Victoria’s Secret’s parent company, L Brands recorded positive fourth-quarter and full-year results, with continued momentum in the Bath & Body Works brand and new revival signs within the lingerie business.
As per Women’s Wear Daily, the company’s revenues for the three-month period ending January 30 were $4.8 billion, up from $4.7 billion a year earlier. Bath & Body Works had most of the gains with $2.7 billion in sales, up from $2.2 billion a year earlier. Victoria’s Secret sales were more than $2 billion for the quarter, but down from $2.4 billion a year earlier. Total company sales for the full year were $11.8 billion, down from $12.9 billion in 2019.
Meanwhile, fourth-quarter comparable sales, which includes the brick-and-mortar and direct businesses, were up 22 percent at Bath & Body Works, but down 3 percent at Victoria’s Secret. Yet the innerwear brand’s comparable sales losses were still an improvement over the same time last year, when comparable sales fell 10 percent. For the full year, comparable sales rose 45 percent at Bath & Body Works, but just 1 percent at Victoria’s Secret.
Fourth-quarter in-store comparable sales rose 9 percent at Bath & Body Works, but fell 18 percent at the Victoria’s Secret business, which includes the Lingerie, Beauty and Pink divisions. For the year, Bath & Body Works’ store comparable sales were up 26 percent, while Victoria’s Secret’s fell 15 percent.
Even so, L Brands logged $860 million in profits during the fourth quarter, compared with a loss of $192 million a year earlier. For the full year, the company made $844 million in profits, compared with a loss of $366 million in 2019.
Sales in Victoria’s Secret’s digital channel also grew during the quarter, 33 percent, year-over-year, to $831 million, with strength in the Pink and Beauty divisions, in addition to the sleepwear, loungewear, bras and underwear categories.