L Brands Reports October 2017 Sales; Updates Third Quarter Earnings Guidance

L Brands, Inc. (NYSE:LB) reported net sales of $794.1 million for the four weeks ended Oct. 28, 2017, an increase of 5 percent, compared to net sales of $756.7 million for the four weeks ended Oct. 29, 2016. Comparable sales increased 2 percent for the four weeks ended Oct. 28, 2017. For October, the exit of the swim and apparel categories had a negative impact of about 1 percentage point and 2 percentage points to total company and Victoria’s Secret comparable sales, respectively.

The company reported net sales of $2.618 billion for the 13 weeks ended Oct. 28, 2017, an increase of 1 percent, compared to net sales of $2.581 billion for the 13 weeks ended Oct. 29, 2016. Comparable sales decreased 1 percent for the 13 weeks ended Oct. 28, 2017. For the 13 weeks ended Oct. 28, 2017, the exit of the swim and apparel categories had a negative impact of about 2 percentage points and 2 percentage points to total company and Victoria’s Secret comparable sales, respectively.

The company reported net sales of $7.809 billion for the 39 weeks ended Oct. 28, 2017, a decrease of 3 percent, compared to net sales of $8.085 billion for the 39 weeks ended Oct. 29, 2016. Comparable sales decreased 6 percent for the 39 weeks ended Oct. 28, 2017. For the 39 weeks ended Oct. 28, 2017, the exit of the swim and apparel categories had a negative impact of about 5 percentage points and 7 percentage points to total company and Victoria’s Secret comparable sales, respectively.

The company expects third quarter earnings per share to be at the high end of its previous guidance of $0.25 to $0.30, and reiterates its previous full-year 2017 earnings guidance of $3.00 to $3.20 per share. The company will conduct its third quarter earnings call at 9 a.m. Eastern on Nov. 16.
http://investors.lb.com/phoenix.zhtml?c=94854&p=irol-newsArticle&ID=2313532

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