Improved merchandising, selling execution and disciplined inventory management enabled pull back on promotional activity
Q1
ADJUSTED EARNINGS
OPERATING
PER SHARE
INCOME
2021
$1.25
$572.1M
($0.99) prior year
Resulted in significant increases in average unit retails and merchandise margin rate
Made $35M in contributions to L Brands, Bath & Body Works and Victoria's Secret Foundations
OPERATING
TOTAL SALES
GROSS MARGIN
INCOME RATE
INCREASE
RATE
18.9%
15%
46.8%
vs. 2019
Increase of 2,350 bps vs. 2020
Record Sales
and Profitability
60%
123%
$379.9M
25.9%
TOTAL SALES
DIRECT CHANNEL
OPERATING
OPERATING
INCREASE
SALES INCREASE
INCOME
INCOME RATE
vs. 2019
vs. 2019
Significant Improvement in
Victoria's Secret Performance
9%
$244.5M
1,100 bps
TOTAL COMP
OPERATING
GROSS MARGIN
INCREASE
INCOME
RATE
vs. 2019
vs. 2019
80%
15.7%
44%
DOLLARS PER
OPERATING
DIRECT CHANNEL
FOOTSTEP IN STORES
INCOME RATE
SALES INCREASE
vs. 2019
vs. 2019
Creating Two Industry-Leading Publicly Traded Companies
· Board unanimously approved plan
· Will enable each business to
to separate Bath & Body Works
maximize management focus and
and Victoria's Secret into two
financial flexibility to thrive in an
independent, public companies
evolving retail environment and
deliver profitable growth.
Expected to be tax-freespin-off
Expected to be completed in August 2021
ANDREW MESLOW
L BRANDS CEO
"L Brands delivered record first quarter earnings, driven by continued strength and exceptional performance at Bath & Body Works and Victoria's Secret. We are pleased that the momentum in both businesses has continued, driven by positive customer responses to our assortments, which allowed us to reduce promotional activity and deliver substantial increases in our merchandise margin rates. We'd like to express our appreciation to our associates and partners who have made these record results possible. Grounded in the strength of the two businesses, we look forward with confidence to the separation of Bath & Body Works and Victoria's Secret into two industry-leading, publicly traded companies."
Q2 2021 OUTLOOK
EPS between $0.80 - $1.00i
Projecting sales to increase between 10% - 15% compared to 2019
Due to the continued uncertainty in the environment, as well as the impending spin-off, not providing earnings guidance for the full year 2021
Any forward-looking statements made in this infographic are subject to the safe harbor statement found in L Brands' SEC filings and press releases. The Company's first quarter 2021 earnings release and related financial information are available on its website, www.LB.com. Also available on the website is an investor presentation. All of the results included in this infographic are adjusted results and exclude the significant items as described in the first quarter 2021 press release.
Excludes one-time costs related to the spin-off of Victoria's Secret
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L Brands Inc. published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 20:25:09 UTC.
Bath & Body Works, Inc. is an omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States (U.S.) and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. Its international business is conducted through franchise, license and wholesale partners. It offers a range of care and home fragrance, including collections of fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Its products are differentiated through a combination of fragrance, packaging and quality at accessible prices. It also sells products under its sub brands, including White Barn. Its merchandise is sold through about 1,850 Company-operated stores and e-commerce sites in U.S. and Canada, and in 485 stores and 28 e-commerce sites in more than 40 other countries operating under franchise, license and wholesale arrangements.
BATH & BODY WORKS, INC. 
