L Brands' Annual Earnings Miss Estimates

NEW YORK, United Stares — L Brands Inc., owner of the Victoria's Secret and Bath & Body Works chains, posted a full-year profit forecast that fell short of analysts' projections, a sign the company's growth may be flagging.

Profit this fiscal year will be $3.45 to $3.65 a share, the Columbus, Ohio-based retailer said Wednesday in a statement. Analysts had estimated $3.84 on average, according to data compiled by Bloomberg.

Chief Executive Officer Les Wexner has been working to reinvigorate the retailer since sales stalled three years ago. L Brands’ execution improved last year and the company is working to build on that, he said in Wednesday’s statement.

“I am optimistic heading into 2015,” he said. “We have great brands, with talented associates at every level.”

The shares fell as much as 4 percent to $88.75 in extended trading in New York. The stock had gained 6.8 percent this year through the close of trading.

Net income increased 15 percent to $564.8 million in the quarter ended Jan. 31, from $489.9 million a year earlier. Sales at stores open at least a year gained 6 percent. The company had forecast a low-single digit increase earlier this month.

By: Lindsey Rupp; editors: Nick Turner and John Lear.