Revenues of L Brands the Columbus, Ohio-based owner of Victoria’s Secret and Bath & Body Works declined 37.1 per cent in the first quarter of 2020 that ended May 2, 2020. The company’s net sales declined to $1.654 billion from $2.629 billion in the prior-year period, largely due to the fact that the retailer’s stores have been closed since March 17, in response to the ongoing Covid-19 pandemic.
The largest decline was seen at the Victoria’s Secret the lingerie brand, whose sales declined from $1.5 billion to $821.5 million. The sales of Bath & Body Works saw a less notable decrease. Its sales declined to $712.7 million from $870.7 million recorded in the same period in the previous year. The brand’s direct business achieved a year-over-year increase of 85 per cent in sales, which totaled $288.9 million, compared to $156.4 million.
Overall, L Brands reported a net loss of $296.9 million plummeting from net income of $40.3 million in Q1 2019.