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Victoria's Secret parent L Brands cuts guidance for fourth quarter earnings per share

The NYSE-listed company said it now expects EPS of about US$2.00 for the period, compared with prior guidance of US$1.95 to US$2.10, lower than consensus of US$2.04

Victoria Secret shop
L Brands said net sales in December rose by 3% to US$2.516bn, while same-store sales rose by 1% in the month

L Brands Inc. (NYSE:LB) saw its shares drop over 10% in pre-market trading after the retailer - Victoria's Secret parent  - cut its guidance for its fourth quarter earnings.

The NYSE-listed company said it now expects EPS of about US$2.00 for the period, compared with its prior guidance of US$1.95 to US$2.10, lower than consensus of US$2.04.

READ: Victoria's Secret parent, L Brands shares rise despite dip in same store sales

The guidance cut came as the company reported net sales of US$11.592bn for the 48 weeks to December 30, down from US$11.769bn a year earlier.

L Brands said net sales in December rose by 3% to US$2.516bn, while same-store sales rose by 1% in the month.

The group added: "The exit of the swim and apparel categories had a negative impact of about 3 percentage points and 5 percentage points to total company and Victoria's Secret comparable sales, respectively".

In pre-market trading in New York, L Brands shares were nearly 11% lower at US$51.80. In the regular session, shares plunged over 12% to US$51.04.

Quick facts: L Brands

Price: 30.33 USD

NYSE:LB
Market: NYSE
Market Cap: $8.43 billion
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