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L Brands Shows Improved Q3 Results

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L Brands' Bath & Body Works has been resilient in 2020.

L Brands, Inc.'s 2020 third quarter operating income totaled $580.6 million, compared to an operating loss of $151.2 million in 2019, while net income was $330.6 million compared to a net loss of $252.0 million last year.

The company reported net sales of $3.055 billion for the 13 weeks ended Oct. 31, 2020, compared to net sales of $2.677 billion for the quarter ended Nov. 2, 2019.

Comparable sales increased 28% for the quarter ended Oct. 31, 2020. 

Andrew Meslow, CEO of L Brands, said, “L Brands reported a record third quarter, driven by exceptional results and continued strength at Bath & Body Works, and a significant improvement in performance at Victoria’s Secret. On behalf of the board of directors and the management team, I’d like to express our sincere appreciation to our associates, whose hard work and dedication during these unprecedented times made these results possible. As we head into the holidays, our inventories are well-positioned, and we are encouraged by customers’ early response to our merchandise assortments. However, we are cautious about our ability to exceed last year’s fourth quarter sales and earnings results, given anticipated constraints on store traffic, online fulfillment and shipping capacity, as well as other uncertainties related to the COVID pandemic. We are confident in the strength of our brands and remain focused on execution and delivering the best possible outcome for the fourth quarter.”