L Brands' Turnaround Still on Track in 3Q; Shares Undervalued
Although wide-moat L Brands is still working out some problems (panties at Victoria’s Secret and seasonal product at Bath & Body Works), performance metrics are trending in the right direction, with go-forward Victoria’s Secret total comparables improving from down 7% in June to up 3% in October and a flat merchandise margin rate for the third quarter. With these trends and guidance for full-year adjusted earnings per share of $3.05-$3.20 in line with our expectations (we currently model $3....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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