L Brands Beats on Top, Bottom Lines; Closes 14 Stores
L Brands (NYSE: LB) , the specialty retailer of women's apparel, reported its first quarter 2014 earnings after the close Wednesday, impressing the street.
The company reported an earnings per share figure of $0.53, beating the street expectations of $0.52, while revenues came in at $2.39 billion, slightly above estimates of $2.38 billion.
Also included in the release was some guidance, where the company guided its second quarter earnings per share to a range of $0.57 to $0.62, placing street expectations of $0.61 at the high end of the range.
For the fiscal year, L Brands guided earnings per share into a range of $3.00 to $3.15, below analyst consensus of $3.23, and most importantly, coming in at the lower end of its previously guided range of $3.00 to $3.20.
The company also included some insight into the number of its stores that its currently operating, having closed two U.S. Victoria's Secret Stores, eight total Bath & Body Works Stores, seven of which were from the U.S., while closing four La Senza Canada stores.
Following the report, L Brands shares gained 0.25 percent to $56.00.
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