L Brands Inc (NYSE: LB) stock fell over 6.1% on 23rd August 2018 pre market session after the company cut its profit outlook for the year. The group’s profit totaled $99.03 million in the second quarter of 2018 compared with $138.87 million in last year’s second quarter.
LB in the second quarter of FY 18 has reported the adjusted earnings per share of 36 cents, beating the analysts’ estimates for the adjusted earnings per share of 34 cents. The company had reported the adjusted revenue growth of 8 percent to $2.98 billion in the second quarter of FY 18, which is in line with the analysts’ estimates for revenue of $2.98 billion. Comparable-store sales rose 3% in the quarter.
Meanwhile, LB has reported net sales of $849.7 million for the four weeks ended Aug. 4, 2018 , compared to net sales of $767.7 million for the four weeks ended July 29 , 2017. Comparable sales for the four weeks ended Aug. 4, 2018 , were flat compared to the four weeks ended Aug. 5, 2017 . The company reported net sales of $2.984 billion for the 13 weeks ended Aug. 4, 2018 , compared to sales of $2.755 billion for the 13 weeks ended July 29 , 2017. Comparable sales for the 13 weeks ended Aug. 4, 2018 , increased 3 percent compared to the 13 weeks ended Aug. 5, 2017
LB has cut its guidance for 2018 full-year earnings per share, now expects to be in the range of $2.45 to $2.70 from $2.70 to $3.00 previously. For third quarter, the earnings per share is expected to be between $0.00 and $0.05.
The company also announced that Denise Landman, CEO of Victoria’s Secret PINK, has made the decision to retire at the end of this year after building the business to a nearly $3 billion brand.
Amy Hauk, currently President for Merchandising and Product Development of Bath & Body Works, will replace Landman as CEO of Victoria’s Secret PINK. Landman will remain in the business through the end of the year to onboard Hauk and facilitate the transition.
LB has declared regular quarterly dividend of $0.60 per share payable on Sept. 7, 2018 to shareholders of record at the close of business on Aug. 24 , 2018.