American fashion retailer L Brands has announced financial results for the third quarter of 2017.
During the reporting quarter, the fashion reported an 18 per cent decline in its operating income compared to US $ 283.6 million in the same quarter of 2016.
L Brands’ net income also dropped from US $ 121.6 million last year to US $ 86.0 million this year.
The company’s earnings per share (EPS) declined 29 per cent to US $ 0.30 against US $ 0.42 in the corresponding quarter last year. Comparable sales also plunged 1 per cent.
The fashion retailer, however noted a slight improvement of 1 per cent in its net sales to US $ 2.618 billion in the said quarter which was US $ 2.581 billion in the third quarter of 2016.
The exit of the swim and apparel segments adversely impacted about 2 percentage points of both the company and Victoria’s Secret’s comparable sales during the third quarter.
The retailer operates 3,087 company-owned speciality stores in United States, Canada, United Kingdom and Greater China. It owns Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel brands.
L Brands expects that its EPS for the fourth quarter will range from US $ 1.95 to US $ 2.10, and US $ 3.05 to US $ 3.20 for the full year 2017.
