L Brands Q4 earnings per share $2.18Staff Writer | February 22, 2017
L Brands reported 2016 fourth quarter and full-year results.
L Brands Operating income decreased 8 percent
Fourth quarter operating income decreased 8 percent to $987.6 million compared to $1.078 billion last year, and net income was $631.7 million compared to $636.0 million last year.
Reported results above include a favorable tax settlement of $41.7 million, or $0.14 per share.
Excluding this item, adjusted net income decreased 7 percent to $590.0 million compared to $636.0 million last year, and adjusted earnings per share decreased 6 percent to $2.03 compared to $2.15 last year.
Net sales for the fourth quarter ended Jan. 28, 2017, were $4.489 billion, an increase of 2 percent compared to $4.395 billion for the quarter ended Jan. 30, 2016.
Comparable sales for the fourth quarter ended Jan. 28, 2017, were flat. For the fourth quarter, the exit of the swim and apparel categories had a negative impact of 2 percentage points and 4 percentage points to total company and Victoria’s Secret comparable sales, respectively.
Earnings per share for the year ended Jan. 28, 2017, were $3.98 compared to $4.22 for the year ended Jan. 30, 2016.
Full-year operating income was $2.003 billion compared to $2.192 billion last year, and net income was $1.158 billion compared to $1.253 billion last year. ■