L Brands Reports April Comps Decline, Q1 Outlook Near High End Of Analyst Range

L Brands Inc LB on Thursday reported April sales metrics and at the same time increased its first quarter earnings guidance. L Brands reported total April net sales (for the four week period ending May 2) rose one percent to $724.6 million from the same month a year ago. April comparable store sales however fell one percent due to an earlier Easter. For the 13 week period ending May 2, L Brands reported total net sales of $2.512 billion, an increase of five percent from the same period a year ago. During this time period, comparable store sales rose five percent. By segment, Victoria's Secret comparable store sales were flat versus an eight percent gain in April 2014. Bath & Body Works comparable April store sales fell two percent versus an eight percent gain in April 2014. Finally, L Brands provided an update to its first quarter guidance and now expects to earn $0.58 to $0.60 per share, an improvement from the company's prior guidance of $0.50 to $0.55. Analysts were expecting the company to report a comps decrease of 0.1 percent in April and earn $0.58 per share in the first quarter. L Brands last reported its fourth quarter results on February 25. At that time, the company reported it earned $1.89 per share in the quarter, nine cents better than analysts expected. Revenue rose 6.5 percent from the same quarter a year ago to $4.07 billion and was $40 million better than analysts expected. L Brands will report its first quarter results on May 20 after market close with an earnings conference call to occur the following morning at 9:15 A.M.