L Brands net sales drop 2 percent in April

L Brands net sales decreased 2 percent to 719.6 million dollars for the month of April ended April 29, 2017, compared to net sales of 737.5 million dollars for the four weeks ended April 30, 2016. Comparable sales for the period decreased 5 percent, and were positively impacted by the later Easter holiday this year by about 3 percentage points.

The company said, for April, the exit of the swim and apparel categories had a negative impact of 6 percentage points and 10 percentage points to total company and Victoria’s Secret comparable sales, respectively.

The company reported net sales of 2.437 billion dollars for the first quarter ended April 29, 2017, a decrease of 7 percent compared to sales of 2.614 billion dollars for the quarter ended April 30, 2016. Comparable sales for the period decreased 9 percent. For the first quarter, the exit of the swim and apparel categories had a negative impact of 6 percentage points and 9 percentage points to total company and Victoria’s Secret comparable sales, respectively.

The company expects to report first quarter earnings per share of about 0.30 dollar, which includes a benefit of about 0.05 dollar related to a lower tax rate than what was assumed in the prior earnings per share guidance of 0.20 dollar to 0.25 dollar.

Picture:L Brands website