Stock Alert: L Brands Hits New 52-week High After Q3 Profit Beats View

(RTTNews) - Shares of L Brands, Inc. (LB) are rising more than 12 percent or $4.05 in Thursday's morning trade at $37.66 after touching a new 52-week high of $39.60. The specialty retailer's third-quarter earnings beat analysts' expectations.

Wednesday, L Brands reported third-quarter net income of $330.58 million or $1.17 per share, compared to net loss of $251.99 million or $0.91 per share in the year-ago period. Adjusted earnings were $1.13 per share, compared to $0.02 per share a year ago. Revenue grew to $3.06 billion from $2.68 billion last year. Analysts polled by Thomson Reuters had a consensus estimate for earnings of $0.09 per share.

However, L Brands said it remains cautious about its ability to exceed last year's fourth-quarter sales and earnings results, due to anticipated constraints on store traffic, online fulfillment and shipping capacity, as well as other uncertainties related to the COVID pandemic.

L Brands has traded in a range of $8.00 to $39.60 in the past 52 weeks.