L Brands Reports First Quarter 2020 Results

L Brands, Inc. (NYSE: LB) today reported first quarter results.

On May 4, 2020, the company outlined its go-forward strategy to drive long-term shareholder value. As part of this strategy, the company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses to operate as a separate, standalone company.

The company reported net sales of $1.654 billion for the first quarter ended May 2, 2020, compared to sales of $2.629 billion for the quarter ended May 4, 2019. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic.

Total Bath & Body Works first quarter sales in the United States and Canada were $712.7 million compared to $870.7 million last year. Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 85 percent to $288.9 million compared to $156.4 million last year. Bath & Body Works first quarter store comparable sales increased 20 percent during the period in which stores were open.

The company reported a loss per share of $1.07 for the first quarter ended May 2, 2020, compared to earnings per share of $0.14 for the quarter ended May 4, 2019. First quarter operating loss was $317.7 million compared to operating income of $153.3 million last year, and net loss was $296.9 million compared to net income of $40.3 million last year.
more detail at: http://investors.lb.com/news-releases/news-release-details/l-brands-reports-first-quarter-2020-results

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