L Brands Comparable Sales in July Top Expectations
August 04 2016 - 8:18AM
Dow Jones News
By Joshua Jamerson
L Brands Inc.'s same-store sales climbed more than expected in
July, and the Victoria's Secret operator said it expects earnings
for the second quarter to come in at the high-end of its outlook
range.
The retailer also expects August same-store sales to be about
flat with a year ago.
L Brands said total same-store sales -- a metric that excludes
locations that were opened or closed over the past year -- rose 2%
in July. The company previously warned that July comparable sales
could be flat to down low single digits.
For the month, same-store sales at Victoria's Secret were flat
compared with last year, but rose 6% at Bath & Body Works.
Strength in the Pink business and Victoria's Secret core-lingerie
was offset by softness in noncore areas such as swimwear and
apparel.
Total sales at the company increased 4.5% to $2.89 billion for
the second quarter, the company said. Analysts, polled by Thomson
Reuters, expected $2.85 billion. Same-store sales for the quarter
rose 3%, and it expects adjusted per-share earnings for the period
to come in at the high-end of its 50 cents to 60 cents range. The
company is slated to report full results for the second quarter on
Aug. 17.
Shares, down 13% in the past 12 months through Wednesday's
close, were inactive in premarket trading.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
August 04, 2016 09:03 ET (13:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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