L Brands Reports Fourth Quarter and Full-Year 2017 Earnings

Earnings per share for the 14-week fourth quarter ended Feb. 3, 2018, were $2.33 compared to $2.18 for the 13-week quarter ended Jan. 28, 2017.  The extra week in 2017 represented approximately $0.10 per share.  Fourth quarter operating income was $986.6 million compared to $987.6 million last year, and net income was $664.1 million compared to $631.7 million last year.

Reported results above include certain significant items as follows:
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.

In 2016: •A favorable tax settlement of $41.7 million, or $0.14 per share.

Excluding these items, adjusted net income increased 2 percent to $600.6 million compared to $590.0 million last year, and adjusted earnings per share increased 4 percent to $2.11 (which includes $0.10 related to the extra week) compared to $2.03 last year.

Net sales were $4.823 billion for the 14-week fourth quarter ended Feb. 3, 2018, compared to $4.489 billion for the 13 weeks ended Jan. 28, 2017.  Comparable sales for the 14-week fourth quarter ended Feb. 3, 2018, increased 2 percent compared to the 14 weeks ended Feb. 4, 2017.  The extra week in 2017 represented approximately $160 million in sales.

Full-Year Results
Earnings per share for the 53-week year ended Feb. 3, 2018, were $3.42 (which includes $0.10 related to the extra week) compared to $3.98 for the 52-week year ended Jan. 28, 2017.  Full-year operating income was $1.728 billion compared to $2.003 billion last year, and net income was $983.0 million compared to $1.158 billion last year.

Excluding significant items, adjusted 53-week full-year earnings per share decreased 14 percent to $3.20 (which includes $0.10 related to the extra week) compared to $3.74 last year, adjusted operating income decreased 15 percent to $1.728 billion compared to $2.037 billion last year and adjusted net income decreased 16 percent to $919.5 million compared to $1.090 billion 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 $12.632 billion for the 53-week year ended Feb. 3, 2018, compared to $12.574 billion for the 52 weeks ended Jan. 28, 2017. Comparable sales for the 53 weeks ended Feb. 3, 2018, decreased 3 percent compared to the 53 weeks ended Feb. 4, 2017.  For the 53 weeks ended Feb. 3, 2018, the exit of the swim and apparel categories had a negative impact of about 3 percentage points and 5 percentage points to total company and Victoria’s Secret comparable sales, respectively.
more detail at:  http://investors.lb.com/phoenix.zhtml?c=94854&p=irol-newsArticle&ID=2335458

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