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Lbrands L BRANDS REPORTS RECORD FIRST QUARTER EARNINGS Columbus , Ohio ( May 19 , 2021 ) — L Brands , Inc. ( NYSE : LB ) today reported first quarter 2021 earnings results . The company reported earnings per share of $ 0.97 for the first quarter ended May 1 , 2021 compared to a loss per share of $ 1.07 for the first quarter ended May 2 , 2020. First quarter operating income was $ 572.1 million compared to a loss of $ 317.7 million last year , and net income was $ 276.6 million compared to a loss of $ 296.9 million last year . Reported results above include the following significant items : In 2021 , a $ 105.5 million ( $ 0.28 per share ) pre - tax charge on the early extinguishment of debt . In 2020 , net charges of $ 0.08 per share as follows : . • $ 96.8 million ( $ 0.26 per share ) non - cash pre - tax impairment charges related to certain Victoria's Secret store assets , and A tax benefit of approximately $ 50.4 million ( $ 0.18 per share ) , related to the favorable resolution of certain tax matters . Excluding the above items , adjusted first quarter 2021 earnings per share were $ 1.25 compared to an adjusted loss per share of $ 0.99 last year , operating income was $ 572.1 million compared to an adjusted loss of $ 220.9 million last year , and adjusted net income was $ 356.7 million compared to an adjusted net loss of $ 275.2 million last year . Andrew Meslow , CEO of L Brands , commented , “ L Brands delivered record first quarter earnings , driven by continued strength and exceptional performance at Bath & Body Works and Victoria's Secret . We are pleased that the momentum in both businesses has continued , driven by positive customer responses to our assortments , which allowed us to reduce promotional activity and deliver substantial increases in our merchandise margin rates . We'd like to express our appreciation to our associates and partners who have made these record results possible . Grounded in the strength of the two businesses , we look forward with confidence to the separation of Bath & Body Works and Victoria's Secret into two industry - leading , publicly traded companies . " Meslow continued , " We are also pleased to continue the company's long - standing history of giving back to our communities through a $ 35 million contribution in the first quarter , split between the L Brands Foundation , and two new foundations for the separate Bath & Body Works and Victoria's Secret businesses . Since the establishment of the L Brands Foundation in 1993 , we have donated more than $ 300 million to support thousands of organizations with a focus on health and empowerment of women , nurturing and mentoring children , improving education and enriching the cultural arts . Embedded in our focus is a commitment to diversity , equity and VICTORIA'S SECRET / PINK / BATH & BODY WORKS Three Limited Parkway , Columbus , OH 43230 www.LB.com