L Brands Delivers a Scorching Q3 1,783% Earnings Surprise
In place of the tepid performance Wall Street analysts expected from Victoria's Secret parent L Brands (NYSE: LB), the previously troubled company reported strong third-quarter results yesterday after market close, shattering consensus expectations. As reported by Zacks Equity Research, actual earnings per share of $1.13 delivered a 1,783.3% positive surprise, massively beating the $0.06 EPS consensus. Revenue also topped predictions by 14.3%, coming in at $3.06 billion.
Analysts had already received hints of the coming rebound with the second quarter's 173.5% positive earnings surprise, but nevertheless remained pessimistic. L Brands' performance not only outpaced the pundits' predictions, but also yielded solid year-over-year growth. The adjusted earnings per share of $1.13 exceeded Q3 2019's $0.02 EPS. Comparable sales jumped 28% year over year, while overall net sales rose 14% from Q3 2019's $2.677 billion to this year's $3.055 billion.
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Source Fool.com
