L Brands Inc LB reported net sales on Thursday of $700.0 million for the four weeks ended November 1, 2014, an increase of 3 percent, compared to net sales of $680.5 million for the four weeks ended November 2, 2013.
Comparable store sales increased 3 percent for the four weeks ended November 1, 2014.
The company now expects third quarter earnings per share between $0.38 and $0.40, versus its previous guidance of $0.26 to $0.31 and last year's result of $0.31. The company will provide fourth quarter earnings guidance when it reports third quarter earnings after the close of the market on November 19.
Related Link: Recent analyst Thoughts On L Brands.
The company and certain of its affiliates have entered into an agreement to sell all of its remaining interest in MGF Sourcing Holdings to Sycamore Partners for $85 million, subject to customary terms and conditions. The sale is expected to close in the first quarter of 2015. MGF Sourcing Holdings owns and operates the third-party sourcing business in which the company sold a majority interest in October of 2011.
L Brands closed at $75.00 Wednesday, up 0.97 percent.
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