Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q1 2020 Earnings Presentation
15 slides from Bath & Body Works's earnings presentation, May 21, 2020
Slide 1: First Quarter Earnings Presentation
First Quarter Earnings Presentation May 20, 2020
Slide 2: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
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 made by our company or our management involve risks and
Slide 3: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 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 deb
Slide 4: Adjusted Consolidated Statements of Income (Loss)
L BRANDS, INC. AND SUBSIDIARIES ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) THIRTEEN WEEKS ENDED MAY 2, 2020 AND MAY 4, 2019 (Unaudited) (In millions except per share amounts) % Increase Increase 2020 2019 (Decrease) (Decrease) Net Sales $ 1,654.2 $ 2,628.8 $ (974.6) -37% Comparable Store Sale
Slide 5: Adjusted Operating Income (Loss) by Segment
L BRANDS, INC. AND SUBSIDIARIES ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT THIRTEEN WEEKS ENDED MAY 2, 2020 AND MAY 4, 2019 (Unaudited) (In millions) % Increase Increase 2020 2019 (Decrease) (Decrease) Bath & Body Works $ 69.1 $ 154.8 $ (85.7) -55% % of Sales 9.7% 17.8% (810 bps) Victoria's Secret
Slide 6: Consolidated Condensed Balance Sheets
L BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In thousands) May 2, 2020 May 4, 2019 ASSETS Current Assets Cash and Cash Equivalents $ 957,200 $ 1,145,577 Accounts Receivable, Net 228,538 273,926 Inventories 1,491,353 1,357,483 Other 171,767 169,966 Total Current
Slide 7: L Brands 1st Quarter
L BRANDS 1ST QUARTER 1st Quarter 2020 versus 2019 ($ amounts in millions) (Unaudited) Bath & Body Works Victoria's Secret Total L Brands Comparable store sales 20% (15%) (5%) Comparable sales 41% (13%) 4% Sales change (18%) (46%) (37%) Sales $713 $822 $1,654 Adjusted gross profit (% of sales) Down S
Slide 8: Company-Owned Store Count and Selling Sq Ft 2020 Forecast
L BRANDS COMPANY - OWNED STORE COUNT AND SELLING SQ FT 2020 Forecast Total Beginning of Reconstructions New Stores Closures End of Year Increase / (Decrease) Year and Change in SSF Bath & Body Works Bath & Body Works Store Count 1,637 26 (50) 26 1,613 (24) (1%) Selling Sq Ft 000's 4,306 81 (106) 19
Slide 9: International Store Count 2020 Forecast
L BRANDS, INC. INTERNATIONAL STORE COUNT 2020 FORECAST 2019 2020 2020 2020F Year End New Stores Closures Year End Bath & Body Works International Partner Owned Stores Bath & Body Works - Local Market 262 17 to 20 1 to 2 277 to 281 Bath & Body Works - Travel Retail 16 2 to 3 0 18 to 19 Bath & Body Wo
Slide 10: Appendix
APPENDIX
Slide 11: Consolidated Statements of Income (Loss)
L BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) THIRTEEN WEEKS ENDED MAY 2, 2020 AND MAY 4, 2019 (Unaudited) (In thousands except per share amounts) 2020 2019 Net Sales $ 1,654,209 $ 2,628,809 Costs of Goods Sold, Buying and Occupancy (1,365,600) (1,694,795) Gross Profit 288
Slide 12: Adjusted Financial Information
L BRANDS, INC. AND SUBSIDIARIES ADJUSTED FINANCIAL INFORMATION THIRTEEN WEEKS ENDED MAY 2, 2020 AND MAY 4, 2019 (Unaudited) (In thousands except per share amounts) 2020 2019 Reported Adjustments Adjusted Reported Adjustments Adjusted Net Sales $ 1,654,209 $ - $ 1,654,209 $ 2,628,809 $ - $ 2,628,809
Slide 13: Notes to Reconciliation of GAAP Financial Measures to Non-GAAP
L BRANDS, INC. AND SUBSIDIARIES NOTES TO RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited) The “Adjusted Financial Information” provided in the attached reflects the following non-GAAP financial measures: Fiscal 2020 In the first quarter of 2020, adjusted results e
Slide 14: Stores and Selling Square Footage
L BRANDS, INC. AND SUBSIDIARIES STORES AND SELLING SQUARE FOOTAGE At May 2, 2020 and May 4, 2019 May 2, 2020 May 4, 2019 Selling Selling Stores Sq. Ft. (000's) Stores Sq. Ft. (000's) Bath & Body Works U.S. 1,635 4,305 1,630 4,224 Bath & Body Works Canada 102 260 102 258 Total Bath & Body Works 1,737
Slide 15: 2020 Selected Data
L BRANDS, INC. AND SUBSIDIARIES 2020 Selected Data (Unaudited) (In thousands) 2020 2019 Capital Expenditures First Quarter $ 55,221 $ 123,307 Second Quarter - 120,388 Spring Season 55,221 243,695 Third Quarter - 147,961 Fourth Quarter - 66,701 Year $ 55,221 $ 458,357 Depreciation & Amortization Firs