L Brands, who owns and operates Bath & Body Works, Victoria’s Secret and PINK, has released financial results from their third quarter of 2020.
“L Brands reported a record third quarter, driven by exceptional results and continued strength at Bath & Body Works, and a significant improvement in performance at Victoria’s Secret,” stated Andrew Meslow, Chief Executive Officer at L Brands.
Operating income was $580 million for the retailer, with net income at $330 million. Other significant items from the report included:
- A $52.7 million pre-tax loss ($0.14 per share) on early extinguishment of debt.
- A $29.9 million pre-tax gain ($0.10 per share) related to the establishment of a joint venture for the Victoria’s Secret U.K. business with Next PLC.
- A $23.1 million net tax benefit ($0.08 per share) related to tax matters associated with foreign investments and recent changes in tax legislation.
“As we head into the holidays, our inventories are well-positioned, and we are encouraged by customers’ early response to our merchandise assortments,” added Meslow.
Source: L Brands – Press Release 11/18/20
Photo Credit: Spa & Beauty Today
About L Brands
L Brands, through Victoria’s Secret, PINK and Bath & Body Works, is an international company. The company operates 2,681 company-operated specialty stores in the United States, Canada and Greater China, and its brands are also sold in more than 700 franchised locations worldwide. The company’s products are also available online at www.BathandBodyWorks.com, www.VictoriasSecret.com and www.PINK.com.