Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
Salesforce released its first earnings report since its $15.3 billion acquisition of Tableau Software, the company's largest deal ever.Technologyread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Kudlow also confirmed to CNBC that he supported a tax cut proposal floated earlier Thursday by Sen. Rick Scott, R-Fla.Politicsread more
VMware is following through on its proposal to buy Pivotal, a fellow Dell subsidiary, and expanding into cybersecurity with the acquisition of Carbon Black.Technologyread more
Google says it shut down hundreds of YouTube channels tied to misinformation around the Hong Kong protests.Technologyread more
It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
Investors are rushing to get a piece of its privately held rival Impossible Foods before it goes public, according to the Wall Street Journal.Food & Beverageread more
Weisler has been CEO at the company since 2015 when it split from HPE.Technologyread more
Companies want to know our values and if they work with us, "they want to be aligned with those values," Salesforce co-CEO Keith Block says.Mad Money with Jim Cramerread more
"Everything is on the table" for L Brands' struggling Victoria's Secret brand, company executives said Thursday morning, as the company plans to close roughly 53 of its stores in 2019.
The company has pulled back on investing in new and remodeled Victoria's Secret stores and is speeding up its store closure plans from its previous average of roughly 15 store closures a year, executives said during a conference call Thursday. They said the company is evaluating every element of the brand, whether that be merchandising, pricing or format.
The planned store closures for 2019 make up roughly 4 percent of the company's 1,143 Victoria's Secret stores worldwide.
Shares of L Brands, which also owns Bath & Body Works, were trading down more than 7 percent on Thursday morning, after it reported mixed results in the holiday quarter Wednesday evening. The weakest part of its business continues to be Victoria's Secret, where same-store sales fell 3 percent.
"There are no constraints. We are not financially constrained, and we've got a lot of different things that we have and can consider," company executives said, according to a preliminary transcript from Factset. They emphasized, though, that the company's dominant focus will be on Victoria's Secret merchandising.
The brand, which was once known for its sexy bras, has lost out as women have switched to more comfortable bra styles and brands that seem more inclusive from the likes of American Eagle's Aerie, Third Love, Lively and Adore Me. The $7.2 billion bra category is also seeing new competition from Target, which this spring plans to launch three new lines of lingerie and sleepwear.
Millennials, who comprise more than a third of the women's intimate apparel market, spent a third of their bra dollars in 2018 on sports bras, according to retail trade group the NPD Group.
Bath & Body Works, meantime, continues to perform strongly. The fragrance and personal care shop grew same-store sales by 12 percent.
Dragged down by the weakness at Victoria's Secret, L Brands same-store sales fell 3 percent in the latest period.
L Brands reported fiscal fourth-quarter net income of $540 million, or $1.94 per share, down from $664 million, or $2.33 per share a year earlier. Excluding items, L Brands earned $2.14 per share, beating the $2.07 per share expected by analysts surveyed by Refinitiv.
Net sales rose to $4.85 billion, missing expectations of $4.88 billion.
L Brands said it expects earnings for 2019 will fall between $2.20 and $2.60 a share. That includes break-even earnings per share result in its first quarter.