Kohl’s announced it will partner with Eddie Bauer to bring premium-quality performance outerwear and outdoor apparel for the entire family to Kohl’s customers nationwide in Fall 2021. Kohl’s will offer a wide array of apparel from the outdoor brand across women’s, men’s and kids – from a core assortment of year-round products to seasonal selections – in as many as 500 stores. In addition, Kohls.com will offer an expanded assortment of Eddie Bauer favorites including down jackets and parkas, performance bottoms, fleece, flannel, sleepwear, and more – providing families with everything they need for their outdoor adventures. “We are excited to partner with Eddie Bauer, a brand synonymous with outfitting families for any activity or adventure, to bring their assortment of award-winning, high-quality activewear and outerwear to millions of Kohl’s customers,” said Doug Howe, Kohl’s chief merchandising officer. “Eddie Bauer’s rich heritage of designing authentic, functional apparel that inspires everyone to get outdoors combined with their passion for delivering differentiated, innovative products that meet the needs of today’s consumer has made the brand a leader in the outdoor industry. The addition of the Eddie Bauer brand into our portfolio acutely aligns with our ambition to grow our active and outdoor business, and attract new and younger customers to Kohl’s.”
Fourth Quarter Results
The company reported earnings per share of $3.03 for the fourth quarter ended Jan. 30, 2021, compared to a loss per share of $0.70 for the quarter ended Feb. 1, 2020. Fourth quarter operating income was $1.273 billion compared to operating income of $81.7 million last year, and net income was $860.3 million compared to a net loss of $192.3 million last year.
Reported results in 2019 include pre-tax, non-cash impairment charges of $725.0 million ($2.58 per share) related to Victoria’s Secret goodwill and store-related assets.
On an adjusted basis, which exclude the above charges in 2019, fourth quarter 2020 earnings per share increased 61 percent to $3.03 compared to adjusted $1.88 last year, operating income increased 58% to $1.273 billion compared to adjusted $806.7 million last year, and net income was $860.3 million compared to adjusted $523.7 million last year. Bath & Body Works fourth quarter operating income increased $250 million, or 38 percent, to $913.7 million. Victoria’s Secret adjusted fourth quarter operating income increased $209.8 million, or 108 percent, to $403.4 million.
The company reported net sales of $4.818 billion for the fourth quarter ended Jan. 30, 2021, compared to net sales of $4.707 billion for the fourth quarter ended Feb. 1, 2020. Comparable sales increased 10 percent, consisting of a 22 percent increase at Bath & Body Works and a 3 percent decrease at Victoria’s Secret. Fourth quarter sales in the direct channel increased 74 percent at Bath & Body Works and 33 percent at Victoria’s Secret.
Full-year operating income was $1.580 billion compared to $258.4 million last year, and net income was $844.5 million compared to a net loss of $366.4 million last year. Net sales were $11.847 billion for the year ended Jan. 30, 2021, compared to $12.914 billion for the year ended Feb. 1, 2020. Comparable sales for the full year increased 21 percent, consisting of a 45 percent increase at Bath & Body Works and a 1 percent increase at Victoria’s Secret. Full year 2020 sales in the direct channel increased 109 percent at Bath & Body Works and 31 percent at Victoria’s Secret.
Andrew Meslow, Chief Executive Officer of L Brands, stated, “Following on our record third quarter results, the exceptional efforts and execution of our team enabled us to deliver another record performance in the fourth quarter. We experienced consistent strength at Bath & Body Works along with continued significant improvement in performance at Victoria’s Secret. Looking forward, we remain focused on our strategy to deliver compelling merchandise and experiences to our customers while maintaining a safe environment. At the same time, we continue to move ahead in our plans to separate our two businesses. As a result of the collective initiatives underway, the company is well positioned to continue driving value for our shareholders.”
details at: http://investors.lb.com/news-releases/news-release-details/l-brands-reports-record-fourth-quarter-2020-results