L Brands Beat Sales Expectations, Forecasts Better Earnings
May 22 2019 - 5:16PM
Dow Jones News
By Micah Maidenberg
L Brands Inc. (LB) said sales were flat in its latest quarter
but beat Wall Street targets, sending the company's shares higher
in after-hours trading.
The Columbus, Ohio-based retailer reported net sales of $2.63
billion in its quarter that ended May 4, flat compared with year
earlier. Analysts polled by FactSet predicted $2.56 billion.
Shares of L Brands jumped 13% in postmarket trading.
Comparable sales were flat in the latest quarter, as a 5% fall
on that metric at Victoria's Secret dragged down a 13%
comparable-sales gain at the company's Bath & Body Works
business. Comparable sales measures include sales from company
owned stores in North America open at least 12 months and digital
sales.
L Brands reported a profit of $40.3 million, or 14 cents a
share, for the latest quarter, down from $47.5 million, or 17 cents
a share, the year earlier.
L Brands also said Wednesday it now expects a profit between
$2.30 to $2.60 a share. Previously, the company said it would earn
a profit of $2.20 to $2.60 a share.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
May 22, 2019 17:01 ET (21:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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