L Brands sales rise 14.1% to $3.0 bn in Q3 FY20

20 Nov '20

2 min read

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L Brands, a US based fashion retailer, has reported 14.1 per cent sales growth to $3.0 billion in its third quarter (Q3) fiscal 2020 that ended on October 31, 2020, compared to the sales of $2.6 billion in same period last fiscal. Company's net income for the quarter jumped to $330.5 million compared to the net loss of $251.9 million in Q3 FY19.

Gross profit for the quarter grew to $1.3 billion ($740.5 million). Operating income increased to $580.6 million (loss: $151.2 million).

“L Brands reported a record third quarter, driven by exceptional results and continued strength at Bath & Body Works, and a significant improvement in performance at Victoria’s Secret,” Andrew Meslow, chief executive officer of L Brands, said in a press release.

Sales of Bath & Body Works during Q3 FY20 grew 54.9 per cent to $1.7 billion ($1.0 billion). However, Victoria’s Secret sales slipped 14.1 per cent to $1.3 billion ($1.5 billion).

“As we head into the holidays, our inventories are well-positioned, and we are encouraged by customers’ early response to our merchandise assortments. However, we are cautious about our ability to exceed last year’s fourth quarter sales and earnings results, given anticipated constraints on store traffic, online fulfilment and shipping capacity, as well as other uncertainties related to the Covid pandemic,” Meslow said.

Fibre2Fashion News Desk (JL)

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