L Brands hit by sagging Victoria’s Secret sales
L Brands, which owns the Victoria’s Secret, Pink and Bath & Body Works brands, has reported positive comparable and net sales for December.
However, Victoria’s Secret sales failed to pick up during the holiday season.
Net sales reached US$2.5 billion for the five weeks ended December 30, up 3 per cent compared to the same period the previous year, while comparable sales increased 1 per cent.
Bath & body Works sales rose 4 per cent while Victoria’s Secret comparable sales declined 1 per cent. Minus the effect of online sales, Victoria’s Secret comparable-store sales fell 6 per cent.
This follows Victoria’s Secret brand quitting the swim and apparel categories.
For the 48 weeks to the end of December, the company reported net sales of $11.5 billion, down from $11.7 billion. Comparable sales dropped 4 per cent.