L Brands Cuts FY Profit Outlook; Stock Down

(RTTNews) - L Brands Inc. (LB) cut its fiscal year 2018 earnings per share guidance to a range of $2.45 to $2.70 from the prior outlook of $2.70 to $3.00. Analysts polled by Thomson Reuters expect the company to report earnings of $2.77 per share for fiscal year 2018. Analysts' estimates typically exclude special items.

Looking ahead for the third quarter, the company expects earnings per share to be between $0.00 and $0.05. Analysts project third-quarter earnings of $0.16 per share.

LB closed Wednesday's regular trading at $32.49, down $0.02 or 0.06 percent. In the after-hours, the stock further dropped $1.72 or 5.29 percent.

The company also announced that Denise Landman, Chief Executive Officer of Victoria's Secret PINK, has made the decision to retire at the end of this year after building the business to a nearly $3 billion brand.

Amy Hauk, currently President for Merchandising and Product Development of Bath & Body Works, will replace Landman as Chief Executive Officer of Victoria's Secret PINK. Hauk joined Bath & Body Works in 2008 as Senior Vice President, General Merchandise Manager. Prior to that, she held senior merchant leadership positions at The Children's Place, The Disney Store, Gap, Inc. and Macy's. Landman will remain in the business through the end of the year to onboard Hauk and facilitate the transition.