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Victoria's Secret Restructuring Weighs on L Brands Holiday Outlook

L Brands (LB) will likely see lower profits through the first half of 2017 because of the costs of restructuring its Victoria's Secret unit, company CFO Stuart Burgdoerfer said on a third-quarter earnings conference call this morning.

L Brands, which owns Bath & Body Works as well, last night issued an earnings forecast for the current fourth quarter that's between $1.85 and $2 a share, below the FactSet consensus of $2.03 a share.

The wider than normal guidance range for the company reflects "a little...