The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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 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 percent at Victoria’s Secret.
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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 percent to $3.06 billion, exceeding analysts’ average estimate of $2.67 billion, according to IBES data from Refinitiv.
By Nivedita Balu; editor: Aditya Soni
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
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The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.