L BRANDS news and archive

New board comprising of six women to run Victoria's Secret business

L Brands, Inc. has announced the composition of the board of directors for the standalone, publicly traded Victoria’s Secret business. The company said in a release that the new Victoria’s Secret board is expected to consist of seven directors, six of who are independent and six of who are women. “Today marks an exciting milestone in our plans...

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L Brands appoints J.K. Symancyk to its board of directors

L Brands, Inc. has appointed J.K. Symancyk as an independent member of its board of directors, effective May 20, 2021. With this addition, the company said that the board now consists of 11 directors, ten of whom are independent and six of whom are women. “We are pleased to welcome J.K. to the board and look forward to benefitting from his deep...

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Business

L Brands posts record profit, names CFOs for Bath & Body Works and Victoria's Secret

L Brands reported earnings per share of 97 cents for the first quarter ended May 1, 2021 compared to a loss per share of 1.07 dollars for the first quarter ended May 2, 2020. The company said, operating income was 572.1 million dollars compared to a loss of 317.7 million dollars last year and net income was 276.6 million dollars compared to a...

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Business

L Brands to separate Victoria's Secret business from Bath & Body Works

L Brands, Inc. has announced that its board of directors has unanimously approved a plan to separate the company into two independent, public companies: Bath & Body Works and Victoria’s Secret, including Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty. “In the last ten months, we have made significant progress in the turnaround of...

Business

L Brands raises Q1 earnings outlook

L Brands, Inc. is now forecasting a first quarter earnings per share range of 85 cents to 1 dollar versus its previous range of 55 cents to 65 cents, excluding any charges related to the early extinguishment of debt. The company said in a statement that raise in guidance is due to improved sales trends which it believes are primarily driven by...

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People

L Brands appoints two new independent directors

L Brands, Inc. has announced that Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, Chief Fan Officer for the National Basketball Association, have been appointed as two new independent members of its board. Additionally, the company said, L Brands founder Les Wexner and Abigail Wexner will not stand for...

Business

L Brands raises Q1 earnings outlook

L Brands, Inc. has increased its first quarter earnings guidance from a range of 35 cents to 45 cents to a range of 55 cents to 65 cents, excluding any charges related to the early extinguishment of debt. Commenting on the update, Andrew Meslow, Chief Executive Officer of L Brands, said: “While the current environment still presents uncertainty,...

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Business

Victoria's Secret owner L Brands posts upbeat Q4 earnings

L Brands, Inc. reported earnings per share of 3.03 dollars for the fourth quarter compared to a loss per share of 70 cents for the same quarter last year. The company said, operating income for the quarter was 1.273 billion dollars compared to 81.7 million dollars last year, and net income was 860.3 million dollars compared to a net loss of...

Business

L Brands CFO Stuart Burgdoerfer announces retirement

L Brands, Inc. has announced that Stuart Burgdoerfer has communicated to the board of directors his desire to retire as CFO of L Brands and Interim CEO of the Victoria’s Secret business. The company said in a statement that Martin Waters, currently CEO of Victoria’s Secret Lingerie, has been promoted to CEO of the Victoria’s Secret business and...

Business

L Brands holiday comparable sales improve 5 percent

L Brands, Inc. has reported net sales of 3.836 billion dollars for the nine weeks ended January 2, 2021, compared to net sales of 3.906 billion dollars for the same period ended January 4, 2020. The company said in a statement that comparable sales increased 5 percent for the period. At Bath & Body Works, comparable sales increased 17 percent,...

Business

L Brands announces leadership changes at Bath & Body Works

L Brands, Inc. has announced several key leadership appointments at Bath & Body Works. The company said in a statement that Julie Rosen has joined the business as President, and Deon Riley will join the business at the end of December as Chief Human Resources Officer. Both will report to Andrew Meslow, Chief Executive Officer, L Brands and Bath...

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Business|OPINION

Can a new CEO make Victoria's Secret relevant again?

If ever there was a brand that needed sharpening of its social listening skills it was Victoria’s Secret. Every year in November the American lingerie giant would host an extravaganza of famous models transformed into the brand’s high-heeled ‘angels’, walking a runway decked in bejewelled lingerie and feathered wings. In sharp contrast to the...