Bath & Body Works Inc (BBWI), antes Limited Brands / L Brands (LB)

Third Quarter 2019 Results (11/20/2019)

  • Loss per share of $0.91 for the third quarter ended Nov. 2, 2019, compared to a loss per share of $0.16 for the quarter ended Nov. 3, 2018.
  • Third quarter operating loss was $151.2 million compared to operating income of $54.4 million last year, and net loss was $252.0 million compared to a net loss of $42.8 million last year.
  • The company stated that it expects 2019 fourth quarter earnings per share to be about $2.00, which would result in full-year adjusted earnings per share of about $2.40, compared to its previous full-year guidance range of $2.30 to $2.60.

Sube hoy más de un 13% :sunglasses:
Es uno de los muertos que tengo en mi armario

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Yo me alegro porque también es un muerto mio, pero debe de pegar mucha subidas como esa para poder salir de ahí en paz jajaja.
Gracias por alegrarme la tarde un poco.

Parece que la subida era por esto:

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Los ángeles cambian de dueño y la cotización se va para arriba

L Brands (NYSE:LB) is expected to announce some time this week a deal to unload its Victoria’s Secret brand to Sycamore Partners. The Victoria’s Secret business generated $7.4B in sales last year, but is viewed by some consumers as out of date with its focus. A few months ago, Victoria’s Secret canceled its once-popular annual fashion show. Shares of L Brands are down 10.7% YTD.

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Fourth Quarter and Full-Year 2019 Earnings (26/02/2020)

Fourth Quarter Results

  • Loss per share of $0.70 for the fourth quarter ended Feb. 1, 2020, compared to earnings per share of $1.94 for the quarter ended Feb. 2, 2019.
  • Fourth quarter operating income was $81.7 million compared to operating income of $799.4 million last year, and the net loss was $192.3 million compared to net income of $540.1 million last year.

Full-Year Results

  • Loss per share of $1.33 for the year ended Feb. 1, 2020, compared to earnings per share of $2.31 for the year ended Feb. 2, 2019.
  • Full-year operating income was $258.4 million compared to operating income of $1.237 billion last year, and the net loss was $366.4 million compared to net income of $643.9 million last year.
  • Adjusted full-year earnings per share were $2.29 compared to $2.82 last year; adjusted operating income was $1.231 billion compared to $1.437 billion last year; and adjusted net income was $637.3 million compared to $786.7 million last year.
  • Net sales were $12.914 billion for the year ended Feb. 1, 2020, compared to $13.237 billion for the year ended Feb. 2, 2019. Comparable sales decreased 1 percent for the year ended Feb. 1, 2020.

First Quarter 2020 Outlook

  • The company currently expects a 2020 first quarter adjusted loss per share of about $0.05.
  • The company will not provide guidance for the full year at this time due to the pending transaction with Sycamore Partners, but the company’s guidance for the first quarter 2020 includes the Victoria’s Secret business.
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Divorcio a la vista

Narrow-moat L Brands’ LB majority stake sale of Victoria’s Secret is at risk, with Sycamore using the material adverse effect clause to unwind the deal. According to CNBC, Sycamore is asking to be excused from the transaction, given that L Brands shuttered stores after the agreement and failed to pay rent in April, supposedly violating transaction terms. Overall, given the pressure COVID-19 has put on already troubled retailer performance, we weren’t shocked to hear Sycamore’s attempt to escape its offer. We’ve recently seen similar changes to prior deals/structures recently; specifically, 1-800-flowers.com postponed its purchase of personalizationmall.com from no-moat Bed Bath & Beyond, and no-moat Gap rolled back its Old Navy spin-off. We expect the ultimate decision for completion or termination will stem from court decisions that determine what constitutes a material adverse effect, but it has been noted that pandemic was specifically delineated in the original agreement.

When the deal was originally announced in February 2020, we perceived the $525 million for 55% stake as a fire-sale price for the brand, implying the full VS enterprise would be worth $1.1 billion. The VS brand delivered more than $6.8 billion in sales and $223 million in operating profits in 2019 (down from $7.4 billion in sales and $932 million in operating profits in 2017). Now higher risk stems from lower cash due to the elimination of the transaction, the lower pace of debt paydown and a higher level of lease liabilities that are likely to stay with L Brands, weighing on cash flow. We plan to reassess the likelihood of Victoria’s Secret turnaround success under a consolidated business model and will adjust our thesis accordingly. For now, we maintain our $35 fair value estimate and view shares as radically undervalued. There’s been no update to whether Les Wexner will still step down as CEO without the business bifurcation, but we surmise such executive decisions are likely to be unchanged.

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First Quarter 2020 Results (20/05/2020)

  • (…) As part of this strategy, the company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses to operate as a separate, standalone company.
  • Net sales of $1.654 billion for the first quarter ended May 2, 2020, compared to sales of $2.629 billion for the quarter ended May 4, 2019. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic.
  • Total Bath & Body Works first quarter sales in the United States and Canada were $712.7 million compared to $870.7 million last year. Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 85 percent to $288.9 million compared to $156.4 million last year. Bath & Body Works first quarter store comparable sales increased 20 percent during the period in which stores were open.
  • Loss per share of $1.07 for the first quarter ended May 2, 2020, compared to earnings per share of $0.14 for the quarter ended May 4, 2019. First quarter operating loss was $317.7 million compared to operating income of $153.3 million last year, and net loss was $296.9 million compared to net income of $40.3 million last year.
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oh my God!!
Decirme que no me ha sentado mal la comida y sube ahora mismo + 35% :scream: :scream: :scream:
A investigar el motivo de la subida

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El truco parece estar en cerrar tiendas y despedir empleados.

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Encontré esta noticia era de ayer y dice lo que bien comentas @ruindog :wink: :upside_down_face:
https://seekingalpha.com/news/3596372-l-brandsplus-7-after-unveiling-jobs-cuts-and-streamlining

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¿Alguien sabe qué fair value le da Morningstar?

No-moat L Brands remains determined to go it alone on a separation process, attempting to improve Victoria’s Secret’s (VS) performance ahead of carving it out from Bath & Body Works (BBW). While management previously set into motion 250 store closures, put the U.K. business into administration (with Next rumored to become franchise partner in the locale), and executed on an inventory management overhaul (with fall receipts set to be 50% lower), it has announced further efforts to right size the brand. Specifically, L Brands plans is decreasing headcount by 850 (15% of office personnel) and re-imagining the store labor model. These efforts are set to deliver $400 million in run rate savings, which could move the VS segment back toward breakeven operating margin performance. While $175 million in expenses are anticipated for extraction in 2020, these come at a cost, with $75 million in severance set to flow through second-quarter results.

Given the uncertainty around COVID-19, we don’t think such efforts will provide an immediate panacea to L Brand’s profitability issues, as preliminary second-quarter results offered 40% sales declines at VS and 10% growth at BBW, implying year-to-date sales declines of 27%. Our second-half outlook models low-single-digit sales declines, leading to a full-year downtick of 15%, something we view as achievable with stores reopened and the key holiday season still ahead. In this vein, we don’t plan to alter our $26.50 fair value estimate and view shares as undervalued. We plan to further integrate second-quarter operating performance and cost reductions stemming from the restructuring plan when more detail is offered on Aug. 20, with L Brands’ second-quarter report. Currently, we forecast long-term operating margins of 18% at BBW and negative 1% at VS, but we are likely to lift our VS margin (to single-digit levels rather than double-digit historical metrics) as more details of the planned restructuring arise and are executed.

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https://seekingalpha.com/news/3637711-l-brands-eps-beats-1_03-beats-on-revenue

L Brands EPS supera en $ 1.03, supera en ingresos

Sube en estos momentos + 14%

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Gran noticia, a ver si vuelve a dar dividendos :sweat_smile:

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Parece que si en el cuarto trimestre no hay sorpresas, retomarán el dividendo :crossed_fingers:

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Otra que recupera el dividendo :relaxed:

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