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Words such as estimate, project, plan, believe, expect, anticipate, intend, planned, potential and any similar expressions may identify forward-looking statements. On behalf of the management team and the Board, Id like to extend our sincere appreciation to all the associates who worked so hard on the successful spin-off of Victorias Secret. For more than 30 years, customers have looked to Bath & Body Works for quality, on-trend products and the newest, freshest fragrances. (The film was produced in part by StarWing Sports Management, which represents Sinner. The Columbus-based retailer has officially spilt into two companies Victoria's Secret and Bath & Body Works. [2] History Bath & Body Works was founded in 1990 in New Albany, Ohio. Adjusted Operating Income came at $202.7 million (2Q20: loss of $111.3 million) beats consensus by 4.0% and the corresponding margin stood at 12.6%. We value Victorias Secret (VSCO) on a relative basis (EV/Sales and EV/EBIT) based on FY22E Sales and Operating Income. Refer to our SEC filings for further discussion regarding our comparable sales calculation.1 Results include company-operated stores in the U.S. and Canada and direct sales.2 Results include company-operated stores in the U.S., Canada, the U.K. (pre-joint venture) and Greater China and direct sales. Peterson believes Victoria's Secret would be considered the more undervalued of the two given some of the controversy around the brand, the changes in leadership and some product missteps in recent years. The UK business was recently restructured and is doing well, considering the COVID situation. We also factor investor concerns over the absence of 4Q21 outlook. 9 min read Victoria's Secret has been sold and Les Wexner is stepping aside. That's why we're passionate about our people, our product and our planet. The company agreed to a suite of corporate governance and management measures which include strengthening policies against sexual harassment and hiring a consultant. VSCO is witnessing good business in locations that have opened and fully functioning. However, competing brands have quickly gained market share from VSCO, amidst more inclusive and diverse product sizes. Today, these fragrant products can be purchased at more than 1,750 company-operated Bath & Body Works locations in the U.S. and Canada, and more than 300 international franchised locations, as well as on bathandbodyworks.com. Bath & Body Works stockholders entitled to receive the distribution received a book-entry account statement or a credit to their brokerage account reflecting their ownership of Victorias Secret common stock. COLUMBUS, Ohio, May 11, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) today announced its Board of Directors has unanimously approved a plan to separate the company into two independent, public companies: Bath & Body Works, one of the worlds leading bath, body and home fragrance retailers, and Victorias Secret, including Victorias Secret Lingerie, PINK and Victorias Secret Beauty, a leading retailer of intimates and beauty products. First quarter 2021 sales increased 15 percent compared to sales of $2.629 billion in the first quarter of 2019. Previously, on June 21, 2021, the company had filed an Initial Form-10. Creating products you love and believe in. Learn about our approach to sustainability and environmental responsibility. We strive to create an inclusive culture for our associates and our customers. ", Victorias Secret common stock for every three shares of L Brands, Your California Privacy Rights/Privacy Policy. On July 9, 2021, L Brands spin-off unit Victorias Secret & Co. (VSCO) filed an amended Form-10 with the SEC. First quarter 2021 sales increased 60 percent compared to the first quarter of 2019. Today, these fragrant products can be purchased at more than 1,750 company-operated Bath & Body Works locations in the U.S. and Canada, and more than 300 international franchised locations, as well as on bathandbodyworks.com. China has not yet fully recovered, although VSCO is making progress on its restructuring there. Adjusted Operating Income came at $202.7 million (2Q20: loss of $111.3 million) beats consensus by 4.0% and the corresponding margin stood at 12.6%. L Brands once owned Victoria's Secret and Bath & Body Works. Comparable Sales Increase (Decrease) (Stores and Direct): NOTE: Stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more. With the strategic move, longtime L Brands chairman. settings. L Brands Inc., which owns Victoria's Secret and Bath & Body Works, said it agreed to a settlement that promises workplace reforms, including a $90 million investment in diversity, equity and . [4] The company sells products through two brands, Victorias Secret and PINK. We expect VSCO to surpass its target of reaching mid-teens operating margin in the next few years, especially as favorable operating leverage kicks in at a corresponding improvement to the cost profile through more fuller pricing. Review financial reports, stock performance and governance materials, and connect to our shareholder center. Shares in the company, which also owns Bath & Body Works, fell 12% in after hours trading. We strive to create an inclusive culture for our associates and our customers. Victorias Secret & Co. (VSCO) reported overall revenues of $1.6 billion, representing 51.3% YOY growth, primarily driven by new brand positioning, tighter inventory management, appealing products, and less promotional activities during the quarter. Further, the company expects EPS to be in the range of $0.60 to $0.70. Bath and Body Works is your go-to place for gifts & goodies that surprise & delight. The 2Q20 revenue base was lower as sales were impacted due to closure of stores in the wake of COVID-19 pandemic. BBWI continues to be part of the S&P 500 Index, while VSCO joined the S&P Midcap 400 index. Your experience may vary. The Columbus-based retailer has officially spilt into two companies Victoria's Secret and Bath & Body Works. The split went. However, management will also look at growth opportunities in categories, which are adjacent to the core product. The lingerie. Words such as estimate, project, plan, believe, expect, anticipate, intend, planned, potential and any similar expressions may identify forward-looking statements. Learn about our policies and approach to product sourcing, safety, ingredients and more. The distribution date for the spin off was August 2, 2021. | Source: Bath & Body Works, Inc. Completes Separation of Victoria's Secret. If you would like to learn more just VSCO is pleased with PINKs business as lingerie witnessed its highest penetration in recent times, about 60% of the business. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors and Davis Polk & Wardwell LLP is serving as legal counsel to Bath & Body Works. , upon separation on August 2, 2021. Having said that, we view favorably VSCOs recent moves to settle lawsuits, improve corporate governance and product offerings, which makes the stock more investable. Meslow commented We anticipate L Brands will deliver a record first quarter earnings result, driven by continued strength and exceptional performance at Bath & Body Works and a significant improvement at Victorias Secret. Excluding this charge, the company expects to report adjusted earnings per share of approximately $1.25 versus its previous guidance of $0.85 to $1.00. Management believes that for the international business, stakeholders should not consider top-line growth directly, given the recent restructuring in the UK business which resulted in accounting changes. In the first quarter of 2021, Bath & Body Works increased sales 47% year over year compared to Victoria's Secret's 9%. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the independent directors of the Board. Bath & Body Works, LLC. "It's a really strong brand. As a result of these efforts, Victorias Secret is now well-positioned to operate as a standalone, public company. Victorias Secret is a specialty global retailer of womens intimate and other apparel, personal care, and beauty products. The growth was largely supported by new brand positioning, tighter inventory management, appealing products, and less promotional activities. reference, Committee Charters and Governance Materials, Notice of Settlement of Shareholder Derivative Actions, Do Not Sell or Share My Personal Information (Certain States), Limit the Use of My Sensitive Personal Information (California). Adjusted Diluted EPS came in at $1.71 (2Q20: -$0.97) also comfortably beat consensus by 7.3%. Both are known to focus on the body and bath collection. You will be able to get back to your browsing session in just a ABOUT BATH & BODY WORKS: For the first quarter, the company expects to report total operating income of approximately $570 million, including approximately $380 million at Bath & Body Works and approximately $245 million at Victorias Secret. You may also review press releases, news articles and more. The company remains a profit story and the YOY swing in 2Q21 is a more prudent way to assess business. Fractional shares of Victorias Secret common stock were not distributed. the spin-off of Victorias Secret may not be tax-free for U.S. federal income tax purposes; a loss of synergies from separating the businesses that could negatively impact the balance sheet, profit margins or earnings of Bath & Body Works or that Bath & Body Works does not realize all of the expected benefits of the spin-off; general economic conditions, consumer confidence, consumer spending patterns and market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events; the novel coronavirus (COVID-19) global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations; divestitures or other dispositions and related operations and contingent liabilities from businesses that we have divested; difficulties arising from turnover in company leadership or other key positions; our ability to attract, develop and retain qualified associates and manage labor-related costs; 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 operate and expand internationally and related risks; our independent franchise, license and wholesale partners; our ability to protect our reputation and our brand images; our ability to attract customers with marketing, advertising and promotional programs; our ability to maintain, enforce and 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 manage the life cycle of our brands, 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, environmental hazards or natural disasters; 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; local business practices and political issues; potential delays or disruptions in shipping and transportation and related pricing impacts; changing expectations regarding product safety due to new legislation; our geographic concentration of vendor and distribution facilities in central Ohio; fluctuations in foreign currency exchange rates; the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations; our ability to adequately protect our assets from loss and theft; increases in the costs of mailing, paper, printing or other order fulfillment logistics; our and our third-party service providers' ability to implement and maintain information technology systems and to protect associated data; our ability to maintain the security of customer, associate, third-party and company information; our ability to pay dividends and related effects; our ability to maintain our credit rating; our ability to service or refinance our debt and maintain compliance with our restrictive covenants; our ability to comply with laws, regulations and technology platform rules or other obligations related to data privacy and security; our ability to comply with regulatory requirements. | Source: Will Centene Stock Rebound To Its Pre-Inflation Shock Highs? The new company, named Victorias Secret & Co., includes Victorias Secret Lingerie, PINK and Victorias Secret Beauty. VSCO expects continued momentum in the back half of the year, with all parts of the business being profitable, except China, where it is getting close to cash break-even, although that would need some efforts to achieve. At Victorias Secret, net sales were $1.554 billion for the first quarter ended May 1, 2021, compared to net sales of $893.6 million for the first quarter ended May 2, 2020. The record date for the spin-off was July 22, 2021. For swimwear, VSCO is building sales with a good franchise. Bath & Body Works is one of the worlds leading specialty retailers and home to Americas Favorite Fragrances offering a breadth of exclusive fragrances for the body and home, including the #1 selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Moreover, long-term top-line and margin growth prospects remains strong. Both the stocks commenced regular way trading on August 3, 2021. That's why we're passionate about our people, our product and our planet. Bath & Body Works in the News | Bath & Body Works, Inc. Newsroom Home / Media / Newsroom Go Browse News All People Product Planet Financial Displaying 61-61 of 61 Year Jul 01, 2021 Financial L Brands to Host Virtual Investor Meetings for Bath & Body Works and Victoria's Secret & Co. on July 19th Prev 1 2 3 4 5 6 7 Next Displaying 61-61 of 61 The strength of the international business is also a key positive for the company. Victorias Secret (VSCO) is an established US lingerie company offering womens intimate wear, personal care and other beauty products. We are confident in the growth opportunities for each business and are excited to share our vision for each business as we continue to work toward the August separation..

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