L Brands' Performance Expected to Stabilize in Fiscal 2018; Shares Undervalued
Although wide-moat L Brands still has work ahead, we believe that improving comparable sales growth throughout fiscal 2017 (from a 9% decline in the first quarter to 2% growth in the fourth quarter) and easing gross margin pressure (from a 280-basis-point decline to 37.1% in the first quarter to a 100-basis-point decline to 42.3% in the fourth quarter) point to a recovery in progress. We continue to believe that L Brands can return to comparable sales growth in fiscal 2018 and that gross margin ...
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