L Brands Inc Prerecorded Holiday 2019 Sales Call Transcript
Good morning, everyone, and Happy New Year. This is Amie Preston, Chief Investor Relations Officer, and this is L Brands' holiday sales report for the 9-week period ending January 4, 2020. As a matter of formality, I need to remind you that any forward-looking statements I may make today are subject to the safe harbor statements found in our SEC filings.
Net sales for the 9 weeks ended January 4, 2020, or quarter-to-date were $3.906 billion compared to net sales of $4.072 billion for the 9 weeks ended January 5, 2019. Quarter-to-date comparable sales decreased 3%. The quarter-to-date merchandise margin rate was down to last year. We expect to report fourth quarter earnings per share of about $1.85 versus our previous guidance of about $2. Better-than-forecasted performance at Bath & Body Works was more than offset by a Victoria's Secret result that was below expectations. We expect to end the fourth quarter with inventories per square foot up mid-single digits versus last year.
At Victoria's Secret, quarter-to-date comps were down 12%.
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