L Brands Reports Strong January Growth; Shares Undervalued
Wide-moat L Brands’ January comparable sales growth of 7% reinforces our thesis that Victoria’s Secret brand strength is intact and product issues are correctable. Overall, fourth-quarter comparable sales increased 2%, resulting in revenue of $4.8 billion, slightly ahead of our $4.7 billion estimate. We will adjust our model following the fourth quarter earnings call scheduled for March 1, but at this time, we see little change to our $69 fair value estimate outside of the time value of money an...
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