Wide-moat L Brands appears to be reaching an inflection point in sales and margin performance.
While wide-moat L Brands’ first-quarter results still showed weakness (revenue declined 7% and adjusted operating margin fell 510 basis points to 8.6%), we started to see some signs that improved performance is on the horizon. First, demand improved throughout the quarter, and management expects go-forward categories to have a slight increase in comps this month. Second, total lingerie bra unit growth increased midteens in the first quarter(although total lingerie bra sales declined as lower AU...
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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