Shoppers pass in front of a Victoria’s Secret store at a mall in San Diego, California, April 22, 2021.
Bing Guan | Bloomberg | Getty Images
Victoria’s Secret parent L Brands on Wednesday reported first-quarter earnings and sales that topped analysts’ estimates, driven by momentum across its business and more people paying full price for its products.
Here’s how the company did for the quarter ended May 1, compared with what analysts were anticipating, based on a Refinitiv survey:
- Earnings per share: $1.25 adjusted vs. $1.21 expected
- Revenue: $3.02 billion vs. $3.01 billion expected
By this fall, L Brands will be spinning off its Victoria’s Secret business into its own publicly traded entity, and said it wouldn’t provid a forecast for the rest of the year.
L Brands has said the split will allow both of its brands to better focus on growth and have greater financial flexibility to adapt to a changing retail landscape. It had been contemplating either a spinoff or a sale, but said the spinoff ended up being the best option for the business to fetch the highest value.
As of Wednesday’s market close, L Brands shares are up about 82% year to date. The company has a market cap of $18.8 billion.
Find the full press release from L Brands here.
This story is developing. Please check back for updates.
