L Brands raises guidance, announces CFO retirement and Victoria’s Secret’s new CEO

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L Brands Inc.
LB,
+8.48%
said Thursday that it has named Martin Waters chief executive of the Victoria’s Secret business, a promotion from his current post as CEO of Victoria’s Secret Lingerie. The new role is effective immediately. Waters succeeds Stuart Burgdoerfer, L Brands chief financial officer who had been filling the Victoria’s Secret CEO role on an interim basis. Burgdoerfer has announced plans to retire in August 2021. L Brands is looking both internally and externally for a new CFO. L Brands, which also includes Bath & Body Works in its portfolio, raised its fourth-quarter earnings-per-share guidance to $2.95 to $3.00 from $2.70 to $2.80. Comparable sales are expected to rise 10% with Bath & body Works up 22% and Victoria’s Secret down 3%. L Brands still plans to separate the two brands with all options including a private sale of the Victoria’s Secret business on the table. L Brands shares jumped 5.3% in early Thursday trading after the news. The stock has nearly doubled, up 91.6% over the last 12 months, while the S&P 500 index
SPX,
+0.52%
is up 16.5% for the period.

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