L Brands Reports Fourth Quarter and Full-Year 2018 Earnings

Fourth Quarter Results
Earnings per share for the 13-week fourth quarter ended Feb. 2, 2019, were $1.94 compared to $2.33 for the 14-week quarter ended Feb. 3, 2018. Thirteen-week fourth quarter operating income was $799.4 million compared to $986.6 million for the 14-week period last year, and 13-week net income was $540.1 million compared to $664.1 million for the 14-week period last year.

Reported results above include certain significant items as follows:

In 2018:
•A pre-tax charge, principally non-cash, related to the sale of La Senza of $99.2 million, or $0.20 per share.

In 2017 (totaling to a net benefit of $0.22 per share):
•A pre-tax charge of $45.0 million, or $0.10 per share, related to a loss on the early extinguishment of debt;
•A tax benefit of $92.2 million, or $0.32 per share, related to new U.S. tax legislation.

Excluding these items, adjusted 13-week fourth quarter operating income was $898.7 million compared to $986.6 million for the 14-week period last year; 13-week net income was $595.2 million compared to $600.6 million for the 14-week period last year; and 13-week adjusted earnings per share were $2.14 compared to $2.11 for the 14-week period last year.

Net sales were $4.852 billion for the 13-week fourth quarter ended Feb. 2, 2019, compared to $4.823 billion for the 14 weeks ended Feb. 3, 2018. Comparable sales for the 13-week fourth quarter ended Feb. 2, 2019, increased 3 percent compared to the 13 weeks ended Feb. 3, 2018.

Full-Year Results
Earnings per share for the 52-week year ended Feb. 2, 2019, were $2.31 compared to $3.42 for the 53-week year ended Feb. 3, 2018. Fifty-two week full-year operating income was $1.237 billion compared to $1.728 billion for the 53-week period last year, and 52-week net income was $643.9 million compared to $983.0 million for the 53-week period last year.

Excluding significant items, adjusted 52-week full-year earnings per share were $2.82 compared to $3.20 for the 53-week period last year; 52-week adjusted operating income was $1.437 billion compared to $1.728 billion for the 53-week period last year; and 52-week adjusted net income was $786.7 million compared to $919.5 million for the 53-week period last year.

At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the significant items.

Net sales were $13.237 billion for the 52-week year ended Feb. 2, 2019, compared to $12.632 billion for the 53 weeks ended Feb. 3, 2018. Comparable sales for the 52 weeks ended Feb. 2, 2019, increased 3 percent compared to the 52 weeks ended Feb. 3, 2018.
more detail at: http://investors.lb.com/phoenix.zhtml?c=94854&p=irol-newsArticle&ID=2389339

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