L Brands has announced its fourth quarter 2020 results showed an operating income of $1.273 billion, compared with $81.7 million the previous year.
The company also reported a net income of $860.3 million, compared with a net loss of $192.3 million last year.
Net sales were up; $4.818 billion for the fourth quarter, compared with net sales of $4.707 billion for the fourth quarter ending Feb. 1, 2020.
All in all, the company's fourth quarter gross profit was $2,306,920 million, compared with $1,793,687 million the previous year.
Full-Year Results
Full-year results showed the company's operating income was $1.580 billion, compared with $258.4 million last year, and net income was $844.5 million versus a net loss of $366.4 million last year.
Net sales, however, reached $11.847 billion for the year ending Jan. 30, 2021, compared with $12.914 billion for the year ending Feb. 1, 2020.
Full-year results showed a gross profit of $4,666,498 million, compared to $4,450,443 million the previous year.
Bath & Body Works
Fourth quarter sales in the direct channel increased 74% at Bath & Body Works. Comparable sales for the full year increased by 21%, consisting of a 45% increase at Bath & Body Works.
Bath & Body Works in particular reported $2.718 billion in fourth quarter sales, compared with $2.23 billion the previous year.
The brand's full year sales reached $6.434 billion, compared with $5.355 billion in 2019.
Andrew Meslow, CEO of L Brands, stated, “Following on our record third quarter results, the exceptional efforts and execution of our team enabled us to deliver another record performance in the fourth quarter. We experienced consistent strength at Bath & Body Works, along with continued significant improvement in performance at Victoria’s Secret."
He added, "Looking forward, we remain focused on our strategy to deliver compelling merchandise and experiences to our customers while maintaining a safe environment. At the same time, we continue to move ahead in our plans to separate our two businesses. As a result of the collective initiatives underway, the company is well positioned to continue driving value for our shareholders.”
