L Brands, Inc. (NYSE:LB) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of 0.25-0.30 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.29. The company issued revenue guidance of $2618 million, compared to the consensus revenue estimate of $2.57 billion.L Brands also updated its FY18 guidance to 3.00-3.20 EPS.
L Brands (NYSE:LB) last announced its quarterly earnings results on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.03. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.18%. L Brands’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS.
L Brands announced that its Board of Directors has initiated a share repurchase plan on Monday, September 18th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to purchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
LB has been the topic of a number of research reports. Jefferies Group LLC set a $32.00 target price on shares of L Brands and gave the stock a sell rating in a report on Wednesday, July 19th. BidaskClub downgraded shares of L Brands from a hold rating to a sell rating in a report on Friday, July 28th. Oppenheimer Holdings, Inc. set a $55.00 target price on shares of L Brands and gave the stock a buy rating in a report on Thursday, August 17th. Cowen and Company restated a buy rating and issued a $56.00 target price on shares of L Brands in a report on Tuesday, July 4th. Finally, Robert W. Baird restated a hold rating and issued a $44.00 target price on shares of L Brands in a report on Wednesday. Seven research analysts have rated the stock with a sell rating, nineteen have given a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $46.41.
In other L Brands news, Director Allan R. Tessler purchased 20,000 shares of the stock in a transaction dated Thursday, September 21st. The stock was purchased at an average price of $37.00 per share, with a total value of $740,000.00. Following the transaction, the director now owns 43,342 shares of the company’s stock, valued at $1,603,654. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 16.68% of the stock is currently owned by corporate insiders.
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L Brands Company Profile
L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners.
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