COLUMBUS, Ohio (AP) _ L Brands Inc. (LB) on Wednesday reported a fiscal first-quarter loss of $296.9 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Columbus, Ohio-based company said it had a loss of $1.07. Losses, adjusted for non-recurring costs, came to 99 cents per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 71 cents per share.
The owner of Victoria's Secret, Bath & Body Works and other chain stores posted revenue of $1.65 billion in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $1.7 billion.
L Brands shares have dropped 33% since the beginning of the year, while the Standard & Poor's 500 index has declined 8%. In the final minutes of trading on Wednesday, shares hit $12.22, a fall of 45% in the last 12 months.