LandBridge Company LLC - LB STOCK NEWS

Bath & Body Works announced that it will release its Q2 2021 earnings on August 18, 2021, after market close. A live webcast of the earnings conference call will take place on August 19, 2021, at 9:00 a.m. ET. Participants can join via bbwinc.com or by dialing in. This call is crucial for investors as it will provide insights into the company's financial performance and future outlook.

Bath & Body Works has successfully completed the spin-off of Victoria’s Secret into an independent company, Victoria’s Secret & Co., with trading beginning under the ticker symbol 'VSCO'. Bath & Body Works will now trade under 'BBWI'. This strategic separation is aimed at enhancing growth and profitability for both entities. Stockholders received one share of Victoria’s Secret for every three shares of Bath & Body Works held, effective August 2, 2021. The company's CEO emphasized optimism in sustaining industry-leading growth and profitability moving forward.

L Brands (NYSE: LB) announced the global settlement of stockholder derivative claims regarding workplace misconduct, addressing issues raised since February 2020. This settlement includes corporate governance reforms such as a Diversity, Equity and Inclusion Council and enhanced policies for reporting harassment. Both Bath & Body Works and Victoria’s Secret will allocate $45 million over five years for governance initiatives. The settlement concludes the Special Committee's investigation and awaits court approval. Leaders express commitment to building a safe and inclusive workplace.

L Brands (NYSE: LB) has announced virtual investor meetings for Bath & Body Works and Victoria’s Secret & Co. on July 19, 2021, ahead of their planned tax-free spin-off in August 2021. CEOs Andrew Meslow and Martin Waters, along with their teams, will discuss strategic initiatives, growth plans, and value creation drivers.

The Bath & Body Works meeting starts at 8:30 a.m. Eastern, followed by Victoria’s Secret at 12:30 p.m. Eastern. Interested parties can preregister for the livestream and access archived replays on their website.

L Brands announced a public secondary offering of 20,041,646 shares at $74.50 per share, totaling approximately $1.49 billion. The offering, managed by J.P. Morgan, is expected to close on July 19, 2021. L Brands will not benefit financially from the sale. Additionally, L Brands has agreed to repurchase 10 million shares from a selling stockholder at $73.01 per share for $730.1 million, funded by cash on hand. This repurchase is part of a previously announced $1.5 billion share repurchase program.

L Brands, Inc. (NYSE: LB) announced a secondary offering of 20,041,646 shares by Leslie H. Wexner and affiliated sellers. L Brands will not receive proceeds from this sale. Following the offering, the company will repurchase 10,000,000 shares from a selling stockholder at the public offering price minus underwriting discounts, part of a newly authorized $1.5 billion repurchase program. This adjustment follows the company's earlier program from March 2021. After the offering and repurchase, the sellers will retain 5,000,000 shares.

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.