L Brands Q3 Profit Tops Estimates

(RTTNews) - L Brands, Inc. (LB) reported net income for the third quarter of $131.8 million or $0.44 per share, compared to $92.0 million or $0.31 per share for the year-ago quarter.

Net sales for the third quarter rose 7% to $2.32 billion from $2.17 billion in the same quarter last year. Same-store sales for the quarter increased 5%.

Analysts polled by Thomson Reuters expected the company to earn $0.39 per share on revenue of $2.31 billion for the third quarter.

Looking forward, the company said it expects fourth quarter earnings per share to be $1.61 to $1.71, which is consistent with its previous guidance.

The company raised its full year 2014 earnings outlook to a range of $3.21 to $3.31 per share from its prior outlook of $3.03 to $3.18 per share, which 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 to allow the brand to focus on faster growing, more profitable product lines.

Analysts currently expect the company to earn $1.77 per share for the fourth quarter and $3.31 per share for the full fiscal year 2014.