Wide-moat L Brands' growth falters on low traffic and promotional activity heading into 2017.
L Brands’ fourth-quarter results showed pressure across the board as December mall traffic declines and the exit of swim and apparel at Victoria’s Secret (a 2-point negative impact), resulted in flat comparable sales growth. The decision to drive core bra unit growth through lower average unit retail in sport bras and bralettes resulted in a gross margin decline of 230 basis points to 43.3%. Following this earnings report, we expect to lower our $72 fair value estimate by about 8%-9% to account ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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