In a call with analysts this week, L Brands announced a first quarter loss of 37% compared to last year, and the closure of 250 Victoria’s Secret and 50 Bath & Body Works locations in North America.
Bath & Body Works saw a 41% increase in sales this quarter, with the boost being credited to the sale of hand sanitizers and soaps.
Sarah Nash, current director and future chair of L Brands’ board, said, “We are implementing significant cost reduction actions and performance improvements at Victoria’s Secret while continuing to drive strong growth at Bath & Body Works. We will continue to make decisions and take actions with the best interests of all our stakeholders and the future of our company in mind.”
As part of L Brands’ strategy, the company is taking steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses (collectively, Victoria’s Secret) to operate as a separate, stand-alone company.
