L Brands Beat Sales Expectations, Forecasts Better Earnings

   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 [e-mail]

(END) Dow Jones Newswires

May 22, 2019 17:01 ET (21:01 GMT)

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