L Brands updates Q3 earnings forecast

L Brands, Inc. has reported net sales of 860.5 million dollars for the four weeks ended November 3, 2018, an increase of 8 percent, , while comparable sales increased 4 percent. The company said, it expects adjusted third quarter earnings per share to be approximately 0.15 dollar, compared to its previous guidance of 0 to 0.05 dollar, principally driven by outperformance at Bath & Body Works.

The company reported net sales of 2.775 billion dollars for the 13 weeks ended November 3, 2018, an increase of 6 percent, with comparable sales increase of 4 percent. For the 39 weeks, the company’s net sales of 8.385 billion dollars rose 7 percent, and comparable sales increased 3 percent.

The company expects to report a third quarter loss per share of approximately 0.17 dollar. The reported loss per share, the company added, includes a total charge of approximately 0.32 dollar per share, which consists of an approximate pretax cash charge of 20 million dollar related to the closure of its Henri Bendel business, and an approximate pretax non-cash impairment charge of 80 million dollars related to certain Victoria’s Secret store assets.

The company also announced the declaration of its regular quarterly dividend of 0.60 dollar per share payable on December 7, 2018 to shareholders of record at the close of business on November 23, 2018.

Picture:Facebook/Victoria's Secret

 

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