Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States —L Brands Inc. reported a 63 percent rise in same-store sales on Wednesday, helped by strong demand for Bath & Body Work's sanitizers and hand creams, sending its shares up about 4 percent in extended trading. The strong growth was fuelled by the skincare brand, which posted 123 percent increase in comparable sales in the second quarter. Victoria's Secret saw comparable sales increase 28 percent in the same quarter.
Net sales came in at $2.32 billion, compared with Wall Street estimates of $2.21 billion, according to IBES data from Refinitiv.
The company reported a net loss of $49.6 million, or 18 cents per share, in the second quarter ended Aug. 1, compared with a profit of $37.6 million, or 14 cents per share, a year earlier.
By Nivedita Balu; editor: Shinjini Ganguli