L Brands Rises After Boosting Third-Quarter Profit ForecastLauren Coleman-Lochner
L Brands Inc. rose in late trading after the retailer increased its third-quarter profit forecast.
The shares climbed as much as 3.6 percent to $75.07 after the company’s statement following the end of New York Stock Exchange trading. The stock had gained 17 percent this year as of the NYSE close today.
The operator of Victoria’s Secret has sought growth beyond traditional lingerie and sleepwear, with mixed results. Victoria’s Secret accounts for more than 60 percent of revenue for the Columbus, Ohio-based company, whose other brands include Bath & Body Works and Pink.
The company forecast third-quarter earnings of 38 cents to 40 cents a share, compared with its previous projection of 26 cents to 31 cents. The average estimate of analysts surveyed by Bloomberg was 32 cents.
L Brands will hold an investor meeting tomorrow and plans to report third-quarter results Nov. 19. The company also said today that it had “low single-digit” increase in October same-store sales, in line with expectations.