Stocks To Watch: L Brands

(RTTNews) - Shares of fashion retailer L Brands, Inc. (LB) climbed nearly 13% on Wednesday following a report by the Wall Street Journal that CEO Les Wexner is in talks to step aside. The report also said that L Brands is looking for options to sell its lingerie brand Victoria's Secret, fully or partially.

The company's brands include Victoria's Secret, Bath & Body Works, and PINK.

The stock, which has been on an uptrend from the 52-week low it touched in September last year, closed Wednesday's trade at $23.22.

Early this month, L Brands had reported holiday sales of $3.906 billion for the nine weeks ended Jan. 4, 2020 down from $4.072 billion for the comparable period last year. The company had also lowered its fourth-quarter EPS outlook to $1.85 from $2.00. Analysts see earnings of $1.83 per share.

When the company reported its third-quarter earnings in November last year, sales had declined to $2.677 billion from $2.775 billion in the corresponding quarter a year ago. Loss per share in the quarter also widened to $0.91 from $0.16 last year.

Fourth-quarter earnings report is scheduled on February 26.