Thursday, April 11, 2019

Moody's downgrades L Brands' outlook on Victoria's Secret woes

Retail Dive
Moody's Investors Service on Tuesday downgraded L Brand's outlook from "stable" to "negative," with Moody's Vice President Christina Boni citing "the deteriorating operating margins and negative comparable store sales at Victoria's Secret for the past 10 quarters."

Moody's anticipates that L Brands, which "has very good liquidity and moderate leverage," can continue to generate around $375 million of free cash flow to reduce debt, according to a note emailed by Moody's to Retail Dive.. . . more