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L Brands (LB) – Get Report shares rose Thursday after the owner of Bath & Body Works and Victoria’s Secret switched to third-quarter earnings, highlighted by a 55% jump in sales of personal hygiene products including soap and sanitizer Hands.
L Brands posted a profit of $ 330. 6 million, or $ 1. 17 shares vs.. A loss of $ 252 million, or 91 cents a share, in the same quarter last year. The analysts polled by FactSet were expecting a profit of 12 cents a share.
Sales were $ 3. $ 06 billion in the quarter ended October. 31, well above analysts’ expectations of $ 2. 7 billion, driven in large part by rising e-commerce sales both in Bath & Body Works and in Victoria’s Secret, another popular brand..
Personal hygiene products like hand sanitizers and soaps boosted sales of Bath & Body Works to $ 1. 7 billion. Meanwhile, Victoria’s Secret achieved higher sales of pajamas and sleepwear thanks to the pandemic-driven demand for « stacked » clothing, although overall sales fell 14% to $ 1. 35 billion.
L Brands had been struggling with their Victoria’s Secret brand even before the outbreak. In February, the company struck a $ 525 million deal to sell the trademark to the private equity firm Sycamore Partners, just weeks before the outbreak..
He sued the Sycamore in April to stop the deal. L Brands canceled the deal in early May, prompting longtime L Brands president Les Wexner to step down as CEO..
L Brands, Victoria’s Secret, NYSE: LB, Stock, Bath & Body Works
World News – CA – Bath & Body Works helps drive dividends for the L brands and their stocks
Ref: https://www.thestreet.com
