LB - L Brands Beats Earnings Expectations Before Taking Victoria's Secret Private
Expectations have been very low for L Brands (NYSE: LB), due to the weak performance of the Victoria's Secret brand. After initially cutting its outlook for the holiday quarter, the company reported better-than-expected earnings for the fourth quarter.
Non-GAAP (adjusted) earnings of $1.88 were down from $2.14 in the year-ago period but beat the consensus analyst estimate of $1.86. Revenue also came in slightly ahead of expectations at $4.71 billion, but was down 3% year over year, as the Victoria's Secret business continued to pressure the top and bottom line for the company.
Image source: L Brands.