L Brands Q2 net income declines, lowers earnings forecast

American multi-brand retailer L Brands said on Wednesday its Q2 revenue for 2018 increased by 8.3 percent, while net income declined by 28.8 percent from the same period last year. The company’s sales in Q2 2018 were 2.984 billion US dollars, up from 2.755 billion US dollars a year earlier. Net profit declined to 99 million US dollars compared to 138.9 million US dollars last year.

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The has company updated its guidance for 2018 full-year earnings per share to 2.45 dollars to 2.70 dollars from 2.70 dollars to 3 dollars previously and issued guidance for third quarter earnings per share between 0 and 0.05 dollar.

The company also announced that Denise Landman, CEO of Victoria’s Secret Pink has decided to retire at the end of this year and Amy Hauk, currently president for merchandising and product development of Bath & Body Works, will replace Landman. Hauk, the company said, joined Bath & Body Works in 2008 as senior vice president, general merchandise manager. Prior to that, she held senior merchant leadership positions at The Children’s Place, The Disney Store, Gap, Inc. and Macy’s.

L Brands Inc was founded in 1963 by Leslie H. Wexner and is based in Columbus, Ohio, United States. Through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, L Brands sells lingerie, personal care and beauty products, apparel and accessories.

The New York-listed company has about 88,000 employees worldwide and operates more than 3000 stores.

For more recent news on the business, collections and executive changes of L Brands Inc, click here.

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