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. on Wednesday reported fiscal fourth-quarter net income of $631.7 million.
On a per-share basis, the Columbus, Ohio-based company said it had net income of $2.18. Earnings, adjusted for pretax gains, came to $2.03 per share.
The results topped Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.
The owner of Victoria's Secret, Bath & Body Works and other chain stores posted revenue of $4.49 billion in the period, falling short of Street forecasts. Eleven analysts surveyed by Zacks expected $4.5 billion.
L Brands expects full-year earnings to be $3.05 to $3.35 per share.
L Brands shares have dropped 12 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5.5 percent. In the final minutes of trading on Wednesday, shares hit $58.13, a fall of 31 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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