0000701985-15-000004.txt : 20150227 0000701985-15-000004.hdr.sgml : 20150227 20150227162009 ACCESSION NUMBER: 0000701985-15-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150225 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150227 DATE AS OF CHANGE: 20150227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: L Brands, Inc. CENTRAL INDEX KEY: 0000701985 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-WOMEN'S CLOTHING STORES [5621] IRS NUMBER: 311029810 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08344 FILM NUMBER: 15659026 BUSINESS ADDRESS: STREET 1: THREE LIMITED PKWY STREET 2: P O BOX 16000 CITY: COLUMBUS STATE: OH ZIP: 43216 BUSINESS PHONE: 6144157000 MAIL ADDRESS: STREET 1: THREE LIMITED PARKWAY STREET 2: P.O. BOX 16000 CITY: COLUMBUS STATE: OH ZIP: 43216 FORMER COMPANY: FORMER CONFORMED NAME: LIMITED BRANDS INC DATE OF NAME CHANGE: 20020613 FORMER COMPANY: FORMER CONFORMED NAME: LIMITED INC DATE OF NAME CHANGE: 19920703 8-K 1 lb-20144qearningsrelease.htm 8-K LB - 2014.4Q Earnings Release


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 25, 2015
 
 
L Brands, Inc.
 
 
(Exact Name of Registrant
as Specified in Its Charter)
 
 
 
Delaware
 
 
(State or Other Jurisdiction of Incorporation)
 
 
1-8344
 
31-1029810
(Commission File Number)
 
(IRS Employer Identification No.)
 
Three Limited Parkway
Columbus, OH
 
43230
(Address of Principal Executive Offices)
 
(Zip Code)
 
 
(614) 415-7000
 
(Registrant's Telephone Number, Including Area Code)
 
 
Not Applicable
 
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02. Results of Operations and Financial Condition
and
Item 7.01. Regulation FD Disclosure.
The following information is being furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, “Regulation FD Disclosure”, and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On February 25, 2015, L Brands, Inc. issued a press release setting forth its fourth quarter and full year 2014 earnings. In addition, the press release contains guidance with respect to February comparable store sales and provides first quarter and full year 2015 earnings guidance. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1    Press Release dated February 25, 2015 announcing earnings for the fourth quarter and full year 2014.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
L Brands, Inc.
 
 
 
 
 
 
 
 
Date:
February 27, 2015
By:
/s/ STUART B. BURGDOERFER
 
 
 
Stuart B. Burgdoerfer
 
 
 
Executive Vice President and Chief Financial Officer




 EX-99.1 2 ex991lb-20144qearningsrele.htm PRESS RELEASE EX99.1 LB - 2014.4Q Earnings Release


Exhibit 99.1

L BRANDS REPORTS RECORD FOURTH QUARTER
AND FULL-YEAR EARNINGS

- UPDATES FEBRUARY COMP GUIDANCE AND PROVIDES FIRST QUARTER
AND FULL-YEAR 2015 EARNINGS GUIDANCE -


Columbus, Ohio, Feb. 25, 2015 - L Brands, Inc. (NYSE: LB) today reported 2014 fourth quarter and full-year results.

Fourth Quarter Results
Earnings per share for the fourth quarter ended Jan. 31, 2015, increased 15% to $1.89 from $1.65 for the quarter ended Feb. 1, 2014. Fourth quarter operating income increased 11% to $957.0 million from $863.5 million last year. Net income increased 15% to $564.8 million compared to $489.6 million last year.

Net sales for the fourth quarter ended Jan. 31, 2015, were $4.069 billion, an increase of 7% compared to $3.818 billion for the quarter ended Feb. 1, 2014. Comparable store sales for the fourth quarter ended Jan. 31, 2015, increased 6%.

Full-Year Results
Earnings per share for the year ended Jan. 31, 2015, increased 15% to $3.50 from $3.05 for the year ended Feb. 1, 2014. Operating income increased 12% to $1.953 billion in 2014 from $1.743 billion in 2013. Net income in 2014 increased 15% to $1.042 billion from $903.0 million in 2013.

Net sales were $11.454 billion for the year ended Jan. 31, 2015, an increase of 6% compared to $10.773 billion for the year ended Feb. 1, 2014. Comparable store sales for the year ended Jan. 31, 2015, increased 4%.

Leslie H. Wexner, chairman and chief executive officer, commented, “We focused on the execution of fundamentals in the business in 2014, and we continued to get better throughout the year. I am optimistic heading into 2015 … we have great brands, with talented associates at every level, are well-positioned and have significant opportunities for growth.”

2015 Outlook
The company currently expects 2015 full-year earnings per share to be between $3.45 and $3.65, including earnings per share between $0.50 and $0.55 in the first quarter.

The company expects to report February comparable store sales to increase in the mid-single digit range.


VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com



Earnings Call and Additional Information
L Brands will conduct its fourth quarter earnings call at 9 a.m. Eastern on Feb. 26. To listen, call 1-866-363-4673 (international dial-in number: 1-973-200-3978). For an audio replay, call 1-855-859-2056 (conference ID 33156271) (international replay number: 1-404-537-3406 (conference ID 33156271)) or log onto www.LB.com. Additional fourth quarter and full-year financial information is also available at www.LB.com.

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 2,969 company-owned specialty stores in the United States, Canada and the United Kingdom, and its brands are sold in more than 600 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
L Brands, Inc. cautions 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 fourth quarter earnings call 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 fourth quarter earnings call:
•
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 a high volume of 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 into global markets and related risks;
•
our relationships with independent licensees and franchisees;
•
our direct channel businesses;
•
our failure to protect our reputation and our brand images;
•
our failure to protect our trade names, trademarks and patents;
•
the highly competitive nature of the retail industry generally and the segments in which we operate particularly;
•
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;
•
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;

VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com



•
fluctuations in foreign currency exchange rates;
•
stock price volatility;
•
our failure 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 inability of our manufacturers to deliver products in a timely manner and meet quality standards;
•
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 failure to maintain the security of customer, associate, supplier or company information;
•
our failure to comply with regulatory requirements;
•
tax matters; and
•
legal and compliance 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 fourth quarter earnings call to reflect circumstances existing after the date of this report 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 2013 Annual Report on Form 10-K.
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


VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com



L BRANDS
FOURTH QUARTER 2014


Comparable Store Sales Increase (Decrease):

 
Fourth Quarter
2014
Fourth Quarter
2013
 
Year 2014
Year 2013
 
 
 
 
 
 
Victoria's Secret Stores1
4
%
2
%
 
3
%
2
%
Bath & Body Works1
8
%
(1
%)
 
6
%
1
%
L Brands
6
%
1
%
 
4
%
2
%
Victoria's Secret Direct Sales
(2
%)
(1
%)
 
(1
%)
(3
%)

1 - Results include company-owned stores in the United States and Canada.


Total Sales (Millions):

 
Fourth Quarter
2014
 
Fourth Quarter
2013
 
Year 2014
 
Year 2013
 
 
 
 
 
 
 
 
Victoria's Secret Stores1
$
1,914.2

 
$
1,797.7

 
$
5,700.2

 
$
5,368.1

Victoria's Secret Direct
492.1

 
504.5

 
1,507.4

 
1,516.1

  Total Victoria's Secret
$
2,406.3

 
$
2,302.2

 
$
7,207.6

 
$
6,884.2

Bath & Body Works1
$
1,276.7

 
$
1,180.8

 
$
3,047.8

 
$
2,867.3

Bath & Body Works Direct
127.3

 
101.6

 
301.8

 
250.6

  Total Bath & Body Works
$
1,404.0

 
$
1,282.4

 
$
3,349.6

 
$
3,117.9

VS & BBW International2
$
105.5

 
$
75.3

 
$
335.9

 
$
221.8

Other3
$
152.9

 
$
158.3

 
$
561.0

 
$
549.3

L Brands
$
4,068.7

 
$
3,818.2

 
$
11,454.1

 
$
10,773.2


1 - Results include company-owned stores in the United States and Canada.
2 - Results include retail sales from company-owned stores outside of the United States and Canada, royalties associated with
franchised stores and wholesale sales.
3 - Results include La Senza, Henri Bendel and Mast external sales.




VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com



Total Company-Owned Stores:

 
Stores
 
Stores
 
Operating
Operating
 
at 2/1/14
Opened
Closed
at 1/31/15
 
 
 
 
 
Victoria's Secret U.S.
977

12

(6
)
983

PINK U.S.
83

33

(1
)
115

Victoria's Secret Canada
24

7

—

31

PINK Canada
10

—

—

10

   Total Victoria's Secret
1,094

52

(7
)
1,139

 
 
 
 
 
Bath & Body Works U.S.
1,559

14

(15
)
1,558

Bath & Body Works Canada
79

10

(1
)
88

   Total Bath & Body Works
1,638

24

(16
)
1,646

 
 
 
 
 
Victoria's Secret U.K.
5

3

—

8

PINK U.K.
—

2

—

2

Henri Bendel
29

—

—

29

La Senza Canada
157

—

(12
)
145

Total L Brands Stores
2,923

81

(35
)
2,969



Total Franchise Stores:

 
Stores
 
Stores
 
Operating
Operating
 
at 2/1/14
Opened
Closed
at 1/31/15
 
 
 
 
 
Victoria's Secret Beauty & Accessories
198

99

(7
)
290

Victoria's Secret International
4

9

—

13

PINK International
—

1

—

1

BBW International
55

26

(1
)
80

La Senza International
331

6

(71
)
266

Total Franchise Stores
588

141

(79
)
650



VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com



L BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
THIRTEEN WEEKS ENDED JANUARY 31, 2015 AND FEBRUARY 1, 2014
(Unaudited)
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2013
Net Sales
 
$
4,068,685

 
$
3,818,202

Costs of Goods Sold, Buying and Occupancy
 
(2,233,914
)
 
(2,175,897
)
Gross Profit
 
1,834,771

 
1,642,305

General, Administrative and Store Operating Expenses
 
(877,818
)
 
(778,844
)
Operating Income
 
956,953

 
863,461

Interest Expense
 
(77,744
)
 
(82,220
)
Other Income
 
337

 
5,550

Income Before Income Taxes
 
879,546

 
786,791

Provision for Income Taxes
 
314,733

 
297,171

Net Income
 
$
564,813

 
$
489,620

 
 
 
 
 
Net Income Per Diluted Share
 
$
1.89

 
$
1.65

 
 
 
 
 
Weighted Average Shares Outstanding
 
299,040

 
297,018




L BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FIFTY-TWO WEEKS ENDED JANUARY 31, 2015 AND FEBRUARY 1, 2014
(Unaudited)
(In thousands except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
2014
 
2013
Net Sales
 
$
11,454,078

 
$
10,773,199

Costs of Goods Sold, Buying and Occupancy
 
(6,646,427
)
 
(6,344,149
)
Gross Profit
 
4,807,651

 
4,429,050

General, Administrative and Store Operating Expenses
 
(2,854,531
)
 
(2,685,576
)
Operating Income
 
1,953,120

 
1,743,474

Interest Expense
 
(324,042
)
 
(314,402
)
Other Income
 
6,653

 
16,793

Income Before Income Taxes
 
1,635,731

 
1,445,865

Provision for Income Taxes
 
593,771

 
542,844

Net Income
 
$
1,041,960

 
$
903,021

 
 
 
 
 
Net Income Per Diluted Share
 
$
3.50

 
$
3.05

 
 
 
 
 
Weighted Average Shares Outstanding
 
297,960

 
296,055


VICTORIA'S SECRET / BATH & BODY WORKS / PINK / LA SENZA / HENRI BENDEL
Three Limited Parkway Columbus, OH 43230 www.LB.com

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