L Brands brand equity supported by Bath and Body Works demand, as VS turnaround fails to surface.
Narrow-moat L Brands reported mixed second-quarter results, with strength in the Bath and Body Works (33% of total sales) segment offset by continued struggles at Victoria’s Secret (58%). Total net sales grew 8% in the quarter, ahead of our 2% 2018 forecast, but at the cost of profitability, with operating margin dropping 330 basis points to 7.6% versus our forecast of 7.9%. As a result, management cut full-year EPS guidance for the second consecutive quarter to $2.45-$2.70, below our forecast o...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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