L Brands Lifts Q2 EPS Outlook

(RTTNews) - Victoria's Secret's parent L Brands Inc. (LB) has lifted its earnings outlook for the second quarter and also reported sales results for the first nine weeks of the second quarter.

The company currently expects to report second quarter earnings per share between $1.20 and $1.30, compared to its previous guidance of $0.80 to $1.00. Analysts polled by Thomson Reuters currently estimate earnings of $1.02 per share.

L Brands reported sales of $2.351 billion for the nine weeks ended July 3, 2021, compared to net sales of $1.369 billion for the nine weeks ended July 4, 2020.

Second quarter 2020 sales were negatively impacted by the closure of stores for about half the quarter due to the COVID-19 pandemic.

Bath & Body Works net sales were $1.239 billion for the nine-week period ended July 3, 2021, compared to net sales of $743.5 million for the nine weeks ended July 4, 2020. Victoria's Secret net sales were $1.112 billion for the nine-week period ended July 3, 2021, compared to net sales of $625.7 million for the nine weeks ended July 4, 2020.

The fashion retailer had last month announced separation of the Victoria's Secret business into an independent, public company.