L Brands Earnings: LB Stock Soars on Q1 EPS, Sales Beat

L Brands (NYSE:LB) reported its quarterly earnings results, bringing in a profit and revenue that came in well ahead of what analysts called for, playing a role in lifting LB stock after hours.

L Brands EarningsThe Victoria’s Secret parent company announced that for its first quarter of its fiscal 2019, it brought in earnings of 14 cents per share, topping the break-even figure that Wall Street called for. This amounted to net income of $40.3 million, which fell from the $47.5 million, or 17 cents per share, from the year-ago quarter.

Wall Street called for L Brands to bring in earnings at the break-even mark, according to a survey of analysts conducted by Refinitiv. Revenue tallied up to $2.628 billion, slightly higher than its net sales of $2.625 billion from the year-ago quarter, while also topping the Wall Street consensus estimate of $2.56 billion, according to data from Refinitiv.

The company’s same-store sales were flat, which was an improvement over the Wall Street consensus guidance of they sliding 1.3% year-over-year. L Brands added that it has raised its full-year forecast for 2019 as it now sees its earnings to be in the range of $2.30 to $2.60 per share, ahead of the Wall Street outlook of earnings of $2.20 to $2.60 per share.

LB stock is soaring about 13.2% after the bell following the company’s strong quarterly earnings results Wednesday. Shares had been sliding 5.2% ahead of L Brands’ financial figures.

Article printed from InvestorPlace Media, https://investorplace.com/2019/05/l-brands-earnings-lb-stock-2/.

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