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L Brands reports FY19 net sales of $12.914 billion

27
Feb '20

Pic: L Brands

L Brands, a US based fashion retailer, reported a marginal 1 per cent reduction in net sales to $12.914 billion in fiscal 2019, that ended on February 1, 2020. Net sales in the Q4 FY19 fell 2 per cent to $4.707 billion compared to $4.852 billion in the same period prior year. The Bath & Body Works business reported record results in Q4 and full FY19.

Company's operating income in Q4 FY19 was $81.7 million compared to $799.4 million same period prior year. L Brand reported net loss of $192.3 million compared to net income of $540.1 million in same period prior year.

Operating income for full year was reported at $258.4 million compared to $1.237 billion last year. The reported net loss was $366.4 million compared to net income of $643.9 million last year.

For the full year, Bath & Body Works North America segment comparable sales increased 10 per cent, including a 5 per cent increase in stores and a 32 per cent increase in the direct business. Sales increased 12 per cent to $5.170 billion and operating income increased 11 per cent to $1.191 billion.

In the Victoria's Secret North America segment, sales for the full year declined 8 per cent to $6.805 billion. The full-year reported operating loss, which reportedly includes significant items of $730.7 million in non-cash impairment charges, was $616.1 million.

Fibre2Fashion News Desk (JL)

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