L Brands continues turnaround with positive July sales numbers

By

Obi Anyanwu

Published
Aug 5, 2016

L Brands is bouncing back from its stagnant first half of fiscal 2016. The company reported net sales of $777.0 million in July, an increase of 2% from last year’s $759.5 million in net sales. Comparable sales also increased 2%.

For the 13 weeks ended on July 30, 2016, L Brands recorded a 5% increase in net sales to $2.890 billion from $2.765 billion in the previous year’s comparable period and a 4% increase in net sales to $5.504 billion for the 26 weeks ended on July 30, 2016 from $5.277 billion in the prior year.
 
The company stated that it expects its adjusted second quarter earnings per share to be at the high end of its previous guidance range of $0.50 and $0.60 per share.

L Brands’ July sales results are a far cry away its weak April results that resulted its stock’s 52-week low. The company’s turnaround began in June with a 7% increase in net sales to $1.296 billion from $1.207 billion in June 2015.
 
In May, L Brands made two executive appointments to lead its restructuring Victoria’s Secret business.