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HSN to Sell Two Apparel Brands, Victoria’s Secret Sales Rose in Q2

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Victoria's Secret

L Brands

Victoria’s Secret parent company L Brands (LB) said Thursday that it expects to report adjusted second quarter earnings per share at the high end of its previous guidance range of 50 cents and 60 cents. The announcement followed the news that net sales for the 13 weeks ended July 30 rose 5 percent to $2.89 billion, as comparable store sales increased 3 percent. Comps at Victoria’s Secret were up 2 percent in Q2—its stores alone saw an increase of 1 percent—and sales totaled $1.9 billion. L Brands stock is down 21.64% year-to-date.

HSN

Multichannel retailer HSN (HSNI) announced plans to sell TravelSmith and Chasing Fireflies apparel brands, as net sales fell 4 percent to $854.3 million in the second quarter ended June 30. Profits plunged 36 percent to $26.4 million or 50 cents per diluted share. Though the company’s digital sales rose 2 percent, with sales penetration of 53 percent, total units shipped declined 3 percent and the average price point slipped 1 percent. Shares fell 10.84% in early trading Thursday.

Rakuten

Japanese e-commerce company Rakuten said its revenue rose 11.1% in the six months ended June 30 to reach 368.91 billion yen ($3.31 billion). However, net income decreased 4.2% to 26.55 billion yen ($238.1 million). That said, the company expects double-digit growth in consolidated revenue for fiscal 2016.

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