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L Brands Reports February 2017 Sales

COLUMBUS, Ohio, March 02, 2017 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE:LB) reported net sales of $765.5 million for the four-week period ended Feb. 25, 2017, a decrease of 10% compared to net sales of $849.3 million for the four-week period ended Feb. 27, 2016.  Comparable sales for the four weeks ended Feb. 25, 2017, decreased 13%.  For February, the exit of the swim and apparel categories had a negative impact of 6 percentage points and 8 percentage points to total company and Victoria’s Secret comparable sales, respectively.

To hear further commentary provided on L Brands’ prerecorded February sales message, call 1-866-639-7583 or log onto www.LB.com for an audio replay.

ABOUT L BRANDS:
L Brands, through Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company.  The company operates 3,077 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 700 additional franchised locations worldwide.  The company’s products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution 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 February sales call or made by our company or our management 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 February sales call or otherwise made by our company or our management:

• general 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;
• the seasonality of our business;
• the dependence on mall traffic and the availability of suitable store locations on appropriate terms;
• our ability to grow through new store openings and existing store remodels and expansions;
• our ability to successfully expand internationally and related risks;
• our relationships with independent franchise, license and wholesale partners;
• our direct channel businesses;
• our ability to protect our reputation and our brand images;
• our ability to attract customers with marketing, advertising and promotional programs;
• our ability to protect our trade names, trademarks and patents;
• the highly competitive nature of the retail industry and the segments in which we operate;
• consumer acceptance of our products and our ability to keep up with fashion trends, develop new merchandise and launch new product lines successfully;
• our ability to source, distribute and sell goods and materials on a global basis, including risks related to:
• political instability, significant health hazards, environmental hazards or natural disasters;
• duties, taxes and other charges;
• legal and regulatory matters;
• volatility in currency exchange rates;
• local business practices and political issues;
• potential delays or disruptions in shipping and transportation and related pricing impacts;
• disruption due to labor disputes; and
• changing expectations regarding product safety due to new legislation;
• our geographic concentration of supplier and distribution facilities in central Ohio;
• fluctuations in foreign currency exchange rates;
• stock price volatility;
• our ability to pay dividends and related effects;
• our ability to maintain our credit rating;
• our ability to service or refinance our debt;
• our ability to retain key personnel;
• our ability to attract, develop and retain qualified employees and manage labor-related costs;
• the ability of our manufacturers to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
• fluctuations in product input costs;
• fluctuations in energy costs;
• increases in the costs of mailing, paper and printing;
• claims arising from our self-insurance;
• our ability to implement and maintain information technology systems and to protect associated data;
• our ability to maintain the security of customer, associate, supplier or company information;
• our ability to comply with regulatory requirements;
• legal and compliance matters; and
• tax 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 February sales call to reflect circumstances existing after the date of this press release 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 2015 Annual Report on Form 10-K.

L BRANDS
FEBRUARY 2017

Comparable Sales Increase (Decrease) (Stores and Direct):

 

 

Feb.
2017
 

 

Feb.
2016
       
Victoria’s Secret1 (16 %)   4 %
Bath & Body Works1 (4 %)   9 %
L Brands2 (13 %)    5 %

1 - Results include company-owned stores in the U.S. and Canada and direct sales.
2 - Results include company-owned stores in the U.S., Canada and the U.K. and direct sales.

Comparable Sales Increase (Decrease) (Stores Only):

 

 

Feb.
2017
 

 

Feb.
2016
       
Victoria’s Secret1 (16 %)   4 %
Bath & Body Works1 (6 %)   7 %
L Brands2 (13 %)    5 %

1 - Results include company-owned stores in the U.S. and Canada.
2 - Results include company-owned stores in the U.S., Canada and the U.K.

Total Company-Owned Stores:

    Stores         Stores
    Operating         Operating
    at 1/28/17   Opened Closed   at 2/25/17
               
Victoria's Secret U.S.   998   - -     998
PINK U.S.   133   - -     133
Victoria's Secret Canada   37   1 -     38
PINK Canada   9   - (1 )   8
Total Victoria’s Secret   1,177   1 (1 )   1,177
               
Bath & Body Works U.S.   1,591   1 -     1,592
Bath & Body Works Canada   102   - -     102
Total Bath & Body Works   1,693   1 -     1,694
               
Victoria’s Secret U.K.   15   - -     15
PINK U.K.   3   - -     3
Victoria’s Secret Beauty and Accessories   31   - -     31
Victoria’s Secret China   -   2 -     2
Henri Bendel   29   - -     29
La Senza U.S.   4   - -     4
La Senza Canada   122   - -     122
Total L Brands Stores   3,074   4 (1 )   3,077
For further information, please contact:

L Brands:
Investor Relations
Amie Preston
(614) 415-6704
apreston@lb.com

Media Relations
Tammy Roberts Myers
(614) 415-7072
communications@lb.com

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L Brands Inc