Executive Summary

• L Brands 1Q19 revenues were $2.63 billion, up 0.1% year over year and higher than the consensus estimate of $2.56 billion. The company reported 1Q19 adjusted EPS of $0.14, higher than the consensus estimate of $0.00 and higher than the company’s guidance of breakeven.
• Comparable sales were flat, compared to a 3% increase last year and above the consensus estimate of (1.3)%.
• The company raised its 2019 full-year earnings per share (EPS) guidance to $2.30-2.60, up from $2.20-2.60, compared to the consensus estimate of $2.37. The company expects second quarter earnings per share to be $0.15-0.20, compared to the consensus estimate of $0.23. The company raised its 2019 full-year EPS guidance to $2.30-2.60, up from $2.20-2.60, compared to the consensus estimate of $2.37.

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