Victoria's Secret parent L Brands September same-store sales fall
L Brands Inc. (LB), the parent of Victoria's Secret, said September sales rose 1.1% to $981.6 million, from $971.4 million in the same period a year ago. Same-store sales fell 2%. The apparel retailer said the exit of the swim and apparel categories reduced total sales by about 2 percentage points and lowered same-store sales by about 3 percentage points. That follows the company's August sales report, in which total sales fell 1% to $842.1 million and same-store sales declined 4%. For the fiscal third-quarter which ends in October, the FactSet consensus for total sales is a decline of 0.6% to $2.57 billion and for same-store sales is down 2.5%. L Brands' stock was still inactive in premarket trade. It has plunged 24% over the past three months, while the SPDR S&P Retail ETF (XRT) has gained 3.1% and the S&P 500 has climbed 4.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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