L Brands Inc. (NYSE: LB) released fiscal third-quarter financial results after markets closed Wednesday. The firm said that it had $0.02 in earnings per share (EPS) and $2.68 billion in revenue, compared with consensus estimates that called for $0.02 in EPS and $2.69 billion in revenue. The same period of last year had $0.16 in EPS and $2.78 billion in revenue.
During the latest quarter, comparable sales decreased by 2% compared to the third quarter of last year. In terms of the comparable sales breakdown, Victoria’s Secret decreased 7% and Bath & Body Works increased 9%.
In terms of segment sales:
- Victoria’s Secret had net sales of $1.41 billion, consisting of in-store sales of $1.08 billion and direct sales of $331.3 million.
- Bath & Body Works had net sales of $1.06 billion, with in-store sales of $871.7 million and direct sales of $192.4 million.
Looking ahead, the company expects to see EPS in the range of $2.00 to $2.40 for the fiscal fourth quarter and $2.30 to $2.60 for the full year. Consensus estimates call for $1.98 in EPS for the fourth quarter and $2.39 for the full year.
Shares of L Brands closed Wednesday down 7% at $15.98, in a 52-week range of $15.80 to $34.89. The consensus analyst price target is $21.13. Following the announcement, the stock was initially up about 2% at $16.35 in the after-hours session.
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