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L Brands Q2-To-Date Sales Grow 71%; Outlook Raised

L Brands Q2-To-Date Sales Grow 71%; Outlook Raised
  • L Brands, Inc (NYSE: LB) reported second-quarter-to-date sales growth of 71.7% year-on-year to $2.35 billion.
  • Bath & Body Works sales for nine weeks ended July 3, 2021, increased 66.6% Y/Y to $1.24 billion.
  • Victoria's Secret sales were $1.11 billion, a 77.7% growth Y/Y.
  • The company also announced go-forward capital structure for the standalone Bath & Body Works business, including authorization of $1.5 billion share repurchase program and continuation of current annual dividend of $0.60 per share.
  • Outlook: L Brands has raised its Q2 EPS outlook to $1.20-$1.30 from $0.80-$1.00, versus consensus of $1.02.
  • The raised outlook is driven by higher than forecasted merchandise margin rates, as strong customer response to merchandise assortments and disciplined inventory management enabled a reduction in promotional activity.
  • L Brands sees $400 million operating income for the Bath & Body Works segment and more than $200 million for Victoria's Secret segment.
  • L Brands plans to report second-quarter earnings after the close of the market on August 18, 2021.
  • Price action: LB shares closed lower by 3.19% at $74.12 on Tuesday.

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