logo-loader
viewL Brands

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: 16.39 USD

NYSE:LB
Market: NYSE
Market Cap: $4.55 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

District Metals looking to unlock mystery of TomTebo Property with first...

District Metals Corp (CVE: DMX) CEO Garrett Ainsworth joined Steve Darling from Proactive with news the company has started an airborne survey of their TomTebo property. This program will cover the entire 5144 hectares of the property. Ainsworth telling Proactive this is the first time this...

8 hours, 45 minutes ago

2 min read