L Brands, Inc. LB reported wider-than-expected loss per share for first-quarter fiscal 2020, while revenues missed the Zacks Consensus Estimate. This marked the fourth straight quarter of negative sales surprise. Results were primarily hurt by implementation of store closures across North America since mid-March in wake of the coronavirus outbreak. However, robust online demand partly cushioned the decline in the top and the bottom line.
Driven by the heightened uncertainty regarding the effects of the coronavirus pandemic, the company refrained from providing any guidance for the second quarter and fiscal 2020.
As restrictions ease, the company expects to gradually re-open stores throughout the second quarter, while implementing necessary safety and health measures, per the government guidelines. The company expects to re-open nearly all of its stores by