L Brands (LB) will separate the Victoria's Secret business into an independent, publicly traded company; change its name to Bath & Body Works

• The name change is expected to become effective on August 2 and trade under the new ticker on August 3, 2021.
  • Bath & Body Works will trade under the symbol BBWI.
• The Victoria's Secret business will be named Victoria's Secret & Co. and will include brands Victoria's Secret Lingerie, PINK and Victoria's Secret Beauty.
  • Victoria's Secret's will trade on the New York Stock Exchange under the symbol VSCO.

=L Brands (LB) to sell Victoria's Secret to Sycamore Partners for $1.1B

(Reuters) - L Brands Inc (LB) said on Thursday it will sell a controlling stake in its Victoria's Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as it focuses on its core Bath & Body Works brand.

L Brands' long-time Chief Executive Officer Leslie Wexner would step down from his role following the close of the transaction and become chairman emeritus.

L Brands, which has a market valuation of about $7-billion, has seen sales dwindle at its Victoria's Secret business as it fends off increased competition from online retailers and has also drawn criticism for its lingerie not being inclusive of all body types.

The brand accounted for nearly half of the company's $13.24 billion revenue in 2019, but has seen sales decline for at least four quarters.

Columbus, Ohio-based L Brands said Sycamore Partners would own 55% of Victoria's Secret, while L Brands would retain a 45% stake. The company's Bath & Body Works would now run as a standalone company.

=L Brands (LB) reported earnings on Wed 22 May 2019 (a/h)

L Brands beats by $0.14, beats on revs; guides Q2 EPS below consensus; raises low end of FY20 EPS, in-line

• Reports Q1 (Apr) earnings of $0.14 per share, $0.14 better than the S&P Capital IQ Consensus of ($0.00); revenues rose 0.1% year/year to $2.63 bln vs the $2.56 bln S&P Capital IQ Consensus. 
• The first quarter earnings per share result of $0.14 exceeded the company's guidance of about breakeven, driven by record results at Bath & Body Works
• Comparable sales for the first quarter ended May 4, 2019, were flat vs. -1.3% ests.
• First quarter comparable sales declined 5% at the Victoria's Secret segment and increased 13% at Bath & Body Works.
• Co issues downside guidance for Q2, sees EPS of $0.15-0.20 vs. $0.23 S&P Capital IQ Consensus.
• Co issues in-line guidance for FY20, sees EPS of $2.30-2.60 from $2.20-2.60 vs. $2.37 S&P Capital IQ Consensus.

Earnings this week : May 20 - 24, 19 (wk 21)

Monday (May 20)

• Morning: AZZ IGT PDD QD SPTN
• Afternoon: NDSN

Tuesday (May 21)

• Morning: AZO DAVA DY EV HD JCP KSS MNRO SFL TJX
• Afternoon: CRMT JWN OOMA PSTG SE SKY TOL URBN

Wednesday (May 22)

• Morning: AAP ADI CM CSWI LOW PLAB TGT VFC
• Afternoon: CPRT CTRP HTHT LB MOD NTAP SCVL SNPS VIPS

Thursday (May 23)

• Morning: BBY BJ BRC CTRN HRL MDT ROLL RY SDRL SINA TD TK TNK TTC VIOT WB WMS
• Afternoon: ADSK CVCO DECK DXC HPE HPQ INTU LGF.A ROST SPLK VSAT

Friday (May 24) 

• Morning: BKE FL HIBB

-=L Brands (LB) reported earnings on Mon 19 Nov 2018 (a/h)

L Brands beats by $0.01, beats on revs; comps +4%; guides Q4 EPS in-line; cuts dividend to reduce debt; names John Mehas as CEO of Victoria's Secret Lingerie 

• Reports Q3 (Oct) earnings of $0.16 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.15; revenues rose 6.0% year/year to $2.77 bln vs the $2.70 bln S&P Capital IQ Consensus.
  • Same store comps in Q3 were +4%.
• Co issues in-line guidance for Q4 (Jan), sees EPS of $1.90-2.10 vs. $2.00 S&P Capital IQ Consensus.

Other News:

• Dividend Cut: Co plans to reduce its annual dividend to $1.20 from $2.40 currently, beginning with the quarterly dividend to be paid in March 2019. The planned reduction will result in a dividend payout ratio that is more consistent with the company's past practice, and a dividend yield in line with relevant comparisons. The $325 mln in cash made available from the dividend reduction will be used primarily to contribute to the deleveraging of the company's balance sheet over time.
• Victoria's Secret Lingerie Leadership Change: Co also announces that John Mehas has been named CEO of Victoria's Secret Lingerie, effective early 2019, replacing Jan Singer, who has resigned. Mehas is currently serving as President of Tory Burch, the iconic lifestyle brand. Previously he led Club Monaco, a Polo Ralph Lauren brand, for 13 years as President and CEO.

Earnings this week : Nov 19 - 23, 18 (wk 47)

Earnings confirmed to report this week

Monday (Nov 19) 

• Morning: JD SPB
• Afternoon: A BECN BRKS GH INTU JACK KLIC LB NUAN PSTG URBN

Tuesday (Nov 20)

• Morning: ADI BBY BKS CPB DY HRL JEC KSS LOW MDT MMS NJR PDD ROST SFL TGT TJX
• Afternoon: ADSK BILI BJ CAL CPRT ESL FL GPS KEYS QADA SE

Wednesday (Nov 21)

• Morning: BZUN CMCM DAKT DE QD
• Afternoon: None

Thursday (Nov 22)

• Markets closed for Thanksgiving

Friday (Nov 23)

• None

-=L Brands (LB) reported earnings on Wed 22 Aug 18 (a/h)

L Brands beats by $0.01, beats on revs; guides Q3 EPS below consensus; lowers FY19 EPS below consensus 

• Reports Q2 (Jul) earnings of $0.36 per share, $0.01 better than the S&P Capital IQ Consensus of $0.35; revenues rose 8.3% year/year to $2.98 bln vs the $2.92 bln S&P Capital IQ Consensus. Guided EPS to high end of $0.30-0.35 guidance with comps +3% on August 10.
• Co issues downside guidance for Q3, sees EPS of $0.00-0.05 vs. $0.15 S&P Capital IQ Consensus.
• Co issues downside guidance for FY19, lowers EPS to $2.45-2.70 from $2.70-3.00 vs. $2.77 S&P Capital IQ Consensus. 
• The company also announced that Denise Landman, CEO of Victoria's Secret PINK, has made the decision to retire at the end of this year after building the business to a nearly $3 billion brand. Amy Hauk, currently President for Merchandising and Product Development of Bath & Body Works, will replace Landman as CEO of Victoria's Secret PINK.

Earnings this week : Aug 20 - 24, 18 (wk 34)

Earnings confirmed to report this week:

Monday (August 20)

• Morning:  EL, IX, AU,  CMCM, HMI, SIEB, NESR, FENC
• Afternoon: NDSN LTM FANH FN TEDU ARL CMLS, EIGR  

Tuesday (Aug 21)

• Morning:  COTY  DAKT JILL KSS  MDT PINC SJM TJX TOL
• Afternoon:   BBL GSM KEYS JKHY PSTG SE MYGN LZB  RRGB URBN

Wednesday (Aug 22)

• Morning:  ADI BITA BNED FRO LOW MOMO PLAB RY SFL TGT UXIN 
• Afternoon:  BRY   BSBR HTHT LB SMRT SNPS SQM WSM QADA  ZAYO

Thursday (Aug 23)

• Morning:  BABA VMW INTU CM HPQ LX HRL  CTRN FLWS FLY HMLP  LANC  PLCE  SAFM SPWH TTC
• Afternoon:  ADSK GLOB GPS HPQ INTU OSIS ROST  SPLK VEEV VMW

Friday (Aug 24)

• Morning:  BKE FL HIBB UBNT

=L Brands (LB) reported earnings on Wed 23 May 18 (a/h)

L Brands beats by $0.02, beats on revs; guides JulQ EPS below consensus; guides FY19 EPS below consensus 

• Reports Q1 (Apr) earnings of $0.17 per share, $0.02 better than the Capital IQ Consensus of $0.15; revenues rose 7.8% year/year to $2.63 bln vs the $2.59 bln Capital IQ Consensus.
• Co issues downside guidancefor Q2 (Jul), sees EPS of $0.30-0.35 vs. $0.40 Capital IQ Consensus Estimate.
• Co issues downside guidancefor FY19, sees EPS of $2.70-3.00 vs. $3.01 Capital IQ Consensus Estimate and vs prior guidance of $2.95-3.25. 

=L Brands (LB) reported earnings on Wed 16 Aug 17 (a/h)

L Brands beats by $0.04, reports sales in-line with preannouncement; guides Q3 EPS below consensus; lowers FY18 EPS below consensus

• Reports Q2 (Jul) earnings of $0.48 per share, $0.04 better thanthe Capital IQ Consensus of $0.44; revenues fell 4.7% year/year to $2.75 bln vs the $2.75 bln Capital IQ Consensus. 
• Preannounced comps down 8%, EPA at high en dof $0.40-0.45 range on Aug 3.
• The company reported a comparable sales decrease of 8%. VS comps -14%, B&BW +6%; store only comps -11% at VS, +4% at B&BW The exit of the swim and apparel categories had a negative impact of about 6 percentage points and 9 percentage points to total company and Victoria's Secret comparable sales, respectively. 
• Co issues downside guidance for Q3, sees EPS of $0.25-0.30 vs. $0.36 Capital IQ Consensus Estimate.
• Co issues downside guidance for FY18, lowers EPS to $3.00-3.20 from $3.10-3.40 vs. $3.22 Capital IQ Consensus. The second quarter comparable sales decline of 8 percent was below the co's expectations. Accordingly, the co's guidance for the remainder of the year reflects a more conservative sales forecast than its previous guidance.

=L Brands (LB) reported earnings on Wed 17 March 17 (a/h)

L Brands beats by $0.03, reports revs in-line with preannouncement; guides Q2 EPS below consensus; raises FY18 EPS, in-line:

• Reports Q1 (Apr) earnings of $0.33 per share, $0.03 better than the Capital IQ Consensus of $0.30; revenues fell 6.8% year/year to $2.44 bln vs the $2.46 bln Capital IQ Consensus. Preannounced results on May 4.
• Comparable sales for the first quarter ended April 29, 2017, decreased 9%. For the first quarter, the exit of the swim and apparel categories had a negative impact of 6 percentage points and 9 percentage points to total co and Victoria's Secret comparable sales, respectively.
• VS comps -14%, B&BW +2%.
• Co issues downside guidance for Q2, sees EPS of $0.40-0.45 vs. $0.46 Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY18, raises EPS to $3.10-3.40 from $3.05-3.35 vs. $3.21 Capital IQ Consensus Estimate. 

=L Brands (LB) reported earnings on Wed 22 Feb 2017 (a/h)

L Brands hurt by Victoria's Secret 20% comp sales drop in Feb

L Brands beats by $0.13, reports revs in-line; guides Q1 EPS below consensus; guides FY18 EPS below consensus:

• Reports Q4 (Jan) earnings of $2.03 per share, $0.13 better than the Capital IQ Consensus of $1.90; revenues rose 2.1% year/year to $4.49 bln vs the $4.51 bln Capital IQ Consensus.
  • Comparable sales for the fourth quarter ended Jan. 28, 2017, were flat. For the fourth quarter, the exit of the swim and apparel categories had a negative impact of 2 percentage points and 4 percentage points to total company and Victoria's Secret comparable sales, respectively.
• Co issues downside guidance for Q1, sees EPS of $0.20-0.25 vs. $0.49 Capital IQ Consensus Estimate.
• Co issues downside guidance for FY18, sees EPS of $3.05-3.35 vs. $3.69 Capital IQ Consensus Estimate.
• The 2017 earnings per share forecast includes negative impacts related to the exit of the swim and apparel categories at Victoria's Secret, continued investment in China and investment in real estate at Victoria's Secret and Bath & Body Works.
• The company expects to report a mid-to-high-teens decrease in February comparable sales, below expectations for a mid-single digit decrease, reflecting a decline of about 20 percent at Victoria's Secret and a mid-single digit decline at Bath & Body Works. The exit of swim and apparel at Victoria's Secret is negatively impacting total company comparable sales by about 6 percentage points.

=L Brands (LB) increases Q4 profit guidance

** charts before earnings **




** charts after earnings **






L Brands Inc. on Thursday raised its profit outlook for the recently ended fourth quarter, though the parent of retailers such as Victoria’s Secret reported a surprise decline in a key sales metric in January.

L Brands, which also owns mall stalwart Bath & Body Works, said it now expects earnings of $2.05 a share, above its earlier guidance for earnings of $1.85 to $1.95. That would also top the $2 a share analysts polled by Thomson Reuters are forecasting for the quarter.

L Brands also said it has boosted its annual dividend by 20% to $2.40 and announced a $2 special dividend, payable March 4. The company added that it has authorized a $500 million share-buyback program.

But the company said comparable sales, which exclude newly opened and closed stores, fell 2% in January, while analysts had expected a 2.4% increase, according to Consensus Metrix. L Brands cited the shift of the Victoria’s Secret semiannual sale into December for the decline.