L Brands beats by $0.27, beats on revs; guides Q2 EPS above consensus (67.31 -2.18)
- Reports Q1 (Apr) earnings of $1.25 per share, excluding non-recurring items, $0.27 better than the S&P Capital IQ Consensus of $0.98; revenues rose 82.8% year/year to $3.02 bln vs the $2.84 bln S&P Capital IQ Consensus.
- Bath & Body Works net sales were $1.469 billion for the first quarter ended May 1, 2021, compared to net sales of $760.6 million for the first quarter ended May 2, 2020. First quarter 2021 sales in the direct channel were $349.2 million, an increase of 21 percent compared to 2020 and a 123 percent increase compared to 2019.
- Victoria's Secret total comparable sales for the first quarter ended May 1, 2021 increased 9 percent compared to the first quarter of 2019. Comparable U.S. and Canada store sales for the first quarter of 2021 decreased 3% compared to the first quarter of 2019.
- Co issues upside guidance for Q2, sees EPS of $0.80-1.00, excluding non-recurring items, vs. $0.67 S&P Capital IQ Consensus.
- Due to the continued uncertainty in the environment, as well as the impending separation of the Bath & Body Works and Victoria's Secret businesses targeted to occur in August 2021, the company is not providing earnings guidance for the full year 2021.