Stock Alert: L Brands Jumps 35%
Shares of specialty retailer L Brands, Inc. (LB) are surging more than 35% Wednesday morning and touched a new high of $26.50.
Tuesday, the parent company of Victoria’s Secret and Bath & Body Works provided cost reduction plans of about $400 million a year.
The plans include cutting the workforce by 15% or approximately 850 people, executing previously-announced plans to close 250 Victoria’s Secret stores in 2020.
Sales in both Bath & Body Works and Victoria’s Secret stores in North America, most of them are reopened, have exceeded the company’s expectations.
The company expects a year-over-year decline of 20% in second-quarter sales, as stores were closed for a significant period of time during the quarter due to the COVID-19 pandemic.
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