Bath & Body Provides the Silver Lining on L Brands’ Performance, Driving 2019 Profit Growth
Narrow-moat L Brands' segments continue to offer mixed results, with Bath & Body Works delivering another stellar quarter of 13% comp growth, while Victoria’s Secret’s 5% comp decline continues to languish. But with management no longer distracted by margin-dilutive brands like Henri Bendel and LaSenza, we expect a renewed focus on restoring brand equity at the lingerie business, which in turn should drive improving comp-store sales and profitability at the VS segment over the rest of 2019. ...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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