L Brands Posts Q2 Loss

L Brands Inc. (LB), the parent company of Victoria's Secret brand, Wednesday posted a loss for the second quarter compared to a profit last year, as revenues plunged 20% hurt largely by coronavirus pandemic.

Columbus, Ohio-based L Brands reported second -quarter loss of $49.597 million or $0.18 per share, compared to profit of $37.596 million or $0.14 per share last year.

Adjusted earnings for the second quarter were $0.25 per share, up from $0.24 per share last year. On average, 26 analysts polled by Thomson Reuters estimated loss of $0.42 per share for the quarter.

L Brands' sales for the quarter plunged 20% $2.319 billion from $2.902 billion last year. Analysts had a consensus revenue estimate of $2.21 billion for the quarter.

As of the end of the second quarter, most Bath & Body Works and Victoria's Secret stores in North America have reopened.

Total Bath & Body Works sales in the United States and Canada were $1.197 billion, an increase of 13%, while Bath & Body Works direct business, which remained open throughout the quarter, increased by 191% to $518.6 million.

Total Victoria's Secret second quarter sales in the United States and Canada were $977.5 million, a decrease of 39%, while Victoria's Secret direct business, which remained open throughout the quarter, increased by 65% to $613.9 million.

LB closed Wednesday's trading at $28.47, up $0.29 or 1.03%, on the NYSE. The stock further gained $0.03 or $0.11 in the after-hours trade.

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