L Brands Reports Sales Miss, Announces Share Buyback Program

L Brands Inc. reported sales for the four weeks ending Jan. 28, 2017 of $805.2 million, down from $811.3 million last year, and a same-store sales decline of 4%. The company, whose brands include Victoria's Secret and Bath & Body Works, reported fourth-quarter sales on Thursday totaling $4.49 billion, up from $4.40 billion last year, but below the $4.52 billion FactSet consensus. The company expects to report fourth-quarter earnings per share of about $1.90. Its previous guidance was $1.85 and $2.00, and the FactSet consensus is $1.87. Full-year sales were $12.57 billion, up from $12.15 billion last year and just below the $12.60 billion FactSet estimate. L Brands also authorized a $250 million share buyback program, which includes the $62 million remaining under a previous program. L Brands shares are unchanged in premarket trading, and are down 38.2% for the past 12 months. The S&P 500 index is up 19.8% for the last year.