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L Brands Q1 earnings slide, cuts FY16 outlook

By Prachi Singh

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Report |REPORT

L Brands adjusted earnings per share for the first quarter ended April 30, 2016 were 0.59 dollar compared to 0.61 dollar for the same quarter ended May 2, 2015. Adjusted operating income decreased 4 percent to 357.9 million dollars compared to 371.8 million dollars last year, and adjusted net income was 173.7 million dollars compared to 181.5 million dollars last year.

Reported first quarter earnings per share were 0.52 dollar compared to 0.84 dollar last year, operating income was 323.4 million dollars compared to 371.8 million dollars last year and net income was 152.3 million dollars against 250.5 million dollars last year.

Q1 net sales up but cuts outlook

The company reported net sales of 2.614 billion dollars, an increase of 4 percent compared to sales of 2.512 billion dollars for the quarter ended May 2, 2015. Comparable sales increased 3 percent.

The company has decreased its guidance for 2016 full-year adjusted earnings per share to 3.60 dollars to 3.80 dollars from 3.90 dollars to 4.10 dollars previously, and issued guidance for second quarter earnings per share between 0.50 dollar and 0.60 dollar. The company also indicated that it expects to report a May comparable sales result down low to mid-single digits versus last year.

picture:lb.com

L BRANDS