L Brands, Inc. reported net sales of $981.6 million for the five weeks ended Sept. 30, 2017, an increase of 1 percent, compared to net sales of $971.4 million for the five weeks ended Oct. 1, 2016. Comparable sales decreased 2 percent for the five weeks ended Sept. 30, 2017. For September, the exit of the swim and apparel categories had a negative impact of about 2 percentage points and 3 percentage points to total company and Victoria’s Secret comparable sales, respectively. The September hurricanes had about a 1 point negative impact to September total sales. Click Read More below for additional detail.
Following is the statement of Maria A. Pallante, AAP President and CEO, with respect to the administration’s announcement of the list of products imported from China to be subject to an additional 10% tariff:
“Today the administration announced the list of products to be subject to the additional 10% tariffs. We are pleased that the administration did not include Bibles and other religious books on the first list of products to be subject to the tariffs, and delayed tariffs on children’s books until December 15th.
However, we remain deeply concerned that a wide range of other books remain on the list, including American fiction and nonfiction books; art books; textbooks; dictionaries and encyclopedias; and technical, scientific and professional books. A tariff on books is a tax on information, and at odds with longstanding US policy of not imposing tariffs on educational, scientific and cultural materials. Just as importantly these books are part of a vital economic engine that makes significant contributions to the U.S. economy, and supports American publishers, authors, illustrators, editors, and designers, as well as distributors and book sellers.”