Cowen Affirms L Brands (LB) at 'Outperform' Following Solid Sept. Comps
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Analyst Oliver Chen commented,
LB's Sept comp was better-than-expected, +3% vs. Street at 0%. Both VS & BBW beat the Street (VS: 0% vs. -2% & BBW +9% vs. +2.9%), which could help the stock today. However, we note con't merch. margin pressure on beauty declines & promos to drive trial & clear inventories could hurt GM for the qtr more than the St.'s current -100bp of erosion in 3Q.
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