Early Easter slows growth at L Brands

The earlier Easter holiday put a damper on traffic at L Brands’ stores, which reported a 1% drop in same store sales for May.

But the retailer reported an overall 1% increase in sales to $724.6 million for the four weeks ended May 2, compared to net sales of $717.6 million for the four weeks ended May 3, 2014. The company reported net sales of $2.512 billion for the 13 weeks ended May 2, an increase of 5% compared to sales of $2.391 billion for the 13 weeks ended May 3, 2014. Same store sales for the 13 weeks ended May 2, increased 5%.

The company expects to report adjusted first quarter earnings per share of 58 cents to 60 cents versus its previous guidance of 50 cents to 55 cents. First quarter earnings will be announced after the close of the market on May 20.

L Brands, through Victoria's Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, operates 2,966 company-owned specialty stores in the United States, Canada and the United Kingdom, and its brands are sold in more than 600 additional noncompany-owned locations worldwide.