Victoria’s Secret Reveals Mid-quarter Revenues; Updates Guidance
The Victoria’s Secret’s spin-off continues in full swing.
Parent company L Brands, which includes the Bath & Body Works business, revealed a mid-quarter earnings update Tuesday after the market closed, with net sales increasing by nearly a billion dollars in the quarter to date.
Total revenues for the nine weeks ending July 3, or L Brands’ second-quarter fiscal year 2021, were $2.35 billion, compared with $1.36 billion during the same period a year ago. By brand, Bath & Body Works revenues were more than $1.2 billion quarter to date, compared with $743 million last year, while Victoria’s Secret’s revenues were more than $1.1 billion, compared with $625 million.
The company pointed out that 2020’s second quarter was negatively impacted — as nearly all retailers were — by temporary store closures during the pandemic. But sales during the first nine weeks of the current quarter also surpass 2019’s pre-pandemic sales of $2.1 billion. That’s an increase of 12 percent.
Second quarter-to-date sales were also negatively impacted by a later start to both brands’ semiannual sales, compared with sales in 2019.
L Brands now expects second-quarter earnings-per-share to be between $1.20 and $1.30 a piece, compared with its previous guidance of $0.80 to $1.00, as a result.
