L Brands Posts Disappointing December Performance: Lowering Our Fair Value Estimate
L Brands’ 1% comparable sales decline in December and expectation for flattish comps in January were below our estimate for 1% comparable store sales growth in the fourth quarter (versus mid-single digit growth in the prior year). Further, management commentary leads us to believe that merchandise margins also took a hit as promotional activity was necessary to drive traffic, similar to what we saw at Macy’s. We expect to reduce our $76 fair value estimate by $3 or $4 to reflect the weaker tha...L Brands is a holding company. Through its subsidiaries, the company is a specialty retailer of women's intimate and other apparel, personal care, beauty and home fragrance products. The company sells its merchandise through company-owned specialty retail stores in the U.S., Canada, the U.K., Ireland and Greater China, and through its websites and other channels. The company's other international operations are primarily through franchise, license and wholesale partners. The company has three reportable segments: Victoria's Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. The company operates the following retail brands: Victoria's Secret, PINK and Bath & Body Works.
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