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L Brands

NYSE:LB
Snowflake Description

Established dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LB
NYSE
$14B
Market Cap
  1. Home
  2. US
  3. Retail
2018/01/19
Company description

L Brands, Inc. operates as a specialty retailer of women’s intimate and other apparel, beauty and personal care products, and accessories. More info.


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3 Month History
LB
Industry
5yr Volatility vs Market

Value

 Is L Brands undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of L Brands to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

How is this discounted cash flow calculated?

  • The current share price of L Brands is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for L Brands's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are L Brands's earnings available for a low price, and how does this compare to other companies in the same industry?
  • L Brands is good value based on earnings compared to the US Specialty Retail industry average.
  • L Brands is good value based on earnings compared to the US market.
Price based on expected Growth
Does L Brands's expected growth come at a high price?
  • L Brands is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on L Brands's assets?
  • L Brands has negative assets, we can't compare the value of its assets to the US Specialty Retail industry average.
X
Value checks
We assess L Brands's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Specialty Retail industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Specialty Retail industry average (and greater than 0)? (1 check)
  5. L Brands has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
    Note 2: PEG ratio is based on analysts EPS growth expectations in 1 year (0.43%).

    Full details on the Value part of the Simply Wall St company analysis model.
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Discounted cash flow (2 Stage Free Cash Flow to Equity)

The calculations below outline how an intrinsic value for L Brands is arrived at by discounting future cash flows to their present value. We use analyst's estimates of cash flows going forward 5 years.

See our documentation to learn about this calculation.

5 year cash flow forecast

Present value of next 5 years cash flows:
$3,392

Terminal Value

Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)

Terminal Value = $1,071 × (1 + 2.47%) ÷ (10.03% – 2.47%)

Terminal value based on the Perpetuity Method where growth (g) = 2.47%:
$14,516

Present value of terminal value:
$9,001

Equity Value

Equity Value (Total value) = Present value of next 5 years cash flows + terminal value
$12,393 = $3,392 + $9,001

Value = Total value / Shares Outstanding ($12,393 / 282)

Discount to Share Price

Value per share:
$43.91

Current discount (share price of $49.02): -11.65%



Estimate of Discount Rate

The discount rate, or required rate of return, is estimated by calculating the Cost of Equity.

Discount rate = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)

Discount rate = 10.03% = 2.47% + (1.004 * 7.53%)



Estimate of Bottom Up Beta

The Levered Beta is the Unlevered Beta adjusted for financial leverage. It is limited to 0.8 to 2.0 (practical range for a stable firm). Note the market value of equity is used not the book value ($13,836,638,976).

Levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))

1.004 = 0.789 (1 + (1- 35%) (41.81%))

Levered Beta used in calculation = 1.004



Assumptions
  1. The risk free rate of 2.47% is from the 10 year government bond rate in USD.
  2. The bottom-up beta is estimated by analysing other companies in the same industry.
  3. The Equity Risk Premium is calculated by subtracting the risk free rate from the market return premium (7.53%) (source: Buffet).
  4. The dividend discount model is automatically used for companies in the following industries: Banks, Insurance, Real Estate Investment Trusts (REITs), Diversified Financial Services and Capital Markets.

Future Performance

 How is L Brands expected to perform in the next 1 to 3 years based on estimates from 26 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is L Brands expected to grow at an attractive rate?
  • L Brands's earnings growth is expected to exceed the low risk savings rate of 4.5%.
Growth vs Market Checks
  • L Brands's earnings growth is positive but not above the US market average.
  • L Brands's revenue growth is positive but not above the US market average.
Annual Growth Rates Comparison
Analysts growth expectations
Super high growth metrics
High Growth Checks
  • L Brands's earnings are expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
  • L Brands's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • L Brands is expected to perform strongly, Return on Equity (ROE) in 3 years is estimated to be above 20%.

Improvement & Relative to industry
  • Performance (ROE) is expected to be above the current US Specialty Retail industry average.
  • No +3 year Return on Equity (ROE) data.
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Future performance checks
We assess L Brands's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the US market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the US market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
L Brands has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has L Brands performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare L Brands's growth in the last year to its industry (Specialty Retail).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • L Brands's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • L Brands's 1 year earnings growth is negative, it can't be compared to the 5 year average.
  • L Brands's 1 year earnings growth is negative, it can't be compared to the US Specialty Retail industry average.
Earnings and Revenue History
L Brands's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • L Brands has negative shareholder equity (liabilities exceed assets), therefore its ROE is meaningless.
  • L Brands performed above the US Specialty Retail industry average based on Return on Assets (ROA) last year.
  • Performance based on Return on Capital Employed (ROCE) has been diminishing over 3 years.
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Past performance checks
We assess L Brands's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Specialty Retail industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
L Brands has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is L Brands's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up L Brands's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • L Brands is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • L Brands's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of L Brands's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of stock/ inventory/ unsold assets.
  • L Brands has negative shareholder equity (liabilities exceed assets).
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
  • L Brands has negative shareholder equity (liabilities exceed assets).
  • L Brands has negative shareholder equity (liabilities exceed assets).
  • L Brands has negative shareholder equity (liabilities exceed assets).
  • L Brands has negative shareholder equity (liabilities exceed assets).
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Financial health checks
We assess L Brands's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by short term assets? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. L Brands has a total score of 1/6, see the detailed checks below.


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is L Brands's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.9%
Current annual income from L Brands dividends. Estimated to be 5.01% next year.
If you bought $2,000 of L Brands shares you are expected to receive $98 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Paying above low risk savings rate (2.25%).
  • Paying above markets top dividend payers (3.18%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of L Brands's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by net profit (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by net profit (1.7x coverage).
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Income/ dividend checks
We assess L Brands's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.5%) - if not then the rest of the checks are ignored.
  2. Current dividend yield, is there one at all, is it higher than the low risk savings rate, and is it above the top 25% of dividend payers? (2 checks)
  3. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  4. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  5. How sustainable is the dividend, can L Brands afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  6. L Brands has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of L Brands's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Les Wexner, image provided by Google.
Les Wexner
COMPENSATION $14,773,844
AGE 80
TENURE AS CEO 55 years
CEO Bio

Mr. Leslie H. Wexner, also known as Les, founded L Brands, Inc. in 1963 and has been its Executive Chairman since 1975. He serves as Chief Executive Officer of LBrands Inc at Victoria's Secret Stores, LLC. Mr. Wexner has been Chief Executive Officer and Executive Director of L Brands, Inc. since 1963 and serves as its President and co-owner at Linden Trust. He serves as Chief Executive Officer of Limited Brands at Bath & Body Works, LLC. He serves as Chairman and Chief Executive Officer at Limited Brands Store Operations, Inc. He is the Founder of New Albany Company LLC. He served as Chairman and Chief Executive Officer of Intimate Brands, Inc. since 1995. He was a Founding Member and the First Chair of The Ohio State University Foundation. He serves as the Chairman of Limited Brands at Bath & Body Works, LLC. Mr. Wexner serves as Chairman of Victoria's Secret Direct, LLC. He served as Chairman of Limited Stores LLC. He served as a Director of Hollinger International Publishing Inc. He served as a Director of Sun-Times Media Group Inc. Mr. Wexner is Member of the American Academy of Arts and Sciences; Member of the Visiting Committee of the Kennedy School of Government at Harvard University; Trustee of the Columbus Jewish Federation and Foundation; Member of the Royal Shakespeare Company International Council; Member of the John Glenn School of Public Affairs; and Chairman of The Columbus Partnership. His areas of community interest include the Wexner Center for the Arts at The Ohio State University; the Wexner Institute for Pediatric Research at Children’s Hospital, Columbus; the Martin Luther King Center for the Performing Arts, Columbus; and the Wexner Heritage Village. Mr. Wexner has a profound interest in the development of tomorrow’s leaders through the works of the Fisher College of Business at The Ohio State University; Harvard University’s Center for Public Leadership; and The Wexner Foundation. Mr. Wexner was inaugurated by Harvard University into the Society of John Harvard Fellows and serves as a visiting lecturer at Harvard’s Kennedy School of Government. Mr. Wexner was a recipient of The Alexis de Tocqueville Society Award of the United Way of America, Woodrow Wilson Award for Citizenship, Ordre des arts et des letters, Knight of the Italian Republic and The American Jewish Committee Herbert H. Lehman Centennial Leadership Award. Mr. Wexner holds a B.S. degree in Business Administration from The Ohio State University and honorary degrees from The Ohio State University; The Hebrew University of Jerusalem; University of Tel Aviv; Hofstra University; Marietta College; Hebrew Union College; The Jewish Theological Seminary of America; Yeshiva University; and Brandeis University.

CEO Compensation
  • Les's compensation has been consistent with company performance over the past year.
  • Les's compensation is higher than average for a company of this size and profit level.
Management Team Tenure

Average tenure and age of the L Brands management team in years:

17.1
Average Tenure
60.5
Average Age
  • The average tenure for the L Brands management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Les Wexner

TITLE
Founder
COMPENSATION
$15M
AGE
80
TENURE
55 yrs

Stuart Burgdoerfer

TITLE
Chief Financial Officer and Executive Vice President
COMPENSATION
$5M
AGE
54
TENURE
10.8 yrs

Charles McGuigan

TITLE
Chief Operating Officer
COMPENSATION
$7M
AGE
60
TENURE
5.7 yrs

Martin Waters

TITLE
Chief Executive Officer of International Operations and President of International Operations
COMPENSATION
$5M

Nick Coe

TITLE
Chief Executive Officer of Bath & Body Works and President of Bath & Body Works
COMPENSATION
$7M
AGE
54
TENURE
6.4 yrs

Amie Preston

TITLE
Chief Investor Relations Officer
TENURE
7.4 yrs

Shelley Milano

TITLE
General Counsel
AGE
60

Timothy Faber

TITLE
Senior Vice President and Treasurer
AGE
55

Bruce Soll

TITLE
Senior Vice President of Company Affairs and Counsel of Company Affairs

Edward Razek

TITLE
President of Brand & Creative Services and Chief Marketing Officer of Brand & Creative Services
Board of Directors Tenure

Average tenure and age of the L Brands board of directors in years:

18.7
Average Tenure
70.8
Average Age
  • The average tenure for the L Brands board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Les Wexner

TITLE
Founder
COMPENSATION
$15M
AGE
80
TENURE
43 yrs

David Kollat

TITLE
Non-Independent Director
COMPENSATION
$329K
AGE
78
TENURE
42 yrs

Abigail Wexner

TITLE
Director
COMPENSATION
$274K
AGE
55
TENURE
21 yrs

Allan Tessler

TITLE
Lead Independent Director
COMPENSATION
$364K
AGE
80
TENURE
5.5 yrs

Donna James

TITLE
Non-Independent Director
COMPENSATION
$309K
AGE
60
TENURE
15 yrs

Raymond Zimmerman

TITLE
Non-Independent Director
COMPENSATION
$269K
AGE
84
TENURE
34 yrs

E. Gee

TITLE
Director
COMPENSATION
$269K
AGE
73
TENURE
5.3 yrs

Dennis Hersch

TITLE
Director
COMPENSATION
$244K
AGE
70
TENURE
11.5 yrs

Mike Morris

TITLE
Non-Independent Director
COMPENSATION
$249K
AGE
70
TENURE
5.3 yrs

Steve Steinour

TITLE
Non-Independent Director
COMPENSATION
$224K
AGE
58
TENURE
4 yrs
Recent Insider Trading
  • More shares have been bought than sold by L Brands insiders in the past 3 months.
Who owns this company?
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Management checks
We assess L Brands's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of market cap)? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. L Brands has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

Company News

External News
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Simply Wall St News

Should You Be Tempted To Sell L Brands Inc (NYSE:LB) At Its Current PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for LB Price per share = $61.02 Earnings per share = $3.331 ∴ Price-Earnings Ratio = $61.02 ÷ $3.331 = 18.3x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … At 18.3x, LB’s P/E is higher than its industry peers (18x). … If this assumption does not hold true, LB’s higher P/E ratio may be because firms in our peer group are being undervalued by the market.

Simply Wall St -

How Do Analysts See L Brands Inc (LB) Performing In The Years Ahead?

Investors may find it useful to understand how market analysts view L Brands's earnings growth trajectory over the next couple of years and whether the future looks brighter. … See our latest analysis for LB Market analysts' prospects for this coming year seems pessimistic, with earnings falling by -4.61%. … The slope of this line is the rate of earnings growth, which in this case is 8.85%.

Simply Wall St -

L Brands Inc (LB): Ex-Dividend Is Coming In 3 Days, Should You Buy?

View our latest analysis for L Brands 5 checks you should use to assess a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is its annual yield among the top 25% of dividend payers? … The current payout ratio for the stock is 17.95%, which means that the dividend is covered by earnings. … In the near future, analysts are predicting a higher payout ratio of 64.70%, leading to a dividend yield of 4.90%.

Simply Wall St -

L Brands Inc (LB): What Are The Future Prospects?

L Brands Inc (NYSE:LB)’s sound earnings growth per share is expected to be a double-digit 13.33% over the next three years. … This illustrates a relatively optimistic outlook in the near term, with a relatively solid earnings per share growth rate of 13.33% over the next few years. … LB delivered a high double-digit growth rate in the past year, compared to the less exciting rate expected this year.

Simply Wall St -

Should L Brands Inc's (LB) Earnings Decline In Recent Times Worry You?

When L Brands Inc (NYSE:LB) released its most recent earnings update (29 July 2017), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … I prefer to use the ‘latest twelve-month’ data, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … Let's see whether it is solely owing to an industry uplift, or if L Brands has seen some company-specific growth.

Simply Wall St -

Company Info

Map
Description

L Brands, Inc. operates as a specialty retailer of women’s intimate and other apparel, beauty and personal care products, and accessories. The company operates in three segments: Victoria’s Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. Its products include loungewear, bras, panties, swimwear, athletic attire, fragrances, shower gels and lotions, aromatherapy, soaps and sanitizers, home fragrances, handbags, jewelry, and personal care accessories. The company offers its products under the Victoria’s Secret, PINK, Bath & Body Works, La Senza, Henri Bendel, C.O. Bigelow, White Barn, and other brand names. L Brands, Inc. sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom, and Greater China, which are primarily mall-based; through its Websites comprising VictoriasSecret.com, BathandBodyWorks.com, HenriBendel.com, and LaSenza.com; and through franchises, licenses, and wholesale partners. As of January 28, 2017, the company operated 2,755 retail stores in the United States; 270 retail stores in Canada; 18 retail stores in the United Kingdom; and 31 retail stores in the Greater China area. It also operated 203 La Senza stores in 24 countries; 159 Bath & Body Works stores in 30 countries; 23 Victoria's Secret stores in 12 countries; 391 Victoria’s Secret Beauty and Accessories stores in 70 countries; and 5 PINK stores in 3 countries. The company was formerly known as Limited Brands, Inc. and changed its name to L Brands, Inc. in March 2013. L Brands, Inc. was founded in 1963 and is headquartered in Columbus, Ohio.

Details
Name: L Brands, Inc.
LB
Exchange: NYSE
Founded: 1963
$13,836,638,976
282,265,177
Website: http://www.lb.com
Address: L Brands, Inc.
Three Limited Parkway,
Columbus,
Ohio, 43230,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE LB Common Stock New York Stock Exchange US USD 09. Feb 1973
DB LTD Common Stock Deutsche Boerse AG DE EUR 09. Feb 1973
BMV LB * Common Stock Bolsa Mexicana de Valores MX MXN 09. Feb 1973
BOVESPA LBRN34 BDR REPR 1/4 COM USD0.50 Bolsa de Valores de Sao Paulo BR BRL 27. Jul 2015
Number of employees
Current staff
Staff numbers
59,100
L Brands employees.
Industry
Apparel Retail
Retail
Company Analysis and Financial Data Status
Area Date
Company Analysis updated: 2018/01/19
Last estimates confirmation: 2018/01/17
Last earnings update: 2017/10/28
Last annual earnings update: 2017/01/28


All dates in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.