Landbridge Company Llc Stock Price, News & Analysis

L Brands announced significant capital structure actions, including a new $1.5 billion share repurchase program replacing a previous $500 million plan. For the nine-week period ending July 3, 2021, net sales reached $2.351 billion, a 72% increase from $1.369 billion in 2020. Bath & Body Works recorded $1.239 billion in sales, up 48% from 2019, while Victoria's Secret netted $1.112 billion, reflecting a 3% increase over the same period. The company anticipates Q2 earnings per share of $1.20 to $1.30, significantly above prior guidance. Additionally, an intent to reduce debt by $500 million is planned.

L Brands has announced the spin-off of its Victoria’s Secret business into an independent entity named Victoria’s Secret & Co., effective August 2, 2021. This restructuring includes changing L Brands' name to Bath & Body Works, Inc. and its stock symbol from LB to BBWI. Shareholders will receive one share of Victoria’s Secret common stock for every three shares of L Brands they own as of July 22, 2021. The new company will trade under the symbol VSCO on the NYSE, with trading starting August 3, 2021.

L Brands (NYSE: LB) will conduct virtual investor meetings for Bath & Body Works and Victoria’s Secret on July 19, 2021, prior to the August 2021 spin-off of Victoria’s Secret. The meetings will feature updates on strategic initiatives and growth plans from CEOs Andrew Meslow and Martin Waters, along with senior leadership teams. Bath & Body Works starts at 8:30 a.m. ET and Victoria’s Secret at 12:30 p.m. ET. A live webcast will be available on their investor relations website, with replays following shortly after.

L Brands announced an upsized offering by Victoria's Secret, increasing senior notes to $600 million with a coupon of 4.625%, set to close on July 15, 2021. Additionally, a $400 million Term Loan Facility will have a margin of LIBOR plus 3.25%. Proceeds will fund a cash payment to L Brands before a planned spin-off of Victoria's Secret. The notes are unsecured initially but will be guaranteed by future subsidiaries. The offering is private and not registered under the Securities Act.

L Brands announced that its subsidiary, Victoria’s Secret & Co., is offering $500 million in senior notes due 2029 in a private placement. This offering is part of L Brands' strategy to separate Victoria’s Secret through a spin-off. The proceeds from the notes will support a cash payment to L Brands after the spin-off's completion. The notes, which are senior unsecured obligations, will not be guaranteed at issuance but will be guaranteed by certain subsidiaries post-escrow release. The offering is not registered under the Securities Act and will not be offered in jurisdictions where it is unlawful.

L Brands announced the public filing of a Form 10 registration statement with the SEC, facilitating the separation of Victoria’s Secret into an independent company, Victoria’s Secret & Co. This move aims to create two focused public entities, enhancing growth strategies tailored to their markets. The spin-off is expected to finalize in August 2021, pending board approval. L Brands’ leadership expresses confidence in both companies' future success and shareholder value, with the Form 10 providing insights into Victoria's Secret's operational and financial strategies.

Victoria's Secret announced new initiatives to empower women, including The VS Collective and The Victoria's Secret Global Fund for Women's Cancers. The VS Collective comprises accomplished women, aiming to foster deeper connections and create revolutionary products. Founding members include Adut Akech and Megan Rapinoe. The Global Fund will grant at least $5 million annually to support cancer research and enhance treatment access. Victoria's Secret aims to position itself as a leading advocate for women, with plans for a spin-off into a standalone public company by August 2021.

L Brands, Inc. (NYSE: LB) announced the formation of the new Victoria’s Secret Board of Directors, comprising seven members, including six independent directors and six women. The Board will be led by Donna James as Chair. This transition is part of the spin-off of Victoria’s Secret from Bath & Body Works, expected to finalize by August 2021. The new Board is expected to bring extensive experience in leadership and governance, aimed at enhancing the brand's potential and creating shareholder value.

L Brands, Inc. (NYSE: LB) has declared a quarterly dividend of $0.15 per share, payable on June 18, 2021, to shareholders of record by June 4, 2021. The company's operations include Bath & Body Works, Victoria’s Secret, and PINK, with a total of 2,681 company-operated stores across the U.S., Canada, and China, along with more than 700 franchised locations globally. The announcement underscores L Brands' commitment to returning value to shareholders amidst ongoing business uncertainties.