Second quarter sales sag for Victoria’s Secret owner

Second-quarter net sales fell by 8 per cent year on year to US$2.7 billion for Victoria’s Secret owner L Brands.

The company says there was a negative impact of about six points with the exit from the swimwear and apparel categories, which particularly hit Victoria’s Secret comparable sales (nine points).

Operating income was $300.9 million, down from $408.2 million for the same quarter last year, while net income slid to $138.9 million from $252.4 million.

Overall the brand finished the quarter with 3077 stores, down from 3074 with 27 openings and 24 closures. For Victoria’s Secret, store numbers were 1174, down from 1177 with six openings and nine closures.

As well as Victoria’s Secret, L Brands owns Bath & Body Works, Henri Bendel, La Senza and Pink. The company runs 3077 specialty stores in the US, Canada, the UK and Greater China, with its brands being sold in more than 750 franchised locations internationally as well as online.