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LB L Brands

L Brands, Inc. is an American fashion retailer based in Columbus, Ohio. Its flagship brands include Victoria's Secret and Bath & Body Works. L Brands posted $12.914 billion in revenue in 2019, and was listed as 248 on the 2020 Fortune 500 list of largest United States companies by revenue.

Company profile

Ticker
LB
Exchange
Website
CEO
Andrew Meslow
Employees
Incorporated
Location
Fiscal year end
Former names
LIMITED BRANDS INC, LIMITED INC
SEC CIK
IRS number
311029810

LB stock data

(
)

Calendar

19 Mar 21
22 Apr 21
30 Jan 22
Quarter (USD)
Jan 21 Oct 20 Jul 20 May 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jan 21 Jan 20 Feb 19 Feb 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from L Brands earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Mar 21 Andrew Meslow Common Stock, $0.50 par value Payment of exercise Dispose F No No 61.86 8,526 527.42K 258,711
31 Mar 21 Bersani James L. Common Stock, $0.50 par value Payment of exercise Dispose F No No 61.86 7,162 443.04K 190,953
22 Mar 21 Wexner Leslie H. Common Stock Sell Dispose S Yes No 58.31 50,000 2.92M 141,515
22 Mar 21 Wexner Leslie H. Common Stock Sell Dispose S Yes No 58.31 1,000,000 58.31M 5,111,181
22 Mar 21 Wexner Leslie H. Common Stock Sell Dispose S Yes No 58.31 2,000,000 116.62M 0
22 Mar 21 Wexner Leslie H. Common Stock Gift Aquire G Yes No 0 2,000,000 0 2,000,000
22 Mar 21 Wexner Leslie H. Common Stock Gift Dispose G No No 0 2,000,000 0 15,303,614
21 Mar 21 Bersani James L. Common Stock, $0.50 par value Payment of exercise Dispose F No No 60.54 1,329 80.46K 198,115
21 Mar 21 Andrew Meslow Common Stock, $0.50 par value Payment of exercise Dispose F No No 60.54 15,550 941.4K 267,237

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

77.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 428 358 +19.6%
Opened positions 107 84 +27.4%
Closed positions 37 68 -45.6%
Increased positions 129 94 +37.2%
Reduced positions 139 124 +12.1%
13F shares
Current Prev Q Change
Total value 21.7B 6.73B +222.6%
Total shares 215.13M 211.45M +1.7%
Total puts 7.97M 6.37M +25.1%
Total calls 17.82M 15.57M +14.4%
Total put/call ratio 0.4 0.4 +9.3%
Largest owners
Shares Value Change
Lone Pine Capital 26.27M $976.8M 0.0%
Vanguard 23.13M $860.11M -0.1%
Melvin Capital Management 19.66M $731.29M -18.6%
Egerton Capital 15.82M $588.34M +8.8%
BLK Blackrock 13.24M $492.33M -6.1%
Primecap Management 11.49M $427.43M -3.2%
STT State Street 8.34M $310.15M -6.1%
Coatue Management 6.33M $235.42M -6.1%
Steadfast Capital Management 5.56M $206.72M +34.3%
Candlestick Capital Management 4.36M $161.99M +3.9%
Largest transactions
Shares Bought/sold Change
Melvin Capital Management 19.66M -4.51M -18.6%
Palestra Capital Management 3.9M +2.57M +192.1%
Norges Bank 2.49M +2.49M NEW
D. E. Shaw & Co. 3.04M -1.7M -35.8%
Holocene Advisors 0 -1.6M EXIT
Point72 Asset Management 3.43M +1.6M +87.3%
Steadfast Capital Management 5.56M +1.42M +34.3%
FMR 2.53M +1.36M +117.6%
Voloridge Investment Management 40.18K -1.35M -97.1%
Egerton Capital 15.82M +1.28M +8.8%

Financial report summary

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Risks
  • Our net sales, profit results and cash flows are sensitive to, and may be affected by, general economic conditions, consumer confidence, spending patterns, significant health hazards or pandemics, weather or other market disruptions.
  • The novel coronavirus global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations.
  • Our net sales, operating income, cash and inventory levels fluctuate on a seasonal basis.
  • The proposed separation of the Victoria’s Secret business and related operations could negatively impact our business, and contingent liabilities from the divestiture of such business could adversely affect our financial position and results of operations.
  • Retained or contingent liabilities from businesses that we divest could adversely affect our financial results.
  • Turnover in company leadership or other key positions may have an adverse impact on company performance.
  • We may be impacted by our ability to attract, develop and retain qualified associates and manage labor-related costs.
  • Our net sales depend on a volume of traffic to our stores and the availability of suitable lease space.
  • Our ability to grow depends in part on new store openings and existing store remodels and expansions.
  • Our international operations and our plans for international expansion include risks that could impact our results and reputation.
  • Our licensees, franchisees and wholesalers could take actions that could harm our business or brand images.
  • Our direct channel businesses include risks that could have an effect on our results.
  • Our ability to protect our reputation could have a material effect on our brand images.
  • If our marketing, advertising and promotional programs are unsuccessful, or if our competitors are more effective with their programs than we are, our revenue or results of operations may be adversely affected.
  • Our ability to adequately maintain, enforce and protect our trade names, trademarks and patents could have an impact on our brand images and ability to penetrate new markets.
  • Our ability to compete favorably in our highly competitive segment of the retail industry could impact our results.
  • Our ability to manage the life cycle of our brands and to remain current with fashion trends and launch new product lines successfully could impact the image and relevance of our brands.
  • We may be impacted by our ability to adequately source, distribute and sell merchandise and other materials on a global basis.
  • We rely on a number of vendor and distribution facilities located in the same vicinity, making our business susceptible to local and regional disruptions or adverse conditions.
  • Fluctuations in foreign currency exchange rates could impact our financial condition and results of operations.
  • We may be impacted by our vendors’ ability to manufacture and deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations.
  • Our results may be affected by fluctuations in product input costs.
  • Our ability to adequately protect our assets from loss and theft.
  • Our results may be affected by fluctuations in energy costs.
  • We may be impacted by increases in the cost of mailing, paper, printing or other order fulfillment logistics.
  • We self-insure certain risks and may be impacted by unfavorable claims experience.
  • We significantly rely on our and our third-party service providers' ability to implement and sustain information technology systems and to protect associated data and system availability.
  • Any significant compromise or breach of our data security, including the security of customer, associate, third-party or company information, could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.
  • Our stock price may be volatile.
  • If we are unable to pay quarterly dividends at intended levels, our reputation and stock price may be impacted.
  • Shareholder activism could cause us to incur significant expense, hinder execution of our business strategy and impact our stock price.
  • Our ability to maintain our credit rating could affect our ability to access capital and could increase our interest expense.
  • We may be unable to service or refinance our debt or maintain compliance with restrictive covenants in our debt instruments, including our Asset-Backed Revolving Credit Facility.
  • Changes in laws, regulations or technology platform rules relating to data privacy and security, or any actual or perceived failure by us to comply with such laws and regulations, or contractual or other obligations relating to data privacy and security, could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.
  • We may be impacted by our ability to comply with regulatory requirements.
  • We may be adversely impacted by certain compliance or legal matters.
  • We may be impacted by changes in taxation, trade and other regulatory requirements.
Management Discussion
  • ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
  • Our operating results are generally impacted by economic changes and, therefore, we monitor the retail environment using, among other things, certain key industry performance indicators including competitor performance and mall traffic data. These can provide insight into consumer spending patterns and shopping behavior in the current retail environment and assist us in assessing our performance as well as the potential impact of industry trends on our future operating results. Additionally, we evaluate a number of key performance indicators including comparable sales, gross profit, operating income and other performance metrics such as sales per average selling square foot and inventory per selling square foot in assessing our performance.
  • In March 2020, the spread of COVID-19 was declared a global pandemic by the World Health Organization. This pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, and led to significant travel and transportation restrictions, including mandatory closures and orders to “shelter-in-place.” The actions that governments around the world have taken to contain the spread of COVID-19 have resulted in a period of disruption, including closure of our stores, limited store operating hours, reduced customer traffic and consumer spending and delays in manufacturing and shipping of products and raw materials. During this period, we are focused on protecting the health and safety of our customers, employees, contractors, suppliers and other business partners. We are also working with our suppliers to minimize potential disruptions, while managing our business in response to a changing dynamic.
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