For the first quarter, L Brands’ net sales rose eight per cent compared to the first quarter of 2017. Comparable sales for the period rose three per cent.
Net sales for the four weeks ended May 5, 2018, were up four per cent as compared to the four-week period ended April 29, 2017. Comparable sales, however, were flat, negatively impacted by Easter’s shift from April to March this year.
The month’s performance continues the roll of net sales improvements that L Brands has been reporting since January, although the rise is comparatively low compared to previous months, in which net sales growth oscillated between seven per cent and 11.5 per cent.
The company now expects to see first quarter earnings per share at the lower end of its previous guidance.
L Brands is an international company that sells lingerie, personal care and beauty products, apparel and accessories. Among its brands are Victoria's Secret, La Senza and Henri Bendel. The company operates more than 3,000 company-owned specialty stores in the United States, Canada, the United Kingdom, Ireland and Greater China, and its brands are sold in more than 800 franchised locations worldwide.
A decline in lingerie sales and Victoria's Secret Pink brand of apparel dragged down overall results.
