L Brands Announces Chief Financial Officer Stuart Burgdoerfer to Retire in August 2021

George T. Taft

Martin Waters Promoted to CEO of Victoria’s Magic formula

Raises Fourth Quarter Earnings Advice

COLUMBUS, Ohio, Feb. 04, 2021 (Globe NEWSWIRE) — L Models, Inc. (NYSE: LB) introduced right now that Stuart Burgdoerfer has communicated to the Board of Administrators his need to retire as CFO of L Models and Interim CEO of the Victoria’s Top secret enterprise. Martin Waters, at this time CEO of Victoria’s Mystery Lingerie, has been promoted to CEO of the Victoria’s Magic formula business and will presume these obligations effective right away. Waters will report to Andrew Meslow, CEO of L Makes. Burgdoerfer will continue to be in his CFO job as a result of August 2021. The organization has initiated a lookup for Burgdoerfer’s successor as CFO, which will contain both of those inside and external candidates.

The Board and management continue being committed to separating the Victoria’s Key and Tub & Overall body Performs organizations. At its January conference, the Board was totally updated by its fiscal advisors, Goldman Sachs and JPMorgan, and the firm is at present concentrating on August 2021 to complete the separation. All options, including a spin-off of the Victoria’s Mystery small business into a general public company or a private sale of the business, are getting evaluated. Burgdoerfer will go on to direct this course of action in his role as L Brand names CFO.

Because of to sturdy January outcomes, the organization is increasing its earnings guidance for the fourth quarter from $2.70 to $2.80 for every share to $2.95 to $3.00 for every share. The company expects to report a fourth quarter equivalent sales increase of 10 %, consisting of a 22 percent improve at Bath & Entire body Works and a 3 % decrease at Victoria’s Top secret. The organization will report its fourth quarter earnings final results on Feb. 24 and conduct its earnings contact at 9 a.m. Jap on Feb. 25.

“The Board and I are exceptionally grateful to Stuart for his leadership through his 20-12 months profession at L Brands,” mentioned Sarah Nash, chair of L Brands’ Board of Administrators. “In the past 9 months, he has led the turnaround of the Victoria’s Solution business enterprise in addition to continuing to lead L Brands’ finance corporation as CFO. He will be missed, and we respect that he will continue being with the enterprise to see us by way of the prepared separation system.”

Meslow stated, “Stuart has been an outstanding CFO for the last 14 a long time and has created an particularly well-informed and talented senior finance group. On behalf of the complete company, I’d like to thank him for his dedication, extraordinary endeavours and management.”

Meslow ongoing, “Martin Waters is an seasoned retail executive who has led our worldwide enterprise for the past 13 several years and not long ago stepped into the job of CEO of Victoria’s Magic formula Lingerie. He is commonly revered both of those inside and outdoors of our company, and we are assured he will continue on the momentum and progress in the Victoria’s Solution organization.”

Burgdoerfer stated, “I am grateful to have had the possibility to get the job done with incredible people today in every portion of the business enterprise.  The time is right for me to move on to my up coming chapter.  Tub & Overall body Operates and Victoria’s Top secret are in quite able fingers with a shiny potential.  I am excited to carry on to guide the planned separation of the two enterprises around the following six months.”

About Martin Waters:
Waters joined L Makes in 2008 as head of the intercontinental division and was promoted in November 2020 to CEO of Victoria’s Key Lingerie. Below his management, the worldwide enterprise has expanded from the early phases of incubation to much more than 700 stores globally. Prior to his role with L Models, Waters was running director for Boots International, Europe’s foremost overall health and splendor retailer. He also has considerable expertise in strategic setting up, merchandising, organizing and allocation, manufacturer administration, advertising and marketing and supply chain operations.  

ABOUT L Manufacturers:
L Makes, through Victoria’s Secret, PINK and Bathtub & Human body Is effective, is an global company. The company operates 2,669 enterprise-operated specialty retailers in the United States, Canada and Bigger China, and its models are also marketed in a lot more than 700 franchised places around the world. The company’s items are also out there on the web at www.BathandBodyWorks.com, www.VictoriasSecret.com and www.PINK.com.

Harmless Harbor Assertion Beneath the Private Securities Litigation Reform Act of 1995

We warning that any ahead-looking statements (as this kind of phrase is outlined in the Private Securities Litigation Reform Act of 1995) contained in this press release or created by our firm or our administration involve dangers and uncertainties and are subject matter to adjust centered on numerous components, several of which are beyond our management. Appropriately, our future functionality and monetary success could vary materially from all those expressed or implied in any these types of ahead-seeking statements. Phrases these types of as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any related expressions could detect ahead-on the lookout statements. Dangers related with the following aspects, amid others, in some scenarios have influenced and in the future could influence our financial efficiency and precise final results and could bring about true outcomes to vary materially from those people expressed or implied in any ahead-seeking statements bundled in this push launch or otherwise created by our organization or our administration:

  • Standard economic ailments, consumer self esteem, client shelling out patterns and sector disruptions together with pandemics or sizeable wellbeing hazards, severe temperature circumstances, natural disasters, terrorist routines, economic crises, political crises or other main gatherings, or the prospect of these events
  • divestitures or other dispositions, which includes any divestiture of Victoria’s Mystery and relevant functions, could negatively affect our company, and contingent liabilities from companies that we have bought could adversely have an affect on our money statements
  • the seasonality of our business enterprise
  • issues arising from turnover in organization management or other crucial positions
  • our potential to draw in, build and retain certified associates and control labor-connected expenses
  • liabilities arising from divested businesses
  • the dependence on mall visitors and the availability of ideal keep places on correct phrases
  • our capacity to improve by new retail outlet openings and current retailer remodels and expansions
  • our potential to efficiently expand internationally and similar threats
  • our independent franchise, license and wholesale companions
  • our immediate channel firms
  • our skill to defend our standing and our manufacturer visuals
  • our means to bring in shoppers with marketing and advertising, promoting and promotional plans
  • our ability to safeguard our trade names, logos and patents
  • the highly competitive nature of the retail field and the segments in which we function
  • client acceptance of our goods and our skill to regulate the lifestyle cycle of our manufacturers, preserve up with fashion developments, create new products and start new product traces successfully
  • our capability to supply, distribute and provide products and elements on a world wide foundation, which includes pitfalls similar to:
    • political instability, environmental hazards or all-natural disasters
    • sizeable overall health dangers or pandemics, which could result in closed factories, reduced workforces, scarcity of raw components, and scrutiny or embargoing of products produced in infected areas
    • duties, taxes and other prices
    • authorized and regulatory matters
    • volatility in forex exchange costs
    • regional enterprise techniques and political concerns
    • potential delays or disruptions in transport and transportation and associated pricing impacts
    • disruption owing to labor disputes and
    • modifying anticipations relating to item protection because of to new laws
  • our geographic concentration of seller and distribution services in central Ohio
  • fluctuations in foreign forex trade rates
  • inventory selling price volatility
  • our means to fork out dividends and relevant effects
  • our skill to manage our credit score score
  • our means to assistance or refinance our debt
  • shareholder activism matters
  • the capacity of our sellers to provide products in a timely manner, meet up with quality specifications and comply with relevant legal guidelines and laws
  • fluctuations in solution input expenditures
  • our potential to adequately safeguard our assets from decline and theft
  • fluctuations in energy costs
  • raises in the fees of mailing, paper and printing
  • claims arising from our self-insurance plan
  • our ability to employ and maintain data technologies units and to protect related info
  • our means to retain the safety of purchaser, associate, 3rd-celebration or organization facts
  • our capacity to comply with legislation and polices or other obligations similar to facts privacy and security
  • our means to comply with regulatory needs
  • lawful and compliance matters and
  • tax, trade and other regulatory issues.

We are not less than any obligation and do not intend to make publicly out there any update or other revisions to any of the ahead-looking statements contained in this press launch to reflect situations present after the date of this push release or to mirror the occurrence of future events even if experience or upcoming occasions make it obvious that any predicted final results expressed or implied by people ahead-searching statements will not be understood.

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