COLUMBUS, OHIO (AP) — On Wednesday, L Brands Inc., reported fiscal fourth-quarter net income of $636 million. The Columbus, Ohio-based company, which is parent to Victoria’s Secret, reported profits of $2.15 per share. The results surpassed Wall Street expectations after the conglomerate reported earlier this month that Victoria’s Secret’s longtime CEO, Sharen Jester Turney, is stepping down from the L Brands Inc. division.
The owner of Victoria's Secret, Bath & Body Works and other chain stores posted revenue of $4.4 billion in the period, which also beat Wall Street forecasts. For the year, the company reported profit of $1.25 billion, or $4.22 per share. Revenue was reported as $12.15 billion. L Brands expects full-year earnings to be $3.90 to $4.10 per share.
L Brands shares have fallen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped almost 6 percent. In the final minutes of trading on Wednesday, shares hit $83.19, a decrease of 9 percent in the last 12 months.