Victoria's Secret-owner L Brands raises first-quarter profit forecast

Reuters2021-03-26

March 26 (Reuters) - L Brands on Friday raised its current-quarter profit forecast for the second time this month as the Victoria’s Secret owner benefits from consumers spending their stimulus checks and relaxation of COVID-19 restrictions.

The U.S. government started delivering $1,400 checks as a $1.9 trillion aid bill was passed by the House of Representatives earlier this month.

The company now expects an adjusted profit of $0.85 to $1.00 per share in the first quarter, compared with its previous forecast of $0.55 to $0.65.

The retailer previously raised its adjusted profit outlook for the quarter on March 12, citing strong demand for Bath & Body Works and Victoria’s Secret.

The Ohio-based company’s shares, which rose about 60% this year, gained 5.3% in premarket trading.

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