The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
COLUMBUS, United States — L Brands Inc., the owner of Victoria's Secret and Bath & Body Works, said profit in its latest quarter increased 10 percent on stronger sales.
The Columbus, Ohio-based retailer earned $156.9 million, or 53 cents per share, in the three months through May 3. That's up from $142.5 million, or 48 cents per share, in the fiscal first quarter last year. Revenue increased 5 percent, to $2.39 billion from $2.27 billion.
Analysts polled by FactSet were anticipating earnings of 52 cents per share on revenue of $2.39 billion.
L Brands' revenue from stores open at least a year increased 2 percent. This is considered a key indicator of financial performance as it strips away sales from recently opened or closed sites.
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The company expects to earn between 57 and 62 cents per share for its second quarter; analysts had forecast 61 cents per share.
For the full year, L Brands forecast earnings between $3 and $3.15 per share, down from its prior forecast of $3 to $3.20 per share. This reflects a hit of 10 to 12 cents per share as the company stops selling some Victoria's Secret products.
Shares added 14 cents to $56 in after-hours trading.
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