L Brands’ March Sales Report Has Little Impact on Our Investment Thesis; Shares Still Undervalued
Wide-moat L Brands announced that comparable sales for the nine weeks ended April 1 decreased 11% with the exit of swim and apparel products having a negative 6 percentage point impact. Victoria’s Secret March comparable sales were down 13%, while Bath and Body Works March comps were flat. Although Bath and Body Works’ sales were slightly better than our expectations (calling for a comparable sales decline), these data points have had little impact on our near- and long-term expectations, and we...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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