L Brands Inc. (LB) Boosts Q3 EPS Outlook; Offers Comps Update

L Brands Inc. (NYSE: LB) reported estimated October comparable store sales and raised guidance for third quarter earnings. The company is making this updated information available in advance of its previously announced Investor Update Meeting on Nov. 4.

October comparable store sales are expected to be up low-single digit, in line with expectations, including an expected flat comp at Victoria's Secret Stores (on top of 10% last year), and 5% at Bath & Body Works (on top of 4% last year). Total sales at Victoria's Secret Direct, which are not included in comparable store sales, are estimated to be down about 7%, driven by the exit of non-go-forward apparel merchandise.

The company now expects third quarter earnings per share between $0.38 and $0.40, versus its previous guidance of $0.26 to $0.31 and last year's result of $0.31. The company will provide fourth quarter earnings guidance when it reports third quarter earnings on Nov. 19.

*** The Street sees Q3 EPS of $0.32.

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