L Brands Inc. (NYSE: LB) released fiscal third-quarter financial results after markets closed Wednesday. The firm said that it had $1.13 in earnings per share (EPS) and $3.055 billion in revenue, compared with consensus estimates that called for $0.09 in EPS and revenue of $2.67 billion. The same period of last year reportedly had EPS of $0.02 on $2.68 billion in revenue.
Management noted that L Brands reported a record third quarter, driven by exceptional results and continued strength at Bath & Body Works, and a significant improvement in performance at Victoria’s Secret.
The company reported comparable sales of 28% for the quarter, this number includes direct sales (online), and it excludes periods when stores were closed for four consecutive days or more. Counting this way, Bath & Body Works saw comparable sales increase 56% and Victoria’s Secret comparable sales increased 4%.
Now excluding direct sales, but still following the four consecutive day closure rule, L Brands had comparable sales growth of 13%. Bath & Body Works comparable sales increased by 38% and Victoria’s Secret comparable sales decreased by 10%.
In terms of segment sales:
- Victoria’s Secret had net sales of $1.35 billion.
- Bath & Body Works had net sales of $1.70 billion.
The company did not provide guidance, citing COVID-19 uncertainty. However, analysts are calling for $1.87 in EPS and $4.62 billion in revenue for the fiscal fourth quarter.
L Brands stock hit a new 52-week high of $39.95 early Thursday. The 52-week low is $8.00, and the consensus price target is $32.71.
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