L Brands, a US based fashion retailer of women s intimate and other apparel, has posted 8.3 per cent sales decline to $11.8 billion in its complete fiscal 2020 ended on January.
L Brands (LB) Issues Positive Outlook For Q1
L Brands Inc. (NYSE:LB) humble beginnings can be traced back to 1963 when college dropout Leslie Wexner borrowed $5,000 from his aunt to open a store in Kingsdale shopping center located in Ohio. The company launched and sold several brands over its decades-long journey. It currently operates three brands including Bath & Body Works, Victoria’s Secret and PINK.
The Columbus, Ohio-based fashion retailer recently announced mixed financial results for the fourth quarter. L Brands reported earnings of $860 million, or $3.03 per share for the three months ended January 30, as compared to $1.88 per share in the same period, a year earlier. On an adjusted basis, its profit increased to $3.46 per share, easily beating the consensus forecast of $2.91 per share.
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What happened
Shares of
L Brands (NYSE:LB) briefly popped by as much as 11% this morning after the company reported fourth-quarter earnings. The company crushed profit expectations and comparable store sales jumped.
So what
Revenue in the fourth quarter came in at $4.82 billion, slightly shy of the consensus estimate of $4.85 billion. That resulted in earnings per share of $3.03, a strong beat compared to the $2.11 per share in profits that analysts were expecting. The consumer discretionary company, which is the parent to the Bath & Body Works and Victoria s Secret brands, said comparable store sales increased by 10%. Comps at Bath & Body Works jumped 22% while declining 3% at Vi