For the third fiscal quarter ended Nov. 1, 2014, earnings per share zoomed 43 per cent from a year earlier quarter at women’s apparel retailer, L Brands.
L Brands reported net income of $131.8 million or $0.44 per share in the period under review, up from $92.0 million or $0.31 per share for the year-ago quarter.
Earlier this month, L Brands had raised its third quarter of 2014 earnings forecast in a range of $0.38 to $0.40 per share as against its earlier outlook of $0.26 to $0.31 per share.
Consistent with its previous guidance and going forward, the women’s apparel retailer expects fourth quarter of 2014 earnings to be $1.61 to $1.71 per share.
The marketer of lingerie brand, Victoria’s Secret also raised earnings forecast for the full year to $3.21 to $3.31 a share, up from $3.03 to $3.18, which it had also upped earlier in August.
The full year outlook includes the previously announced estimated full-year negative impact of about $0.10 to $0.12 related to the exit of certain non-core categories in the Victoria's Secret direct and beauty businesses.
Net sales for the third quarter of 2014, however grew slower by 7 per cent to $2.32 billion from $2.17 billion in the prior year quarter.
Same-store sales for the quarter ascended 5 per cent, which includes 3 per cent at Victoria's Secret and 7 per cent at Bath & Body Works stores.
For the reporting quarter Victoria's Secret total sales rose to $1,452.3 million from $1,373.0 from a year ago period, while that for Bath & Body Works grew to $659.4 million from $606.7 million.
Costs of goods sold, buying and occupancy went up to $1,372.42 million in the third quarter of 2014 from $1,314.37 million in same quarter of previous year.
L Brands, through Victoria's Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, operates 2,971 company-owned stores in the US, the UK and Canada. (AR)
