Victoria's Secret parent L Brands shares fall after profit warning

L Brands Inc. LB, +0.53%shares fell 3.3% in Thursday premarket trading after the Victoria's Secret parent issued a first-quarter profit warning. Sales for the four weeks ended May 5, 2018 rose 4% to $751.6 million from $719.6 million year-over-year. Same-store sales were flat, hurt by the earlier Easter holiday.

Sales for the first quarter totaled $2.63 billion, up 8% from $2.44 billion last year and ahead of the $2.58 billion FactSet consensus. Same-store sales were up 3%, also exceeding the FactSet forecast for 2% growth. However earnings per share are expected to be on the low end of the 15-cents-to-20-cents guidance. The FactSet consensus is 18 cents. L Brands is scheduled to report its full first-quarter earnings on May 23. L Brands shares are down 43.3% for the year to date while the S&P 500 index SPX, +0.97%is up nearly 1% for the period.