Victoria's Secret owner L Brands says its same-store sales rises 3 percent in October

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NEW YORK — L Brands, the company behind Victoria's Secret, Bath & Body Works and other brands, said Thursday that sales at stores open at least a year rose 3 percent in October, beating Wall Street expectations.

Analysts expected a 2.4 percent rise, according to Thomson Reuters.

Sales at stores open at least a year is a key indicator of a retailer's health. It excludes potentially distorting results from stores recently opened or closed.

Total revenue rose 3 percent to $700 million in the four weeks ending Nov. 1.

The company also said it plans to sell its remaining interest in clothing maker and sourcing company MGF Sourcing Holdings for $85 million to private equity firm Sycamore Partners. The deal is expected to close in the first quarter of 2015.

L Brands Inc., headquartered in Columbus, Ohio, operates 2,971 stores around the world. Its other brands include Pink, La Senza and Henri Bendel.

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