L Brands’ 2Q Top Line Declines as We Expected, but Signs of Life Ahead; Shares Undervalued
As we expected, L Brands’ second-quarter top-line results continued to reflect the impact of the exit of swim and apparel, as well as comparable sales declines in go-forward categories. By brand, second-quarter sales at Victoria’s Secret decreased 12% and comps decreased 14%, with a negative impact of exiting swim and apparel of 9 points. Second-quarter sales for Bath & Body Works increased 7% on a 6% increase in comparable sales. Overall, second-quarter revenue came in at $2.755 billion on ...L Brands is a holding company. Through its subsidiaries, the company is a specialty retailer of women's intimate and other apparel, personal care, beauty and home fragrance products. The company sells its merchandise through company-owned specialty retail stores in the U.S., Canada, the U.K., Ireland and Greater China, and through its websites and other channels. The company's other international operations are primarily through franchise, license and wholesale partners. The company has three reportable segments: Victoria's Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. The company operates the following retail brands: Victoria's Secret, PINK and Bath & Body Works.
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