L Brands' monthly sales decline continued in June
L Brands reported on Thursday its sales for June and the 22 weeks ended on July 1, 2017.
Net sales for the month fell 6% to $1.213 billion from $1.296 billion and comparable sales fell 9%. The exit of the swim and apparel categories had a negative impact of about 7 percentage points on the total company, and a negative impact of 10 percentage points on Victoria’s Secret comparable sales.
June marks as L Brands’ sixth consecutive monthly sales decline. The exit of swim and apparel categories related to L Brands’ restructuring has consistently impacted sales for the company and Victoria’s Secret. In addition, first quarter sales fell 7% and comparable sales fell 9%.
Net sales for the 22 weeks ended on July 1, 2017 fell 6% to $4.424 billion from $4.727 billion in the prior comparable period, and comparable sales fell 9%. The exit of swim and apparel categories negatively impacted sales in the period by 7 percentage points and Victoria’s Secret comparable sales by 10 percentage points.
Despite the consistent sales decline, L Brands in June increased its earnings per share guidance for fiscal 2017 to a range of $3.10 to $3.40. The company also expects its second quarter earnings per share to from $0.40 to $0.45.
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