US based fashion retailer of women's intimate and other apparel L Brands 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. The company's net income for the year jumped to $844.4 million compared to the net loss of $366.3 million in FY19.
The retailer’s gross profit during FY20 rose to $4.6 billion while operating income increased to $1.5 billion.In FY20, sales of Bath & Body Works grew 20.1 per cent to $6.4 billion. However, Victoria’s Secret sales slipped 27.9 per cent to $5.4 billion.
Looking forward, the retailer aims to remain focused on delivering compelling merchandise and experiences to its customers while maintaining a safe environment. It also plans to continue moving ahead in its plans to separate its two businesses.
