L Brands July, Q2 Comps Rise; Now Sees High End Of Q2 Earnings Forecast Range

(RTTNews) - Women's apparel retailer L Brands Inc. (LB) reported Thursday that its comparable store sales increased 6 percent for the month of July, compared to a 3 percent increase last year.

Net sales were $735.3 million for the four weeks ended August 2, an increase of 8 percent from last year's $678.4 million.

For the second quarter, comparable sales grew 3 percent on top of a 2 percent increase last year. Net sales of $2.675 billion increased 6 percent from $2.516 billion a year ago.

On average, 24 analysts polled by Thomson Reuters expected sales of $2.63 billion for the quarter. Analysts' estimates typically exclude special items.

The company commented that it expects to report second quarter earnings at the high end of its previous guidance of $0.57 to $0.62 per share. This estimate includes a charge for severance of approximately $0.02 per share, which was not included in the previous guidance.

Analysts project earnings of $0.61 per share.