LB - L Brands Stock Keeps Rising After Solid Earnings
The COVID-19 pandemic crushed L Brands' (NYSE: LB) results in the first quarter of fiscal 2020, as the company was forced to close its Bath & Body Works, Victoria's Secret, and PINK stores in March. Sales plunged 37% year over year and the company reported an adjusted net loss of $275 million ($0.99 per share). The pandemic also scuttled a deal to sell a majority stake in the struggling Victoria's Secret/PINK business to Sycamore Partners (a retail-focused private equity firm).
However, L Brands' business came roaring back in the second quarter -- along with L Brands stock. The stock's momentum continued after the company's earnings release last week. Let's investigate the results and the outlook for L Brands stock.