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L Brands (LB) reports quarterly earnings on May 20. Analysts expect revenue of $1.82 billion and EPS of -$0.66. The revenue estimate implies a 30% decline Y/Y. Investors should focus on the following key items.
The Decline Of Victoria's Secret
L Brands appears to be a tale of two brands. Bath & Body Works ("BBW") has been a stalwart, while Victoria's Secret has been a laggard. The company appeared to have solved a major headache when it sold a majority stake in Victoria's Secret to Sycamore Partners in February. After a