Piper Jaffray Cuts Price Target on L Brands (LB) as Guidance Shows Softening Trends
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L Brands Reports First Quarter Earnings
May 18, 2016 4:30 PM EDTCOLUMBUS, Ohio, May 18, 2016 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) today reported first quarter earnings results.
Adjusted earnings per share for the first quarter ended April 30, 2016 were $0.59 compared to $0.61 for the quarter ended May 2, 2015. First quarter adjusted operating income decreased 4 percent to $357.9 million compared to $371.8 million last year, and adjusted net income was $173.7 million compared to $181.5 million last year. Adjusted results exclude certain significant items as detailed below:
In 2016: Pre-tax charges of $34.5 million ($0.07 per share) related to previously announced actions at Victorias Secret, including severance... More