L Brands, Inc. reported 2014 first quarter results.
First Quarter Results
Earnings per share for the first quarter ended May 3, 2014, increased 10% to $0.53 compared to $0.48 for the quarter ended May 4, 2013. First quarter operating income was $336.1 million compared to $311.2 million last year, and net income was $157.0 million compared to $142.5 million last year.
The company reported net sales of $2.391 billion for the 13 weeks ended May 3, 2014, an increase of 5% compared to sales of $2.268 billion for the 13 weeks ended May 4, 2013. Comparable stores sales increased 2% for the 13 weeks ended May 3, 2014.
The company stated that it expects 2014 second quarter earnings per share to be $0.57 to $0.62 compared to earnings per share of $0.61 per share last year.
For 2014, the company expects earnings per share of $3.00 to $3.15 versus its previous guidance of $3.00 to $3.20. The updated guidance reflects an estimated negative impact of about $0.10 to $0.12 related to the exit of certain non-core categories in the Victoria's Secret direct and beauty businesses to allow the brand to focus on faster growing, more profitable product lines.
About L Brands:
L Brands, through Victoria's Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, is an international company. The company operates 2,923 company-owned specialty stores in the United States, Canada and the United Kingdom and its brands are sold in about 600 franchised additional locations world-wide.