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L Brands (Victoria’s Secret) second quarter sales increase 5%

Victoria’s Secret owner, L Brands, reported net sales of $2.8 billion for the second quarter ended July 30, 2016, up 5% on the previous year. The company, which also owns PINK, Bath & Body Works, La Senza and Henri Bendel, said sales climbed by 3% on a like-for-like basis.

L Brands opened seven Victoria’s Secret stores in the US and one in the UK during the period.

Earnings per share were $0.87 compared to $0.68 for the quarter ended August 1, 2015. Meanwhile, second quarter operating income increased 1% to $408.2 million and net income reached $252.4 million compared to $202.5 million last year.

These results include a pre-tax gain related to a cash distribution from Easton Town Center and a pre-tax charge linked to the early extinguishment of the company’s July 2017 notes.

Excluding these items, adjusted figures show that earnings per share grew 3% to $0.70, and net income increased 1% to $204.7 million.

As a result of its second quarter performance, L Brands raised its 2016 outlook. The group now expects to report full-year adjusted earnings per share between $3.70 and $3.85, versus its previous guidance of $3.60 to $3.80.

Victoria’s Secret Summer 2016 ad campaign

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