDS, INC. AND
SUBSIDIARIESNOTES TO RECONCILIATION OF
GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL
MEASURES(Unaudited)
The “Adjusted Financial Information” provided in the attached
reflects the following non-GAAP financial measures:
Fiscal 2019
In the fourth quarter of 2019, adjusted results exclude the
following:
- A $689.6 million charge ($686.4 million net of tax of $3.2
million) related to the impairment of Victoria’s Secret
goodwill.
- A $35.4 million charge ($29.5 million net of tax of $5.8
million), included in buying and occupancy expenses, related to the
impairment of Victoria’s Secret store-related assets.
In the third quarter of 2019, adjusted results exclude the
following:
- A $217.1 million charge ($199.6 million net of tax of $17.5
million), included in buying and occupancy expenses, related to the
impairment of Victoria’s Secret store-related assets.
- A $30.5 million charge (no tax impact) related to the
impairment of Victoria’s Secret goodwill.
- A $37.2 million charge ($27.7 million net of tax of $9.5
million), included in other income (loss), to increase reserves
related to ongoing guarantees for the La Senza business which was
sold in the fourth quarter of 2018.
In the second quarter of 2019, adjusted results exclude the
following:
- A $39.6 million pre-tax loss ($30.0 million net of tax of $9.5
million), included in other income (loss), associated with the
early extinguishment of $764 million in outstanding notes maturing
between 2020 and 2022 through the issuance of $500 million of new
notes maturing in 2029 and the use of $315 million in cash,
lowering total debt by $264 million.
In the first quarter of 2019, there were no adjustments to
results.
Fiscal 2018
In the fourth quarter of 2018, adjusted results exclude the
following:
- A $99.2 million ($55.1 million net of tax of $44.1 million)
loss on the sale of La Senza to an affiliate of Regent LP.
In the third quarter of 2018, adjusted results exclude the
following:
- An $80.9 million charge ($72.7 million net of tax of $8.2
million), included in buying and occupancy expenses, related to the
impairment of certain Victoria’s Secret store-related
assets.
- $20.3 million ($15.0 million net of tax of $5.3 million) of
Henri Bendel closure costs, included in buying and occupancy
expenses ($13.8 million) and general, administrative and store
operating expenses ($6.5 million).
In the first and second quarter of 2018, there were no
adjustments to results.
The Adjusted Financial Information should not be construed as an
alternative to the reported results determined in accordance with
generally accepted accounting principles. Further, the
Company’s definition of adjusted income information may differ from
similarly titled measures used by other companies. Management
believes that the presentation of adjusted financial information
provides additional information to investors to facilitate the
comparison of past and present operations. While it is not
possible to predict future results, management believes the
adjusted information is useful for the assessment of the ongoing
operations of the Company because the adjusted items are not
indicative of our ongoing operations due to their size and nature.
Additionally, management uses adjusted financial information as key
performance measures of results of operations for the purpose of
evaluating performance internally. The Adjusted Financial
Information should be read in conjunction with the Company’s
historical financial statements and notes thereto contained in the
Company’s quarterly reports on Form 10-Q and annual report on Form
10-K.
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