L Brands July Comps Up 6%, Puts Q2 Net 'At High End' Of Guidance
L Brands (NYSE: LB) opened sharply higher Thursday after its July same-store sales gained six percent and the company said it will post higher-than-expected second-quarter results.
The company, which operates more than 2,600 Victoria's Secret and Bath & Body Works stores, said it will post second-quarter earnings "at the high end" of its previous guidance of $0.57 to $0.62 per share on sales of $2.67 billion.
The profit estimate includes a severance charge of $0.02 per share not included in its previous outlook.
Wall Street expects earnings of $0.61 per share on sales of $2.63 billion.
L Brands also said second-quarter same-store sales grew three percent. The retailer is slated to post full results for the second quarter on August 20.
L Brands traded recently at $61.16, up 3.3 percent.
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