As per IBS data from Refinitiv, L Brands Inc reported better-than-expected sales in third quarter as it benefited from a surge in demand for Bath & Body Works’ products. The company benefited from a sharper focus on hygiene standards during the pandemic which helped it to offset continued weakness at its Victoria’s Secret unit.
Andhre Meslow, CEO, believes the results were driven by continued strength at Bath & Body Works, whose comparable sales surged by 56 percent, improvement in performance of Victoria’s secret, whose sales grew by 4 per cent. The company reported a net income of $330.6 million, or $1.17 per share, compared with a loss of $252 million, or 91 cents per share, a year earlier, when it recorded some impairment charges. Net sales rose by 14 per cent to $3.06 billion, exceeding analysts’ average estimate of $2.67 billion.