L Brand, owner of Victoria’s Secret, tops Q3 profit forecasts
L Brands Inc. (LB) on Wednesday reported fiscal third-quarter earnings of $121.6 million. The Columbus, Ohio-based company said it had profit of 42 cents per share.
The results topped Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The owner of Victoria’s Secret, Bath & Body Works and other chain stores posted revenue of $2.58 billion in the period, which met Street forecasts.
L Brands shares have decreased 29 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6.5 percent. In the final minutes of trading on Wednesday, shares hit $67.93, a fall of 26 percent in the last 12 months.