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L Brands lowers FY'18 EPS outlook

Ohio-based specialty retailer L Brands Inc. on May 23 lowered its EPS guidance for full year 2018 after recording a year-over-year drop in EPS for the fiscal first quarter ended May 5.

The owner of the Victoria's Secret and Bath & Body Works brands now expects full-year EPS to range between $2.70 and $3.00, below the prior guidance of $2.95 to $3.25.

L Brands also forecast EPS for the fiscal second quarter in the range of 30 cents to 35 cents.

The full-year guidance revision came on the back of a year-over-year drop in net income for the fiscal first quarter, which came in at $47.5 million, compared to $94.1 million in the three months ended April 29, 2017. However, it beat the S&P Capital IQ consensus estimate for GAAP net income of $42.7 million.

EPS for the period was 17 cents, down from 33 cents in the year-ago quarter but ahead of the S&P Capital IQ consensus estimate for GAAP EPS of 15 cents.

The company had adjusted its fiscal first-quarter EPS guidance to the lower end of a range between 15 cents to 20 cents, while also reporting a 4% increase in April sales.