L Brands, Inc. Presents at 2015 Wells Fargo Chicago Retail & Restaurants Round-Up Conference, Mar-19-2015
Mar 6 15
L Brands, Inc. Presents at 2015 Wells Fargo Chicago Retail & Restaurants Round-Up Conference, Mar-19-2015 . Venue: JW Marriott, 151 W. Adams Street, Chicago, IL 60603, United States. Speakers: Amie Preston, Chief Investor Relations Officer.
L Brands, Inc. Reports Sales Results for Four-Week Period Ended Feb. 28, 2015
Mar 5 15
L Brands, Inc. reported sales results for four-week period ended Feb. 28, 2015. The company reported net sales of $806.1 million for the four-week period ended Feb. 28, 2015, an increase of 7% compared to sales of $750.0 million for the four-week period ended March 1, 2014. Comparable store sales for the four weeks ended Feb. 28, 2015, increased 6%.
L Brands, Inc. Provides Sales Guidance for the Month of March 2015
Mar 5 15
L Brands, Inc. provided sales guidance for the month of March 2015. In closing, Easter is 2 weeks earlier than last year. The company expects that this shift will have a positive impact to March comps of about 3 to 4 points. The company expects March comps to be up mid-single digit. The company expects comps for the March/April time period, combined, will increase in the low single-digit range.
L Brands, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full-Year Ended January 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of 2015; Provides Comparable Store Sales Guidance for the Month of February 2015
Feb 26 15
L Brands, Inc. announced unaudited consolidated earnings results for the fourth quarter and full-year ended January 31, 2015. For the quarter, the company reported net sales of $4,068,685,000 against $3,818,202,000 a year ago. Operating income was $956,953,000 against $863,461,000 a year ago. Income before income taxes was $879,546,000 against $786,791,000 a year ago. Net income was $564,813,000 or $1.89 per diluted share against $489,620,000 or $1.65 per diluted share a year ago.
For the year, the company reported net sales of $11,454,078,000 against $10,773,199,000 a year ago. Operating income was $1,953,120,000 against $1,743,474,000 a year ago. Income before income taxes was $1,635,731,000 against $1,445,865,000 a year ago. Net income was $1,041,960,000 or $3.50 per diluted share against $903,021,000 or $3.05 per diluted share a year ago. Operating cash flow in 2014 was $1.786 billion. Free cash flow was $1.071 billion and capital expenditures were $715 million.
The company expects to report February comparable store sales to increase in the mid-single digit range.
First quarter earnings forecast reflects a low to mid single-digit comp increase, reflects an updated February comp forecast of up mid single-digits. The company expects the first quarter gross margin rate to be about flat to last year. The company expects some deleverage in the SG&A rate, driven primarily by an increase in marketing and store selling cost. The company expects earnings per share between $0.50 and $0.55 in the first quarter against last year's $0.53 result. This forecast includes a net negative impact of about $0.03 related to a decline in operating income at Victoria's Secret Direct, as the company is lapping about $65 million in sales of non-go-forward apparel from last year. It also includes a negative $0.01 to $0.02 impact from foreign exchange.
For the full year, the company projecting positive low single-digit comps. Total sales growth will be about 1 point higher than comps due to growth in square footage and international business. Foreign currency translation is expected to negatively impact sales growth by about 1 percentage point. The company expects full year gross margin rate to be about flat and the SG&A rate to be about flat to down slightly to last year. Non-operating expenses, consisting principally of interest expense, are expected to be about $315 million, roughly flat to last year. Before any discrete items, the company estimate tax rate will be approximately 37.5% versus 36.3% in 2014. The higher expected tax rate in 2015 will negatively impact earnings per share by about $0.07. The company forecasting weighted average shares is about 300 million in the first quarter and the full year. Assuming all of these inputs, the company expects adjusted earnings per share for the full year 2015 to be between $3.45 and $3.65. This estimate includes an estimated negative impact from foreign exchange of about $0.10 to $0.12. The company projecting 2015 capital spending between $800 million and $850 million. About 70% of CapEx budget is for real estate and stores. The remainder relates to investments in technology, logistics and facilities. The company expects 2015 free cash flow of about $700 million to $800 million. Free cash flow and cash position, along with the additional availability under revolving credit facility, results in very strong liquidity, which is more than sufficient to fund working capital, capital expenditures, dividends and any other foreseeable needs.