=L Brands (LB) reported earnings on Wed 17 March 17 (a/h)

L Brands beats by $0.03, reports revs in-line with preannouncement; guides Q2 EPS below consensus; raises FY18 EPS, in-line:

• Reports Q1 (Apr) earnings of $0.33 per share, $0.03 better than the Capital IQ Consensus of $0.30; revenues fell 6.8% year/year to $2.44 bln vs the $2.46 bln Capital IQ Consensus. Preannounced results on May 4.
• Comparable sales for the first quarter ended April 29, 2017, decreased 9%. For the first quarter, the exit of the swim and apparel categories had a negative impact of 6 percentage points and 9 percentage points to total co and Victoria's Secret comparable sales, respectively.
• VS comps -14%, B&BW +2%.
• Co issues downside guidance for Q2, sees EPS of $0.40-0.45 vs. $0.46 Capital IQ Consensus Estimate.
• Co issues in-line guidance for FY18, raises EPS to $3.10-3.40 from $3.05-3.35 vs. $3.21 Capital IQ Consensus Estimate.