L Brands stock price target raised to $32 from $30 at Instinet

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Victoria’s Secret parent L Brands stock falls as company cuts profit outlook

Shares of L Brands Inc. fell 4% in the extended session Wednesday after the parent company of Victoria’s Secret, Bath & Body Works and other brands reported second-quarter earnings above expectations but cut its profit outlook for the year. L Brands said it earned $99 million, or 36 cents a share, in the quarter, compared with $139 million, or 48 cents a share, in the year-ago period. Net sales rose to $2.98 billion, compared with $2.76 billion a year ago. Comparable-store sales rose 3% in the quarter. Analysts polled by FactSet had expected L Brands to report earnings of 34 cents a share on sales of $2.98 billion. The retailer cut its full-year 2018 profit guidance to between $2.45 a share and $2.70 a share, from $2.70-$3 a share previously. It said it sees flat earnings to a 5-cent per-share profit in the third quarter. In the same statement, L Brands said that Denise Landman, chief executive of Victoria’s Secret Pink brand, will retire at the end of the year. Amy Hauk, an executive at Bath & Body Works, will replace Landman as CEO of Pink.

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