Wide-Moat L Brands' Top Line Continues to Stabilize, While Margin Struggles; Shares Undervalued
With wide-moat L Brands releasing first-quarter sales, comps, and EPS guidance on May 10, there was little surprise left in the company’s quarterly results. Net sales increased 8%, to $2.62 billion, slightly faster than our $2.56 billion estimate and comps were a bit ahead of our flat estimate, at 3%. However, while first-quarter earnings per share of $0.17 weren’t materially different than our $0.15 forecast, the second-quarter EPS outlook of $0.30 fell short of our $0.42 estimate, and updated ...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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