L Brands Says Same-Store Sales Climb in June
07 July 2016 - 11:10PM
Dow Jones News
L Brands Inc. said same-store sales climbed more than expected
in June, but the Victoria's Secret operator warned that sales could
fall this month.
The retailer said total same-store sales—a metric that excludes
locations that were opened or closed over the past year—rose 6% for
the month. The company expected comparable sales to rise in the low
single digits.
But the company warned that same-store sales could be flat to
down by low single digits in July.
Shares, down 21% in the past 12 months through Wednesday's
close, fell 3.2% to $66.25 in premarket trading.
For June, same-store sales at Victoria's Secret increased 6%,
and rose 7% at Bath & Body Works. The company said it was
helped by timing shifts in the Memorial Day and Independence Day
holidays this year. Strength in the Pink business at Victoria's
Secret due to semiannual sales was partially offset by softness in
noncore areas such as swimwear and apparel.
Total sales increased 7% to $1.3 billion for the five weeks
ended July 2, compared with net sales of $1.21 billion in the
year-ago period.
In May, the company said Jan Singer would be the new head of
Victoria's Secret, and cut its outlook for the year. The Columbus,
Ohio, company said in April it would scrap its catalog, cut jobs
and pare merchandise.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
July 07, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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