L Brands CFO Stuart Burgdoerfer To Retire; Raises Q4 Earnings Outlook - Quick Facts

L Brands, Inc. (LB) said Thursday that Stuart Burgdoerfer has informed the Board of Directors of his desire to retire as CFO of L Brands and Interim CEO of the Victoria's Secret business.

L Brands has promoted Martin Waters, currently CEO of Victoria's Secret Lingerie, 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.

Burgdoerfer will remain in his CFO role through August 2021. The company has initiated a search for Burgdoerfer's successor as CFO, which will include both internal and external candidates.

L Brands said its Board and management remain committed to separating the Victoria's Secret and Bath & Body Works businesses.

The company is currently targeting August 2021 to complete the separation and is evaluating all options, including a spin-off of the Victoria's Secret business into a public company or a private sale of the business. Burgdoerfer will continue to lead this process in his role as L Brands CFO.

Citing its strong January results, L Brands raised its earnings outlook for the fourth quarter to a range of $2.95 to $3.00 per share from the prior range of $2.70 to $2.80 per share. The company expects to report 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.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.72 per share for the quarter. Analysts' estimates typically exclude special items.

L Brands will report its fourth-quarter earnings results on February 24.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Boeing expects Europe's commercial aviation fleet to need 8,705 new airplanes through 2040 to cater to the growing leisure travel market in the region and fleet replacements with more fuel-efficient models, according to the Boeing's 2021 Commercial Market Outlook (CMO), an annual forecast of long-term demand for commercial airplanes and services. The U.S. Food and Drug Administration authorized marketing of a software developed by Paige.AI, a provider of AI-based digital diagnostics, which could help pathologists to identify prostate cancer. The software, called Paige Prostate, is the first and only artificial intelligence or AI-based pathology product to receive FDA approval for in vitro diagnostic or IVD use in detecting cancer... General Mills (GIS) said its first-quarter top- and bottom-line results were ahead of its expectations. The company also reaffirmed its fiscal 2022 outlook. Looking forward, General Mills anticipates changes in consumer behaviors driven by the COVID-19 pandemic will result in ongoing elevated consumer...
Follow RTT