L Brands (LB) Reports 1% Increase in Comps for Oct. 2016; Reaffirms Q3 Outlook
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L Brands, Inc. (NYSE: LB) reported net sales of $756.7 million for the four weeks ended Oct. 29, 2016, an increase of 3 percent, compared to net sales of $735.6 million for the four weeks ended Oct. 31, 2015. Comparable sales increased 1 percent for the four weeks ended Oct. 29, 2016.
The company reported net sales of $2.581 billion for the 13 weeks ended Oct. 29, 2016, an increase of 4 percent compared to net sales of $2.482 billion for the 13 weeks ended Oct. 31, 2015. Comparable sales increased 2 percent for the 13 weeks ended Oct. 29, 2016.
The company reported net sales of $8.085 billion for the 39 weeks ended Oct. 29, 2016, an increase of 4 percent compared to net sales of $7.759 billion for the 39 weeks ended Oct. 31, 2015. Comparable sales increased 3 percent for the 39 weeks ended Oct. 29, 2016.
As previously announced, the company now expects third quarter earnings per share of about $0.40, versus its previous guidance of $0.40 to $0.45 and last year’s result of $0.55. The company will provide fourth quarter earnings guidance when it reports third quarter earnings after the close of the market on Nov. 16. The company will conduct its third quarter earnings call at 9 a.m. Eastern on Nov. 17.
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.
L BRANDSOCTOBER 2016
Comparable Sales Increase (Decrease) (Stores and Direct):
| Oct.2016 | Oct.2015 | ThirdQuarter2016 | ThirdQuarter2015 | Year-to-Date2016 | Year-to-Date2015 | |||||||||||||||||||
| Victoria’s Secret1 | (2 | %) | 5 | % | (1 | %) | 6 | % | 1 | % | 3 | % | ||||||||||||
| Bath & Body Works1 | 6 | % | 6 | % | 7 | % | 7 | % | 6 | % | 6 | % | ||||||||||||
| L Brands2 | 1 | % | 6 | % | 2 | % | 7 | % | 3 | % | 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):
| Oct.2016 | Oct.2015 | ThirdQuarter2016 | ThirdQuarter2015 | Year-to-Date2016 | Year-to-Date2015 | |||||||||||||||||||
| Victoria’s Secret1 | (1 | %) | 5 | % | (2 | %) | 7 | % | 0 | % | 5 | % | ||||||||||||
| Bath & Body Works1 | 4 | % | 5 | % | 5 | % | 6 | % | 4 | % | 5 | % | ||||||||||||
| L Brands2 | 1 | % | 5 | % | 0 | % | 7 | % | 1 | % | 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 Sales (Millions):
| Third Quarter 2016 | Third Quarter 2015 | Year-to-Date 2016 | Year-to-Date 2015 | ||||||||||||
| Victoria’s Secret Stores1 | $ | 1,285.9 | $ | 1,282.1 | $ | 4,136.2 | $ | 4,065.3 | |||||||
| Victoria’s Secret Direct | 298.2 | 285.4 | 1,056.1 | 992.5 | |||||||||||
| Total Victoria’s Secret | $ | 1,584.1 | $ | 1,567.5 | $ | 5,192.3 | $ | 5,057.8 | |||||||
| Bath & Body Works1 | $ | 681.6 | $ | 637.2 | $ | 1,977.4 | $ | 1,863.2 | |||||||
| Bath & Body Works Direct | 88.6 | 68.3 | 254.4 | 203.8 | |||||||||||
| Total Bath & Body Works | $ | 770.2 | $ | 705.5 | $ | 2,231.8 | $ | 2,067.0 | |||||||
| VS & BBW International2 | $ | 103.7 | $ | 92.8 | $ | 298.1 | $ | 273.0 | |||||||
| Other | $ | 123.0 | $ | 115.8 | $ | 362.3 | $ | 361.0 | |||||||
| L Brands | $ | 2,581.0 | $ | 2,481.6 | $ | 8,084.5 | $ | 7,758.8 | |||||||
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.
Total Company-Owned Stores:
| Stores | Stores | |||||||||||||||||
| Operating | Operating | |||||||||||||||||
| at 1/30/16 | Opened | Acquired | Closed | at 10/29/16 | ||||||||||||||
| Victoria's Secret U.S. | 990 | 14 | - | (6 | ) | 998 | ||||||||||||
| PINK U.S. | 128 | 5 | - | (1 | ) | 132 | ||||||||||||
| Victoria's Secret Canada | 37 | - | - | - | 37 | |||||||||||||
| PINK Canada | 9 | - | - | - | 9 | |||||||||||||
| Total Victoria’s Secret | 1,164 | 19 | - | (7 | ) | 1,176 | ||||||||||||
| Bath & Body Works U.S. | 1,574 | 23 | - | (5 | ) | 1,592 | ||||||||||||
| Bath & Body Works Canada | 98 | 4 | - | - | 102 | |||||||||||||
| Total Bath & Body Works | 1,672 | 27 | (5 | ) | 1,694 | |||||||||||||
| Victoria’s Secret U.K. | 12 | 2 | - | - | 14 | |||||||||||||
| PINK U.K. | 2 | 1 | - | - | 3 | |||||||||||||
| Victoria’s Secret Beauty and Accessories | - | 4 | 26 | (1 | ) | 29 | ||||||||||||
| Henri Bendel | 29 | - | - | - | 29 | |||||||||||||
| La Senza U.S. | - | 3 | - | - | 3 | |||||||||||||
| La Senza Canada | 126 | - | - | (1 | ) | 125 | ||||||||||||
| Total L Brands Stores | 3,005 | 56 | 26 | (14 | ) | 3,073 | ||||||||||||
Total Noncompany-Owned Stores:
| Stores | Stores | |||||||||||||
| Operating | Operating | |||||||||||||
| at 1/30/16 | Opened | Closed | Transferred | at 10/29/16 | ||||||||||
| Victoria’s Secret Beauty & Accessories | 373 | 43 | (9 | ) | (26 | ) | 381 | |||||||
| Victoria’s Secret | 16 | 5 | - | - | 21 | |||||||||
| PINK | 3 | 2 | - | - | 5 | |||||||||
| Bath & Body Works | 125 | 26 | (1 | ) | - | 150 | ||||||||
| La Senza | 221 | 4 | (18 | ) | - | 207 | ||||||||
| Total | 738 | 80 | (28 | ) | (26 | ) | 764 | |||||||
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