L Brands Projects Higher Third-Quarter Profit

By Maria Armental 

L Brands Inc., the parent company of such brands as Victoria's Secret and Bath & Body Works, on Monday said third-quarter profit will be better than anticipated.

The Ohio-based company, which also released some key sales figures for October, said it now expects to make 51 cents to 53 cents a share, compared with its earlier view of 40 cents to 45 cents a share. In the year-ago period, it made 44 cents a share.

L Brands, scheduled to report third-quarter results on Nov. 18, is to hold its annual investor update meeting on Nov. 3.

On Monday, it said based on preliminary figures, sales at stores open for at least a year rose 5% in October, compared with the year earlier. L Brands had reported a 9% increase in comparable sales in September and 6% in August.

In October, Victoria's Secret and Bath & Body Works' each reported a 5% increase in sales at established stores, the company said. Sales at Victoria's Secret Direct, which aren't included in comparable sales, rose 7%, the company said.

Shares, up 11% this year, rose 1.9% in late trading to $98.31, topping the company's 52-week-high of $97.93 set on Oct. 23 during regular trading.

Write to Maria Armental at [e-mail]

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(END) Dow Jones Newswires

November 02, 2015 18:40 ET (23:40 GMT)

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