logo
  

L Brands Swings To Q1 Profit Driven By Sales Growth

L Brands Inc. (LB), the parent company of Victoria's Secret, Wednesday reported first-quarter net income of $276.6 million or $0.97 per share, compared net loss of $296.9 million or $1.07 per share last year.

Excluding one-time items, adjusted earnings were $1.25 per share compared to an adjusted loss of $0.99 per share last year.

Sales for the quarter were $3.02 billion, up from $1.65 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.21 per share on revenues of $3.01 billion for the quarter.

Andrew Meslow, CEO of L Brands, commented, "L Brands delivered record first quarter earnings, driven by continued strength and exceptional performance at Bath & Body Works and Victoria's Secret."

Looking forward to the second quarter, the company forecast adjusted earnings of $0.80 to $1.00 per share. Analysts currently estimate earnings of $0.76 per share for the quarter.

Separately, L Brands announced the appointment of Chief Financial Officers for the standalone Bath & Body Works and Victoria's Secret businesses.

Upon the completion of the spin-off of Victoria's Secret, which is targeted to occur in August 2021, Wendy Arlin, currently SVP of Finance and Controller for L Brands, will become Bath & Body Works CFO, and Tim Johnson, previously CFO and Chief Administrative Officer for Big Lots, will become Victoria's Secret CFO.

As previously announced, current L Brands CFO Stuart Burgdoerfer will retire at that time.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
After Disney World, retail giant Walmart Inc. (WMT) makes it mandatory for all its employees to wear mask on their facilities in the "high-risk" states where the Delta variant of Coronavirus has become menacing. The orders will be in effect immediately. The Center for Disease Control and Prevention... Generac Power Systems is recalling 325,735 units of Generac and DR 6500 Watt and 8000 Watt portable generators for potential risk of finger amputation and crushing hazards, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. These include 4,575 units sold in Canada. Omaha, Nebraska- based Greater Omaha Packing is recalling around 295,236 pounds of raw beef products citing the possible presence of E. coli O157:H7, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The raw beef products intended for non-intact use were produced on July 13.
Follow RTT