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L Brands Tops Fourth-Quarter Profit Forecasts

L Brands Inc. on Wednesday reported fiscal fourth-quarter net income of $631.7 million.
Source: Victoria's Secret
By
  • Associated Press

COLUMBUS, United States — L Brands Inc. on Wednesday reported fiscal fourth-quarter net income of $631.7 million.

On a per-share basis, the Columbus, Ohio-based company said it had net income of $2.18. Earnings, adjusted for pretax gains, came to $2.03 per share.

The results topped Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.

The owner of Victoria's Secret, Bath & Body Works and other chain stores posted revenue of $4.49 billion in the period, falling short of Street forecasts. Eleven analysts surveyed by Zacks expected $4.5 billion.

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L Brands expects full-year earnings to be $3.05 to $3.35 per share.

L Brands shares have dropped 12 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5.5 percent. In the final minutes of trading on Wednesday, shares hit $58.13, a fall of 31 percent in the last 12 months.

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