L Brands Reports Second Quarter 2020 Results

Consistent with expectations disclosed in the company’s July 28, 2020 business update, net sales were $2.319 billion for the quarter ended Aug. 1, 2020, a decrease of 20 percent compared to sales of $2.902 billion for the quarter ended Aug. 3, 2019. The company’s stores were closed during periods of time throughout the second quarter due to the COVID-19 pandemic. As of the end of the second quarter, most Bath & Body Works and Victoria’s Secret stores in North America have reopened.

Total Bath & Body Works second quarter sales in the United States and Canada were $1.197 billion, an increase of 13 percent compared to $1.061 billion last year. Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 191 percent to $518.6 million compared to $178.4 million last year. Bath & Body Works second quarter store comparable sales increased 87 percent during the period in which stores were open.

Total Victoria’s Secret second quarter sales in the United States and Canada were $977.5 million, a decrease of 39 percent compared to $1.606 billion last year. Sales at the Victoria’s Secret direct business, which remained open throughout the quarter, increased by 65 percent to $613.9 million compared to $373.1 million last year. Victoria’s Secret second quarter store comparable sales decreased 10 percent during the period in which stores were open.

Reported loss per share for the second quarter ended Aug. 1, 2020, was $0.18 compared to earnings per share of $0.14 for the quarter ended Aug. 3, 2019. Second quarter operating income was $44.0 million compared to $174.6 million last year, and net loss was $49.6 million compared to net income of $37.6 million last year.
details at: http://investors.lb.com/news-releases/news-release-details/l-brands-reports-second-quarter-2020-results

Related Posts

APTech Makes Strategic Investment in WhatTheyThink

The Association for PRINT Technologies (APTech) announced that it has made a strategic investment to acquire the printing industry’s leading independent media organization, WhatTheyThink. The move was unanimously approved by the APTech board and signals a continuing effort to help print businesses grow by providing a platform for education, inspiration, and connection. “We began a Strategic Business Plan in 2017, and this move is aligned with that plan and our efforts to continue to evolve as an association. We are really happy to be working more closely with an organization like WhatTheyThink that we’ve watched grow and evolve into the most important media company in the industry,” said Thayer Long, President of the Association for PRINT Technologies. “This investment signals both our commitment to our long-term business plan as well as a great deal of excitement for how aligned it is with the strategies and market position of WhatTheyThink.”

James Comey’s A Higher Loyalty Hits #1 on Barnes & Noble’s Bestseller List

Barnes & Noble, Inc. announced that James Comey’s A Higher Loyalty is the top-seller in stores nationwide and online at BN.com just one day after the book’s release. “A Higher Loyalty was an instant bestseller before it ever arrived in our stores,” said Liz Harwell, Senior Director of Merchandising, Trade Books at Barnes & Noble. “Now that it’s here it is flying off the shelves. It’s one of the best pre-publication rollouts we’ve seen in many years, due to all of the publicity surrounding the book ahead of its publication yesterday.”

Walmart Announces 3-for-1 Stock Split

Walmart Inc. announced that it will conduct a split of its outstanding shares of common stock at a ratio of 3:1. The stock split is part of Walmart’s ongoing review of optimal trading and spread levels and its desire for its associates to feel that purchasing shares is easily within reach. More than 400,000 associates participate in Walmart’s Associate Stock Purchase Plan today, which allows eligible associates to buy stock conveniently through payroll deductions and provides a 15% company match on the first $1,800 each year. “Sam Walton believed it was important to keep our share price in a range where purchasing whole shares, rather than fractions, was accessible to all of our associates,” said Doug McMillon, President and CEO of Walmart. “Given our growth and our plans for the future, we felt it was a good time to split the stock and encourage our associates to participate in the years to come. As Sam said, ‘We’re all in this together. That’s the secret.’”
Back To Top
×Close search
Search