Changeable Dynamic Text Class

programming flash
1

I am creating a text class for label purposes with the code below. This works as expected when added to stage within a container. But after reassigning the textfield.text a different text, all the formatting is gone. What is the solution, please?

package {
    import flash.display.Sprite;
    import flash.text.TextField;
    import flash.text.TextFormat;  
    import flash.text.TextFieldAutoSize;
    import flash.text.TextFieldType;

    public class getLabel extends Sprite{
	public var lbl:TextField = new TextField();
	private var lblformat:TextFormat = new TextFormat();
		
        public function getLabel(){
            lbl.type=TextFieldType.DYNAMIC;
	    lbl.text="Initial Text";
	    lbl.selectable=false;
            lbl.autoSize = TextFieldAutoSize.LEFT;
            lbl.selectable = false;
            lbl.background = true;

            lblformat.color = 0xFF0000;
            lblformat.size = 14;
	    lbl.setTextFormat(lblformat);
                
            this.addChild(lbl);
        }
    }
}