L Brands Surges After Victoria's Secret Parent Posts First-Quarter Profit
L Brands
(LB) jumped in trading Thursday after the parent company of Victoria's Secret and Bath & Body Works posted first-quarter earnings that surprised Wall Street and lifted the low end of its earnings guidance for the fiscal year.
Earnings in the quarter were 14 cents a share vs. a break-even result expected by analysts. Sales of $2.63 billion topped forecasts of $2.6 billion. Same-store sales at Victoria's Secret declined 5% but jumped 13% at the company's Bath & Body Works outlets.
L Brands said it expects fiscal-year earnings of between $2.30 and $2.60 a share, vs. its previous guidance of $2.20 to $2.60.
The stock rose 7% to $23 on Thursday.
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L Brands bucked the trend this week of disappointing earnings from retailers such as Nordstrom (JWN) , Kohl's (KSS) and J.C. Penney (JCP) .
