L Brands shares surge on upbeat quarterly results

L Brands (LB.US) stock soared over 15% after company reported better than expected quarterly results. Fashion retailer which owns brands like Victoria's Secret and Bath & Body Works earned $1.13 per share for its latest quarter, well above analysts' expectation s of 9 cents a share. Revenue of  $3.06 billion exceeded market estimates of  $2.67 billion. Comparable sales were up 4% for Victoria's Secret and 56% for Bath & Body Works.  The company heads into the holiday season with “well positioned” inventory and “encouraged” by early responses to its merchandise, Chief Executive Andrew Meslow said. “However, we are cautious about our ability to exceed last year’s fourth-quarter sales and earnings results, given anticipated constraints on store traffic, online fulfillment and shipping capacity, as well as other uncertainties related to the COVID pandemic,” he said. L Brands (LB.US) stock launched today’s session with a massive bullish price gap, however buyers were unable to hold onto gains and price pulled back. Currently stock is testing strong support at $37.91. If buyers will manage to halt declines here, then another upward impulse towards $44.09 could be launched. On the other hand, if sellers will manage to break below, a bigger downward correction may start.  The nearest support  lies at the upward trendline. Source: xStation5
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