Executive Summary

• L Brands 2Q19 revenues were $2.90 billion, down 2.8% year over year and lower than the consensus estimate of $2.95 billion. The company reported 2Q19 adjusted earnings per share (EPS) of $0.24, higher than the consensus estimate of $0.20 and lower than the year ago period.
• Comparable sales were down 1% compared to a 3% increase last year and below theconsensus estimate of a 0.2% rise.
• The company issued EPS 3Q19 guidance of ($0.05)-$0.05 compared to the consensus estimate of $0.08. The company expects 3Q19 comps to be down low single digits to up slightly and full year comps to be up low single digits. The company reiterated adjusted full-year EPS guidance of $2.30-2.60 compared to the consensus estimate of $2.46.