Shares of Victoria’s Secret-owner L Brands spike more than 13% in after-hours trading after beating earnings expectations.
The company also raised the low-end of its earnings forecast for 2019.Elsa Hosk, Adriana Lima, Behati Prinsloo, and Candice Swanepoel pose during the finale of the 2018 Victoria's Secret Fashion Show at Pier 94 on November 8, 2018 in New York City., the owner of Victoria's Secret and Bath & Body Works, rose nearly 11% in aftermarket trading Wednesday after the company reported it beat revenue and earnings expectations, helped by the strength of its Bath & Body Works stores.
Here's what the company reported compared with what Wall Street expected, based on a survey of analysts by Refinitiv:Revenue: $2.63 billion vs. $2.56 billion expectedFor the first quarter ended May 4, L Brands said net income fell to $40.3 million, or 14 cents a share, from $47.5 million, or 17 cents a share, a year ago. That was far better than the breakeven results that analysts had predicted on a per-share basis.
Sales at stores open at least 12 months were flat during the quarter, but that was better than the 1.3% decline analysts predicted. L Brands said it closed 35 and opened one company-owned Victoria's Secret stores in the first quarter.
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