US-based fashion retailer L Brands has unveiled its financial results for five weeks ended April 1, 2017. During the period under review, the retailer recorded a 7 per cent decrease in net sales to US $ 951.4 million compared to net sales of US $ 1.027 billion for the five weeks ended April 2, 2016.
Comparable sales for the five weeks period decreased 10 per cent and were negatively impacted by the later Easter this year by approximately 2 to 3 points. For March, the exit of the swim and apparel categories had a negative impact of 7 percentage points and 10 percentage points to total company and Victoria’s Secret comparable sales, respectively.
The company reported net sales of US $ 1.717 billion for the nine weeks ended April 1, 2017, a decrease of 8 per cent compared to sales of US $ 1.876 billion for the nine weeks ended April 2, 2016.
Comparable sales for the nine-week period dropped 11 per cent. The exit of the swim and apparel categories had a negative impact of 6 percentage points and 9 percentage points to total company and Victoria’s Secret comparable sales, respectively.
Also Read – L Brands’ February sales dip
L Brands, operates 3,078 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are sold in more than 750 additional franchised locations worldwide. The company’s products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.
