L Brands Reports March 2014 Sales

                      L Brands Reports March 2014 Sales

PR Newswire

COLUMBUS, Ohio, April 10, 2014

COLUMBUS, Ohio, April 10, 2014 /PRNewswire/ --L Brands, Inc. (NYSE: LB)
reported net sales increased 3% to $923.7 million for the five weeks ended
April 5, 2014, compared to net sales of $894.8 million for the five weeks
ended April 6, 2013. The company reported comparable store sales for the five
weeks ended April 5, 2014 decreased 1%, in line with expectations, as the
later Easter timing this year negatively impacted March comparable stores
sales by 2 to 3 percentage points.

L Brands, Inc. logo.

The company reported net sales of $1.674 billion for the nine weeks ended
April 5, 2014, an increase of 4% compared to sales of $1.607 billion for the
nine weeks ended April 6, 2013. The company reported flat comparable store
sales for the nine weeks ended April 5, 2014, compared to the nine weeks ended
April 6, 2013.

To hear further commentary provided on L Brands' prerecorded March sales
message, call 1-866-639-7583 (1-866-NEWS-LTD), or log onto www.LB.com for an
audio replay.

L Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and
Henri Bendel, is an international company. The company operates 2,917
company-owned specialty stores in the United States, Canada and the United
Kingdom and its brands are sold in about 600 franchised additional locations
world-wide. The company's products are also available online at
www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and

Safe Harbor Statement Under the Private Securities Litigation Reform Act of

L Brands, Inc. cautions that any forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995) contained in
this press release or the March sales call involve risks and uncertainties and
are subject to change based on various factors, many of which are beyond our
control. Accordingly, our future performance and financial results may differ
materially from those expressed or implied in any such forward-looking
statements. Words such as "estimate," "project," "plan," "believe," "expect,"
"anticipate," "intend," "planned," "potential" and any similar expressions may
identify forward-looking statements. Risks associated with the following
factors, among others, in some cases have affected and in the future could
affect our financial performance and actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements included in this press release or the March sales

  ogeneral economic conditions, consumer confidence, consumer spending
    patterns and market disruptions including severe weather conditions,
    natural disasters, health hazards, terrorist activities, financial crises,
    political crises or other major events, or the prospect of these events;
  othe seasonality of our business;
  othe dependence on a high volume of mall traffic and the availability of
    suitable store locations on appropriate terms;
  oour ability to grow through new store openings and existing store remodels
    and expansions;
  oour ability to successfully expand into global markets and related risks;
  oour relationships with independent licensees and franchisees;
  oour direct channel businesses;
  oour failure to protect our reputation and our brand images;
  oour failure to protect our trade names, trademarks and patents;
  othe highly competitive nature of the retail industry generally and the
    segments in which we operate particularly;
  oconsumer acceptance of our products and our ability to keep up with
    fashion trends, develop new merchandise and launch new product lines
  oour ability to source, distribute and sell goods and materials on a global
    basis, including risks related to:

       opolitical instability;
       oduties, taxes and other charges;
       olegal and regulatory matters;
       ovolatility in currency exchange rates;
       olocal business practices and political issues;
       opotential delays or disruptions in shipping and transportation and
         related pricing impacts;
       odisruption due to labor disputes; and
       ochanging expectations regarding product safety due to new

  ofluctuations in foreign currency exchange rates;
  ostock price volatility;
  oour failure to maintain our credit rating;
  oour ability to service or refinance our debt;
  oour ability to retain key personnel;
  oour ability to attract, develop and retain qualified employees and manage
    labor-related costs;
  othe inability of our manufacturers to deliver products in a timely manner
    and meet quality standards;
  ofluctuations in product input costs;
  ofluctuations in energy costs;
  oincreases in the costs of mailing, paper and printing;
  oclaims arising from our self-insurance;
  oour ability to implement and maintain information technology systems and
    to protect associated data;
  oour failure to maintain the security of customer, associate, supplier or
    company information;
  oour failure to comply with regulatory requirements;
  otax matters; and
  olegal and compliance matters.

We are not under any obligation and do not intend to make publicly available
any update or other revisions to any of the forward-looking statements
contained in this press release or the March sales call to reflect
circumstances existing after the date of this report or to reflect the
occurrence of future events even if experience or future events make it clear
that any expected results expressed or implied by those forward-looking
statements will not be realized. Additional information regarding these and
other factors can be found in "Item 1A. Risk Factors" in our 2013 Annual
Report on Form 10-K.

MARCH 2014

Comparable Store Sales Increase (Decrease):


                                               Year         Year

                       March        March        To Date      To Date

                       2014         2013         2014         2013
Victoria's Secret^1    (1%)         2%           0%           3%
Bath & Body Works^1    (2%)         4%           0%           2%
L Brands               (1%)         3%           0%           3%
Victoria's Secret                                          

Direct Sales           1%           (9%)         1%           (7%)
^1 – Results include company-owned stores in the United States and Canada.

Total Company-Owned Stores:
                            Stores                    Stores
                            Operating                 Operating
                            at 2/1/14 Opened  Closed at 4/5/14
Victoria's Secret U.S.      1,060     1      (1)      1,060
Victoria's Secret Canada    34        -      -        34
 Total Victoria's Secret  1,094     1      (1)      1,094
Bath & Body Works U.S.      1,559     -      (5)      1,554
Bath & Body Works Canada   79        2      (1)      80
 Total Bath & Body Works  1,638     2      (6)      1,634
Victoria's Secret U.K.      5         2      -        7
Henri Bendel                29        -      -        29
La Senza Canada             157       -      (4)      153
Total L Brands              2,923     5      (11)     2,917

Logo - http://photos.prnewswire.com/prnh/20140130/CL56250LOGO

SOURCE L Brands, Inc.

Website: http://www.lb.com
Contact: L Brands: Investor Relations: Amie Preston, (614) 415-6704,
apreston@lb.com; Media Relations: Tammy Roberts Myers, (614) 415-7072,
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