L Brands Reports Better-Than-Expected Quarterly Sales - SolidRumor.com

L Brands Reports Better-Than-Expected Quarterly Sales

 L Brands Reports Better-Than-Expected Quarterly Sales

L Brands Inc. reported better-than-expected quarterly sales on Wednesday, as it benefited from a surge in demand for Bath & Body Works’ products, sending shares of the Victoria’s Secret parent nearly 6 percent higher after the bell.

A sharper focus on hygiene standards during the pandemic has boosted sales of soaps, lotions and sanitizers at Bath & Body Works, helping L Brands offset continued weakness at its Victoria’s Secret unit.

Chief Executive Officer Andrew Meslow said the results were driven by “continued strength at Bath & Body Works, and a significant improvement in performance at Victoria’s Secret.”

Comparable sales at Bath & Body Works surged 56 percent in the third quarter, while they rose 4% at Victoria’s Secret.

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 14% to $3.06 billion, exceeding analysts’ average estimate of $2.67 billion, according to IBES data from Refinitiv.

By Nivedita Balu; editor: Aditya Soni

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