(Filed Under wholesale Lingerie News). L Brands revealed that it is expecting its Victoria’s Secret and Pink lingerie division will be sold or spun off as a separate company in August 2021.
At the same time it announced that CFO Stuart Burgdoerfer will retire that same month. And L Brands added, “due to strong January results, the company is raising its earnings guidance for the fourth quarter from $2.70 to $2.80 per share to $2.95 to $3.00 per share. The company expects to report a fourth quarter comparable sales increase of 10 percent, consisting of a 22 percent increase at Bath & Body Works and a 3 percent decrease at Victoria’s Secret. The company will report its fourth quarter earnings results on Feb. 24.”
In addition to his CFO post, Burgdoerfer had been “interim CEO of the Victoria’s Secret business.” The company indicated that “Martin Waters, currently CEO of Victoria’s Secret Lingerie, has been promoted to CEO of the Victoria’s Secret business and will assume those responsibilities effective immediately. Waters will report to Andrew Meslow, CEO of L Brands.”
L Brands had previously announced its intention to part with its lingerie brands, and repeated today that it remains “committed to separating the Victoria’s Secret and Bath & Body Works businesses. At its January meeting, the Board was fully updated by its financial advisors, Goldman Sachs and JPMorgan, and the company is currently targeting August 2021 to complete the separation. All options, including a spin-off of the Victoria’s Secret business into a public company or a private sale of the business, are being evaluated.”
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