L Brands, a US based fashion retailer of women's intimate and other apparel, has posted 8.3 per cent sales decline to $11.8 billion in its complete fiscal 2020 ended on January 30, 2021 compared to the sales of $12.9 billion in the prior fiscal. Company's net income for the year jumped to $844.4 million compared to the net loss of $366.3 million in FY19.
L Brands, a US based fashion retailer of women's intimate and other apparel, has posted 8.3 per cent sales decline to $11.8 billion in its complete fiscal 2020 ended on January 30, 2021 compared to the sales of $12.9 billion in the prior fiscal. Company's net income for the year jumped to $844.4 million compared to the net loss of $366.3 million in FY19.#
“Following on our record third quarter results, the exceptional efforts and execution of our team enabled us to deliver another record performance in the fourth quarter. We experienced consistent strength at Bath & Body Works along with continued significant improvement in performance at Victoria’s Secret,” Andrew Meslow, chief executive officer of L Brands, said in a press release.
L Brands, a US based fashion retailer of women's intimate and other apparel, has posted 8.3 per cent sales decline to $11.8 billion in its complete fiscal 2020 ended on January 30, 2021 compared to the sales of $12.9 billion in the prior fiscal. Company's net income for the year jumped to $844.4 million compared to the net loss of $366.3 million in FY19.#
Gross profit during FY20 rose to $4.6 billion ($4.4 Billion). Operating income increased to $1.5 billion ($258.4 million).
L Brands, a US based fashion retailer of women's intimate and other apparel, has posted 8.3 per cent sales decline to $11.8 billion in its complete fiscal 2020 ended on January 30, 2021 compared to the sales of $12.9 billion in the prior fiscal. Company's net income for the year jumped to $844.4 million compared to the net loss of $366.3 million in FY19.#
In FY20, sales of Bath & Body Works grew 20.1 per cent to $6.4 billion ($5.3 billion). However, Victoria’s Secret sales slipped 27.9 per cent to $5.4 billion ($7.5 billion).
L Brands, a US based fashion retailer of women's intimate and other apparel, has posted 8.3 per cent sales decline to $11.8 billion in its complete fiscal 2020 ended on January 30, 2021 compared to the sales of $12.9 billion in the prior fiscal. Company's net income for the year jumped to $844.4 million compared to the net loss of $366.3 million in FY19.#
“Looking forward, we remain focused on our strategy to deliver compelling merchandise and experiences to our customers while maintaining a safe environment. At the same time, we continue to move ahead in our plans to separate our two businesses. As a result of the collective initiatives underway, the company is well positioned to continue driving value for our shareholders.” Meslow said.
Fibre2Fashion News Desk (JL)
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