L Brands (LB) has reported 38.25 percent plunge in profit for the quarter ended Apr. 29, 2017. The company has earned $94.05 million, or $0.33 a share in the quarter, compared with $152.31 million, or $0.52 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $94.05 million, or $0.33 a share compared with $173.68 million or $0.59 a share, a year ago. 

Revenue during the quarter dropped 6.78 percent to $2,436.52 million from $2,613.82 million in the previous year period. Gross margin for the quarter contracted 285 basis points over the previous year period to 37.05 percent. Total expenses were 91.41 percent of quarterly revenues, up from 87.63 percent for the same period last year. That has resulted in a contraction of 379 basis points in operating margin to 8.59 percent.

Operating income for the quarter was $209.19 million, compared with $323.39 million in the previous year period.

However, the adjusted operating income for the quarter stood at $209.19 million compared to $357.93 million in the prior year period. At the same time, adjusted operating margin contracted 511 basis points in the quarter to 8.59 percent from 13.69 percent in the last year period.

For the second-quarter, the company expects diluted earnings per share to be in the range of $0.40 to $0.45.

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.10 to $3.40.