L Brands (NYSE:LB) reported its quarterly earnings results, bringing in a profit and revenue that came in well ahead of what analysts called for, playing a role in lifting LB stock after hours.
The Victoria’s Secret parent company announced that for its first quarter of its fiscal 2019, it brought in earnings of 14 cents per share, topping the break-even figure that Wall Street called for. This amounted to net income of $40.3 million, which fell from the $47.5 million, or 17 cents per share, from the year-ago quarter.
Wall Street called for L Brands to bring in earnings at the break-even mark, according to a survey of analysts conducted by Refinitiv. Revenue tallied up to $2.628 billion, slightly higher than its net sales of $2.625 billion from the year-ago quarter, while also topping the Wall Street consensus estimate of $2.56 billion, according to data from Refinitiv.
The company’s same-store sales were flat, which was an improvement over the Wall Street consensus guidance of they sliding 1.3% year-over-year. L Brands added that it has raised its full-year forecast for 2019 as it now sees its earnings to be in the range of $2.30 to $2.60 per share, ahead of the Wall Street outlook of earnings of $2.20 to $2.60 per share.
LB stock is soaring about 13.2% after the bell following the company’s strong quarterly earnings results Wednesday. Shares had been sliding 5.2% ahead of L Brands’ financial figures.
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