L Brands +7% after unveiling more jobs cuts and streamlining

Jul. 28, 2020 5:13 PM ETBath & Body Works, Inc. (BBWI)BBWIBy: Clark Schultz, SA News Editor14 Comments
  • L Brands (NYSE:LB) intends to lay off about 850 corporate employees in another round of restructuring at the company.
  • The job eliminations and other cost-cutting measures are expected to save LB about $400M a year.
  • L Brands will book $75M in severance costs to account for the moves.
  • Ahead of the Q2 earnings report, L Brands says sales for the quarter are expected to be down ~20%, including an increase of ~10% at Bath & Body Works and a ~40% decline at Victoria’s Secret.
  • Shares of LB are up 7.22% in AH trading.
  • Earlier this week, L Brands was singled out at a Barron's retail event as a cheap, high-risk pick.

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