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L Brands Icr Xchange Conference Final 1 14 14 V2

3479 words - 14 pages

2013 INVESTOR HANDOUT

KEY MESSAGES
    We have global, category-leading brands with high emotional content that generate substantial income and cash flow Our overriding focus is on the substantial growth opportunity in North America We believe there is substantial opportunity for international growth and expect it to be accretive to the total company operating margin We are targeting 10% annual operating income $ growth (or better) and an operating income rate in the high-teens We continue to emphasize maintaining a strong cash and liquidity position while optimizing our cost of capital We will continue to manage inventory, expenses and capital with discipline We remain committed to ...view middle of the document...

7 33.3 31.8 31.4 31.3 31.0 29.1 27.9 25.4 24.9 22.5 20.3 19.9 17.8 15.2 14.0 10.1 9.5 9.2 8.1 0.0 (1.0) (5.4) (15.1) 17.0 28.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

10-year Total Return
Buckle Inditex Fast Retailing TJX Ralph Lauren L Brands Ascena Retail Group H&M American Eagle Coach Giordano Home Depot Tiffany & Co. Foot Locker Li & Fung Children's Place Gap Target Bed Bath & Beyond Walgreen Co. Wal-Mart Stores Abercrombie & Fitch Ann Inc. Best Buy Aeropostale Chico's Staples bebe Esprit Holdings S&P 500 S&P Retail Index 25.4 24.4 22.7 20.8 20.6 20.4 19.5 17.4 14.2 12.6 12.2 11.5 9.5 9.0 8.0 7.7 7.5 6.9 6.6 6.3 6.2 4.7 4.4 3.5 1.5 1.1 0.7 0.5 (0.8) 7.3 11.0

Median of top quartile : 35.5%

Median of top quartile : 43.3%

Median of top quartile : 20.8%

Median of 2nd quartile : 18.8%

Median of 2nd quartile : 31.0%

Median of 2nd quartile : 12.2%

Median of 3rd quartile : 12.2%

Median of 3rd quartile : 19.9%

Median of 3rd quartile : 6.9%

Median of bottom quartile : (12.2%)

Median of bottom quartile : 4.0%

Median of bottom quartile : 1.3%

As of January 3, 2014

3 25

DRIVEN BY EARNINGS IMPROVEMENT…

$2.92 $2.60

$3.00

$2.06

$1.23 $1.05

2008

2009

2010

2011

2012*

2013F

*2012 represents 53-week view (52-week estimate is $2.84).

4

AND CASH DISTRIBUTION

CASH DISTRIBUTIONS
Regular Dividends Special Dividends Share Repurchases* Total $3.0 billion $3.8 billion $7.9 billion $14.7 billion *At an average price of $25.47 per share
Note: Reflects cash distributions from the beginning of 2000 through January 3, 2014.

5

OPERATING INCOME - “PATH TO HIGH TEENS”

“High Teens” Goal
18.0% 17.0% 16.0% Operating Income % of sales Trailing Twelve Months 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0%

16.3%

6

IMPROVEMENTS DRIVEN BY:
1. Strength of the Victoria’s Secret and Bath & Body Works brands and the attractiveness of the intimate apparel and personal care/beauty categories 2. A focus on fundamentals:      3. Customers Core (“Best At”) merchandise categories Inventory management, flow, turn and instock Speed / read and react / chase Store selling and operations

Experienced, aligned and focused management team

7

GROW INVENTORY SLOWER THAN SALES

20% 15% 10% 5% 0% -5% -10% -15% -20%

*

Inventory PSSF

Retail Sales

* Victoria’s Secret Stores new technology systems implemented in Spring 2009

8

GROW EXPENSES SLOWER THAN SALES

9

HEALTHY REAL ESTATE

10

CONSISTENT LEVERAGE

in billions

2000 $0.4 $5.7 $6.1 $1.8 3.4x $0.6 BBB+/Baa1

2008 $2.9 $3.9 $6.8 $1.6 4.3x $1.2 BB+/Ba1

2009 $2.7 $4.0 $6.8 $1.7 3.9x $1.8 BB/Ba2

2010 $2.5 $4.1 $6.7 $2.2 3.0x $1.1 BB+/Ba2

2011 $3.5 $4.4 $7.9 $2.5 3.2x $0.9 BB+/Ba1

Pro forma 2011(1) $4.5 $4.4 $8.9 $2.5 3.6x $1.9 BB+/Ba1

2012 $4.5 $4.6 $9.1 $2.6 3.4x $0.8 BB+/Ba1

2013F(4) $5.0 $4.9 $9.8 $2.7 3.6x $1.5 BB+/Ba1

...

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