The Victoria’s Secret parent company announced net income of $276.6 million, or $0.97 per share, for the first quarter on Wednesday. Adjusted earnings per share totaled $1.25, beating analysts’ estimates of $1.25.
The company revealed that its board has unanimously approved its planned spin-off of the Victoria’s Secret brand on Tuesday and provided further details about the transaction, as well as preliminary Q1 financial results.
Long seen as a bellwether for the health of UK clothing retail, Next will post its annual trading figures on 1 April. And although they're expected to reveal slashed profits last year, the outlook's far from gloomy.
L Brands, the parent company of Victoria’s Secret and Bath & Body Works, announced on Friday that it was increasing its first quarter earnings guidance for a second time this month, due to improved sales trends.