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US fashion retailer L Brands' Q1 FY21 sales grow 83% to $3.0 bn
25 May 21 2 min read
L Brands, a US based fashion retailer, has reported 82.8 per cent sales growth to $3.0 billion in its first quarter (Q1) of FY21 that ended on October May 1, 2021, compared to the sales of $1.6 billion in the corresponding period of previous fiscal. The company's net income for the quarter jumped to $276.6 million (Q1 FY20: net loss of $296.9 million).
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“L Brands delivered record first quarter earnings, driven by continued strength and exceptional performance at Bath & Body Works and Victoria’s Secret. We are pleased that the momentum in both businesses has continued, driven by positive customer responses to our assortments, which allowed us to reduce promotional activity and deliver substantial increases in our merchandise margin rates,” Andrew Meslow, chief executive officer of L Brands, said in a press release.
Gross profit for Q1 FY21 grew to $1.4 billion ($288.6 million), while operating income increased to $572.0 million (loss: $317.7 million).
Sales of Bath & Body Works for the reported period rose to $1.4 billion ($760.6 million), whereas Victoria’s Secret sales were up to $1.5 billion ($893.6 million).
“We are also pleased to continue the company’s long-standing history of giving back to our communities through a $35 million contribution in the first quarter, split between the L Brands Foundation, and two new foundations for the separate Bath & Body Works and Victoria’s Secret businesses,” Meslow added. “As we separate Bath & Body Works and Victoria’s Secret, each business is committed to continuing to make a positive difference in the world and our communities.”
Fibre2Fashion News Desk (JL)
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