L Brands Inc.
shares fell more than 3% in the extended session Wednesday after the parent company of Victoria’s Secret missed expectations for its second-quarter earnings and called for worse-than-expected third-quarter results. L Brands said it earned $38 million, or 14 cents a share, in the second quarter, compared with $99 million, or 36 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 24 cents a share. Sales fell to $2.90 billion, compared with $2.98 billion a year ago. Analysts polled by FactSet had expected GAAP and non-GAAP EPS at 20 cents a share on sales of $2.95 billion. The company said it projected third-quarter results between a loss of 5 cents and a profit of 5 cents a share. The analysts surveyed by FactSet call for GAAP EPS of 7 cents a share in the third quarter. L Brands kept its full-year 2019 EPS guidance of $2.30 to $2.60.
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