L Brands (NYSE: LB) swing to a loss on a reported basis in the second quarter of 2020. Sales skid 20% year-over-year to $2.32 billion. On a non-GAAP basis, the company reported a profit of $0.25 per share versus $0.24 in the year-ago quarter.
After rising about 5% immediately after the earnings announcement, LB stock pared its gains later in the after-hours session.
On the reported basis, L Brands posted a loss of $0.18 per share compared to a profit of $0.14 per share in the second quarter of 2019.
Given the continuing high level of uncertainty in the current environment, the company didn’t provide the third quarter or full-year 2020 earnings guidance.
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