L Brands announced its first quarter 2021 results, which showed net sales of $3.024 billion, compared to $1.654 billion the previous year.
The company's gross profit was $1.413 billion, compared to $288 million in the previous year.
Net income was $276 million, compared to $296 million.
Bath and Body Works
Bath and Body Works reported net sales of $1.469 billion, compared to $760.6 million the previous year.
Andrew Meslow, CEO of L Brands, said:
L Brands delivered record first quarter earnings, driven by continued strength and exceptional performance at Bath & Body Works and Victoria’s Secret. We are pleased that the momentum in both businesses has continued, driven by positive customer responses to our assortments, which allowed us to reduce promotional activity and deliver substantial increases in our merchandise margin rates. We’d like to express our appreciation to our associates and partners who have made these record results possible. Grounded in the strength of the two businesses, we look forward with confidence to the separation of Bath & Body Works and Victoria’s Secret into two industry-leading, publicly traded companies.
We are also pleased to continue the company’s long-standing history of giving back to our communities through a $35 million contribution in the first quarter, split between the L Brands Foundation, and two new foundations for the separate Bath & Body Works and Victoria’s Secret businesses. Since the establishment of the L Brands Foundation in 1993, we have donated more than $300 million to support thousands of organizations with a focus on health and empowerment of women, nurturing and mentoring children, improving education and enriching the cultural arts. Embedded in our focus is a commitment to diversity, equity and inclusion. As we separate Bath & Body Works and Victoria’s Secret, each business is committed to continuing to make a positive difference in the world and our communities.