By Neil Haggerty
L Brands Inc. unveiled a $250 million stock-buyback program
Friday, as the company's results have improved recently but stock
performance has declined.
The move comes not long after the retailer, which owns popular
brands such as Victoria's Secret and Bath & Body Works, raised
its profit guidance in May along with a report of a 60% gain in
quarterly earnings, boosted by an asset-sale gain.
The company also boosted its dividend and declared another
special dividend in February.
Still, shares are down 7.5% in the past three months and were
inactive premarket.
L Brands had spent $114 million on buybacks in the first
quarter. The new buyback authorization includes $600,000 from its
previous repurchase program.
Write to Neil Haggerty at neil.haggerty@wsj.com
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