LB - L Brands Says Stimulus Checks Juice Consumer Spending Letting It Raise Guidance
L Brands (NYSE: LB) says Congress has unleashed a wave of consumer spending by opening up the spigot of stimulus checks. The third installment, totaling nearly $2 trillion, alongside an economy that's reopening, is allowing it to raise its earnings guidance for the first quarter.
The owner of Victoria's Secret and Bath & Body Works said it now expects to earn $0.85 to $1 per share for the period, well above the $0.55 to $0.65 per share it previously guided toward.
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L Brands Says Stimulus Checks Juice Consumer Spending, Letting It Raise Guidance