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. (LB) on Wednesday reported fiscal third-quarter earnings of $86 million.
The Columbus, Ohio-based company said it had net income of 30 cents per share.
The results met Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was also for earnings of 30 cents per share.
The owner of Victoria's Secret, Bath & Body Works and other chain stores posted revenue of $2.62 billion in the period, which beat Street forecasts. Eight analysts surveyed by Zacks expected $2.61 billion.
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L Brands expects full-year earnings to be $3.05 to $3.20 per share.
L Brands shares have declined 25 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. In the final minutes of trading on Wednesday, shares hit $49.21, a drop of 28 percent in the last 12 months.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
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