L Brands reports wider Q1 loss, sales decline

L Brands, Inc. reported net sales of 1.654 billion dollars for the first quarter ended May 2, 2020 compared to 2.629 billion dollars for the quarter ended May 4, 2019. The company said in a statement that loss per share was 1.07 dollars compared to earnings per share of 14 cents for the same quarter last year, while operating loss was 317.7 million dollars compared to operating income of 153.3 million dollars last year, and net loss was 296.9 million dollars compared to net income of 40.3 million dollars last year.

Total Bath & Body Works sales in the United States and Canada were 712.7 million dollars compared to 870.7 million dollars last year. Sales at the Bath & Body Works direct business, which remained open throughout the quarter, increased by 85 percent to 288.9 million dollars, while comparable sales increased 20 percent during the period in which stores were open. Total Victoria’s Secret sales declined to 821.5 million dollars compared to 1,511 million dollars last year.

Excluding the certain net charges, L Brands added, adjusted first quarter loss per share was 99 cents compared to earnings per share of 14 cents last year, while adjusted operating loss was 220.9 million dollars compared to operating income of 153.3 million dollars last year, and adjusted net loss was 275.2 million dollars compared to net income of 40.3 million dollars last year.

Almost all of the company’s stores have been closed since March 17 due to the Covid-19 pandemic.

Picture:L Brands media gallery