US-based fashion retailer L Brands has unveiled its financial report of the first quarter ended May 5, 2018.
During the reporting quarter, the fashion retailer noted an operating income of US $ 154.8 million as compared to US $ 209.2 million in the same period last year. Net income during the quarter under review also declined from US $ 94.1 million last year to US $ 47.5 million this year.
Net sales for the retailer during the reporting quarter, however, noted an increase of 8 per cent from US $ 2.437 billion for the quarter ended April 29, 2017, to US $ 2.626 billion in the first quarter of this fiscal.
L Brands’ comparable sales during the reporting quarter noted an increase of 3 per cent compared to the thirteen weeks ended May 6, 2017.
L Brands, which currently operates 3,069 speciality stores in the US, Canada, the UK and the Greater China, has now slashed its earnings-per-share (EPS) forecast for the rest of the year by more than 8 per cent to US $ 2.70 to US $ 3.00 from US $ 2.95 to US $ 3.25 previously.
Markedly, the retailer’s brands such as Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel are sold in more than 800 additional franchised locations worldwide. The company’s products are also available online at www.victoriassecret.com, www.bathandbodyworks.com, www.henribendel.com and www.lasenza.com.
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