L Brands CEO is stepping down and Brookfield properties has agreed to buy Forever 21.
Sales at Victoria’s Secret fell last quarter ahead of the parent company’s decision to sell a controlling stake in the lingerie brand.
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Victoria’s Secret sales fell 10 percent and L Brands took a $725 million write-down on the brand in the fourth quarter.
Earlier this month, L Brands sold a controlling stake in Victoria’s Secret to Sycamore Partners for $525 million.
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For the current quarter ending in May, L Brands expects its per-share loss to be 5 cents.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LB | L BRANDS INC. | 22.78 | -0.72 | -3.06% |
L Brands reported a fiscal fourth-quarter loss of $192.3 million, after reporting a profit in the same period a year earlier.
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On a per-share basis, the Columbus, Ohio-based company said it had a loss of 70 cents. Earnings, adjusted for pretax expenses, came to $1.88 per share.
Performers and models on the runway at the 2018 Victoria’s Secret Fashion Show on November 8, 2018 at Pier 94 in New York City. – Every year, the Victoria’s Secret show brings its famous models together for what is consistently a glittery catwalk ext
The results topped Wall Street expectations.
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L Brands posted revenue of $4.71 billion in the period, which met Street forecasts.
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For the year, the company reported a loss of $366.4 million, or $1.33 per share, swinging to a loss in the period. Revenue was reported as $12.91 billion.
The Associated Press contributed to this article.
