LB - L Brands tops earnings estimates preps for business split in August

L Brands (LB) says it knocked out record Q1 earnings. The retailer pointed to continued strength and exceptional performance at Bath & Body Works and Victoria’s Secret. The retailer says Q1 sales were 15% higher than the level recorded in the same quarter in 2019, driven higher by a 60% gain in the Bath & Body Works business compared to two year ago. Looking ahead, L Brands sees Q2 EPS of $0.80 and $1.00 vs. $0.67 consensus. No full-year guidance is issued by LB due to the continued uncertainty in the environment, as well as the upcoming separation of the Bath & Body Works and Victoria's Secret businesses targeted to occur in August. CFOs for both of the new standalone businesses were announced. Shares of L Brands are down 0.12% AH to $67.23. L Brands announced last month that it plans to separate into two public companies with Bath &

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L Brands tops earnings estimates, preps for business split in August