 COLUMBUS, Ohio, Aug. 19, 2020 GLOBE NEWSWIRE -- L Brands, Inc. NYSE: LB today reported second quarter earnings results.Consistent with expectations disclosed in the companys July 28, 2020 business update, net sales were 2.319 billion for the quarter ended Aug. 1, 2020, a decrease of 20 percent compared to sales of 2.902 billion for the quarter ended Aug. 3, 2019. The companys stores were closed during periods of time throughout the second quarter due to the COVID-19 pandemic. As of the end of the second quarter, most Bath Body Works and Victorias Secret stores in North America have reopened. Total Bath Body Works second quarter sales in the United States and Canada were 1.197 billion, an increase of 13 percent compared to 1.061 billion last year. Sales at the Bath Body Works direct business, which remained open throughout the quarter, increased by 191 percent to 518.6 million compared to 178.4 million last year. Bath Body Works second quarter store comparable sales increased 87 percent during the period in which stores were open.Total Victorias Secret second quarter sales in the United States and Canada were 977.5 million, a decrease of 39 percent compared to 1.606 billion last year. Sales at the Victorias Secret direct business, which remained open throughout the quarter, increased by 65 percent to 613.9 million compared to 373.1 million last year. Victorias Secret second quarter store comparable sales decreased 10 percent during the period in which stores were open.Reported loss per share for the second quarter ended Aug. 1, 2020, was 0.18 compared to earnings per share of 0.14 for the quarter ended Aug. 3, 2019. Second quarter operating income was 44.0 million compared to 174.6 million last year, and net loss was 49.6 million compared to net income of 37.6 million last year.The second quarter reported results include the following special items:In 2020, net charges of 0.42 per share, as follows: A pre-tax non-cash charge of 117.1 million 0.35 per share related to the impairment of certain Victorias Secret lease and store assets; A pre-tax charge of 80.8 million 0.23 per share, principally severance, related to previously announced restructuring actions; A pre-tax net gain, primarily non-cash, of 36.3 million 0.09 per share related to the closure and termination of our lease and the related liability for the Victorias Secret Hong Kong flagship store; and, An income tax benefit of 20.5 million 0.07 per share related to recent changes in tax legislation included in the CARES act.In 2019: A pre-tax charge of 39.6 million 0.11 per share related to the early extinguishment of debt.Excluding these special items, adjusted earnings per share for the second quarter ended Aug. 1, 2020 were 0.25 per share compared to 0.24 for the quarter ended Aug. 3, 2019. Adjusted second quarter operating income was 205.7 million compared to 174.6 million last year, and adjusted net income was 69.0 million compared to 67.6 million last year.At the conclusion of this press release is a reconciliation of reported-to-adjusted results, including a description of the above items.Given the continuing high level of uncertainty in the current environment, the company is not providing third quarter or full-year 2020 earnings guidance.Earnings Call and Additional Information Additional second quarter financial information, including management commentary, is currently available at L Brands will conduct its second quarter earnings call at 9:00 a.m. Eastern on August 20. To listen, call 1-888-946-7609 international dial-in number: 1-517-308-9411; conference ID 6362067. For an audio replay, call 1-888-566-0478 international replay number: 1-203-369-3051; conference ID 6362067 or log onto ABOUT L BRANDS: L Brands, through Bath Body Works, Victorias Secret and PINK, is an international company. The company operates 2,709 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 franchised locations worldwide. The companys products are also available online at and .Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995We 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 uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as estimate, project, plan, believe, expect, anticipate, intend, planned, potential and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management: 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; divestitures or other dispositions, including any divestiture of Victorias Secret and related operations, could negatively impact our business, and contingent liabilities from businesses that we have sold could adversely affect our financial statements; the seasonality of our business; 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; liabilities arising from divested businesses; 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 expand internationally and related risks; our independent franchise, license and wholesale partners; our direct channel businesses; our ability to protect our reputation and our brand images; our ability to attract customers with marketing, advertising and promotional programs; our ability to 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; duties, taxes and other charges; legal and regulatory matters; volatility in currency exchange rates; local business practices and political issues; potential delays or disruptions in shipping and transportation and related pricing impacts; disruption due to labor disputes; and 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; 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 debt; shareholder activism matters; the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations; fluctuations in product input costs; our ability to adequately protect our assets from loss and theft; fluctuations in energy costs; increases in the costs of mailing, paper and printing; claims arising from our self-insurance; our ability to implement and maintain information technology systems and to protect associated data; our ability to maintain the security of customer, associate, third-party or company information; our ability to comply with laws and regulations or other obligations related to data privacy and security; our ability to comply with regulatory requirements; legal and compliance matters; and tax, trade and other regulatory matters.We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.For further information, please contact: L Brands: Investor RelationsMedia Relations Amie PrestonBrooke Wilson 614 415-6704614 415-6042 communicationslb. 