February 26, 2020 / 9:44 PM / in a month

L Brands expects first-quarter loss; shares fall 3%

Feb 26 (Reuters) - L Brands Inc on Wednesday forecast a loss for the first quarter, days after it decided to sell a controlling stake in its struggling Victoria’s Secret lingerie unit, sending its shares down nearly 3% in after-market trading.

The Bath & Body Works cosmetics maker expects a loss of 5 cents per share on an adjusted basis in the first quarter, while analysts on average were expecting it to earn 10 cents per share, according to IBES data from Refinitiv.

L Brands earlier this month said Victoria’s Secret would become privately owned, with investment firm Sycamore Partners owning a 55% stake and company’s longtime Chief Executive Officer Leslie Wexner stepping down. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur)

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