Header Ads

Breaking News

Victoria's Secret parent L Brands (LB) reports Q2 2020 earnings


A woman wearing a protective mask passes a homeless person during the coronavirus pandemic on May 12 2020 in New York City.

John Lamparski | Getty Images

Victoria’s Secret owner L Brands on Wednesday said its sales fell 20% during the latest quarter with stores closed due to the pandemic, but they weren’t as bad as analysts feared. 

The news sent the company’s shares up by more than 4% in after-hours trading after closing the day up by about 1%.

L Brands generated $2.32 billion in revenue, down from $2.9 billion during the same time last year but better than an expected $2.21 billion, according to data from Refinitiv. 

L Brands’ stock is up about 57% this year. The company has a market cap of $7.9 billion. 

This story is developing and will be updated. 

Source link

No comments