L BRANDS PROVIDES COVID-19 RELATED UPDATE

COLUMBUS, Ohio, March 17, 2020 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) today announced a number of actions in response to the continued spread of novel coronavirus (COVID-19).

Store Closures and Remote Work

With the wellbeing of its customers, associates and communities as its top priority, and to help limit the spread of the Coronavirus, L Brands will temporarily close all Bath & Body Works, Victoria’s Secret and PINK stores in the United States and Canada, effective March 17 through March 29, 2020.  Additionally, home office associates have been asked to work from home if possible.  All employees will continue to receive pay and benefits during the temporary closure period.  These decisions will be re-evaluated as new information becomes available regarding the COVID-19 pandemic. The company will continue to serve customers through its direct channels, www.BathandBodyWorks.com and www.VictoriasSecret.com.

Drawdown of Secured Revolving Credit Facility

As previously disclosed, the company has access to a Secured Revolving Credit Facility, which has an aggregate size of $1 billion and expires in May 2024.  In an abundance of caution and as a proactive measure, on March 16, 2020, the company elected to draw down $950 million from its Revolving Credit Facility. After the drawdown, the company has more than $2 billion in cash.

First Quarter 2020 Earnings Guidance Update

Due to the heightened uncertainty relating to the potential impacts of COVID-19 on the company’s business operations, including its duration and its impact on overall demand for merchandise, the company is withdrawing the first quarter 2020 earnings guidance issued on Feb. 26, 2020. The company is not providing an updated outlook at this time.

ABOUT L BRANDS:
L Brands, through Victoria’s Secret, PINK and Bath & Body Works, is an international company.  The company operates 2,920 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 franchised locations worldwide.  The company’s products are also available online at www.VictoriasSecret.com and www.BathandBodyWorks.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management: