L Brands provides quarter-to-date numbers, increases guidance

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  • L Brands (NYSE:LB) reports net sales of $2.351B for the nine weeks ended July 3, 2021, vs. $1.369B for the nine weeks ended July 4, 2020.
  • Q2 2020 sales were negatively impacted by the closure of stores for approximately half the quarter due to the COVID-19 pandemic.
  • Bath & Body Works net sales were $1.239B for the nine-week period ended July 3, 2021, vs. $743.5M last year.
  • Victoria’s Secret net sales were $1.112B for the nine-week period ended July 3, 2021, vs. $625.7M last year.
  • Expects to report Q2 EPS between $1.20-1.30, compared to its previous guidance of $0.80-1.00; consensus EPS of 1.01.
  • Besides, company also announced the go-forward capital structure for the standalone Bath & Body Works business: an authorization of a new $1.5B share repurchase program, that would replace the previous $500M share repurchase program announced in March 2021, which had $36.2M remaining.
  • Intends to reduce debt by $500M, quick look at the financials here.

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