Bath & Body Works, Inc. · NYSE:BBWI
Bath & Body Works — Q1 2021 Earnings Presentation
16 slides from Bath & Body Works's earnings presentation, May 20, 2021
Slide 1: First Quarter Earnings Presentation
First Quarter Earnings Presentation May 19, 2021
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 report or made by our Company or our management involve risks and uncert
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 significant health hazards or pandemics, which could result in closed factories, reduced workforces, scarcity of raw materials, and scrutiny or embargoing of goods produced in infected areas; duties, taxes and other
Slide 4: Adjusted Consolidated Statements of Income (Loss)
L BRANDS, INC. AND SUBSIDIARIES ADJUSTED CONSOLIDATED STATEMENTS OF INCOME (LOSS) THIRTEEN WEEKS ENDED MAY 1, 2021 AND MAY 2, 2020 (Unaudited) (In millions except per share amounts) % Increase Increase 2021 2020 (Decrease) (Decrease) Net Sales $ 3,023.7 $ 1,654.2 $ 1,369.5 83% Comparable Store Sales
Slide 5: Adjusted Operating Income (Loss) by Segment
L BRANDS, INC. AND SUBSIDIARIES ADJUSTED OPERATING INCOME (LOSS) BY SEGMENT THIRTEEN WEEKS ENDED MAY 1, 2021 AND MAY 2, 2020 (Unaudited) (In millions) % Increase Increase 2021 2020 (Decrease) (Decrease) Bath & Body Works $ 379.9 $ 75.7 $ 304.2 402% % of Sales 25.9% 10.0% 1590 bps Victoria's Secret 2
Slide 6: Consolidated Condensed Balance Sheets
L BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (In thousands) May 1, 2021 May 2, 2020 ASSETS Current Assets Cash and Cash Equivalents $ 2,807,251 $ 957,200 Accounts Receivable, Net 220,718 228,538 Inventories 1,396,874 1,491,353 Other 186,899 171,767 Total Current
Slide 7: L Brands 1st Quarter
L BRANDS 1ST QUARTER 1st Quarter 2021 versus 2020 ($ amounts in millions) (Unaudited) Bath & Body Works Victoria's Secret Total L Brands Comparable store sales 12% 3% 7% Comparable sales 16% 25% 21% Sales change 93% 74% 83% Sales $1,469 $1,554 $3,024 Gross profit (% of sales) Up Significantly Up Sig
Slide 8: 2021 Outlook as of May 19, 2021
L Brands, Inc. 2021 Outlook as of May 19, 2021 Second Quarter Net Sales Up 10% to 15% from 2019 sales of $2.9 billion Gross Margin Rate In the low 40s, up significantly from 2019 rate of 33.9% 1 SG&A Expense Rate About flat compared to 27.8% in 2019 Net Non-Operating Expense About $100 million Tax R
Slide 9: Company-Operated Store Count and Selling Sq Ft 2021 Forecast
L BRANDS COMPANY - OPERATED STORE COUNT AND SELLING SQ FT 2021 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 1,633 51 (20) to (40) 68 1,644 to 1,664 11 to 31 1% to 2% Selling Sq
Slide 10: International Store Count 2021 Forecast
L BRANDS, INC. INTERNATIONAL STORE COUNT 2021 FORECAST 2020 2021 2021 2021F Year End New Stores Closures Year End Bath & Body Works International Partner - Operated Stores Bath & Body Works - Local Market 270 56 to 64 (5 to 6) 320 to 329 Bath & Body Works - Travel Retail 18 4 to 6 (0 to 2) 20 to 24
Slide 11: Appendix
APPENDIX
Slide 12: Consolidated Statements of Income (Loss)
L BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS) THIRTEEN WEEKS ENDED MAY 1, 2021 AND MAY 2, 2020 (Unaudited) (In thousands except per share amounts) 2021 2020 Net Sales $ 3,023,699 $ 1,654,209 Costs of Goods Sold, Buying and Occupancy (1,609,860) (1,365,600) Gross Profit 1,4
Slide 13: Adjusted Financial Information
L BRANDS, INC. AND SUBSIDIARIES ADJUSTED FINANCIAL INFORMATION THIRTEEN WEEKS ENDED MAY 1, 2021 AND MAY 2, 2020 (Unaudited) (In thousands except per share amounts) 2021 2020 Reported Adjustments Adjusted Reported Adjustments Adjusted Net Sales $ 3,023,699 $ - $ 3,023,699 $ 1,654,209 $ - $ 1,654,209
Slide 14: 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 2021 In the first quarter of 2021, adjusted results e
Slide 15: Company-Operated Stores and Selling Square Footage
L BRANDS, INC. AND SUBSIDIARIES COMPANY - OPERATED STORES AND SELLING SQUARE FOOTAGE At May 1, 2021 and May 2, 2020 May 1, 2021 May 2, 2020 Selling Selling Stores Sq. Ft. (000's) Stores Sq. Ft. (000's) Bath & Body Works U.S. 1,649 4,407 1,635 4,305 Bath & Body Works Canada 103 265 102 260 Total Bath
Slide 16: 2021 Selected Data
L BRANDS, INC. AND SUBSIDIARIES 2021 Selected Data (Unaudited) (In thousands) 2021 2020 Capital Expenditures First Quarter $ 64,545 $ 55,221 Second Quarter - 68,788 Spring Season 64,545 124,009 Third Quarter - 76,155 Fourth Quarter - 28,176 Year $ 64,545 $ 228,340 Depreciation & Amortization First Q