LBrands Inc (NYSE:LB) Q1 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 09:00 am ET


LBrands Inc (NYSE:LB) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Angela, and I will be your conference operator today. At this time, I'd like to welcome everyone to the L Brands First Quarter 2020 Earnings Conference Call. [Operator Instructions]

I will now turn the call over to Ms. Amie Preston, Chief Investor Relations Officer of L Brands. You may begin.

Amie Preston


Good morning and welcome to L Brands' first quarter earnings conference call for the period ending May 2, 2020. As a matter of formality, I need to remind you that any forward-looking statements we make today are subject to our safe harbor statements found in our SEC filings and in our press releases.

Joining me on the call today are Andrew Meslow, CEO of L Brands, and Stuart Burgdoerfer, Interim CEO of Victoria's Secret and CFO of L Brands.

All results we'd discuss on the call today are adjusted results and exclude the special items described in our press release.

Thanks, and now I'll turn the call over to Andrew.

Andrew Meslow

Thank you, Amie, and good morning, everyone.

I'm honored to be joining you this morning on my first earnings call as L Brands' CEO. I'd first like to thank Les Wexner for all that he has done to build this business and for all the time that he has devoted to mentoring and coaching me and other leaders of our business. We're extremely grateful that we will continue to benefit from his input as Chairman Emeritus of the Board. I'm also thrilled to be working with Sarah Nash, our new Board Chair and the other experienced leaders on our Board and management team.

I'd like to acknowledge the unprecedented time we are living through right now and the uncertainty that the COVID-19 pandemic creates. We have taken actions to manage the business through the crisis successfully, with the primary prioritization on safety for our associates, our customers and our communities. We have great appreciation for the smart and difficult work that all of our associates and partners around the world are doing on our behalf.

We are all focused and energized by our opportunities to drive long-term shareholder value, including implementing a profit improvement plan at Victoria's Secret; separating the Victoria's Secret and Bath & Body Works businesses; and continuing to drive strong growth at Bath & Body Works.

In the prepared commentary which we released last night, we've provided more detail on our response to the COVID-19 pandemic, our first quarter results, our go-forward plan for Victoria's Secret and PINK and our outlook for the second quarter. We won't repeat those comments this morning in order to leave more time for your questions.

Thank you, and back over to you, Amie.

Amie Preston

Thanks, Andrew.

That concludes our prepared comments. At this time, we'd be happy to take any questions you might have. In the interest of time and consideration to others, please limit yourself to one question. Thanks, and now I'll turn it back over to Angela.