Bath & Body Works, Inc. formerly known as L Brands, Inc. reported net sales of 3.318 billion dollars for the second quarter compared to 2.319 billion dollars for the second quarter ended August 1, 2020. Sales for the quarter increased 14 percent compared to sales of 2.902 billion dollars in 2019.
Bath & Body Works’ net sales were 1.704 billion dollars compared to 1.253 billion dollars for the same quarter in 2020 and increased 54 percent compared to the same period of 2019.
Commenting on the second quarter trading, Andrew Meslow, CEO of Bath & Body Works, stated in a release: “Due to the tremendous focus and effort of the teams across our business, Bath & Body Works reported record second quarter results, with a net sales increase of 54 percent compared to the second quarter of 2019. We are also pleased to have completed the separation from Victoria’s Secret.”
Victoria’s Secret net sales were 1.614 billion dollars for the quarter compared to 1.066 billion dollars for the second quarter in 2020. Victoria’s Secret comparable sales for the quarter increased 5 percent compared to 2019.
Reported earnings per share reached 1.34 dollars compared to a loss per share of 18 cents for the quarter ended August 1, 2020. Second quarter operating income was 599.1 million dollars compared to 44 million dollars last year and net income was 374.2 million dollars compared to a net loss of 49.6 million dollars last year.
The company is forecasting third quarter earnings per share between 55 cents and 60 cents, which excludes one-time costs related to the spin-off of Victoria’s Secret, compared to adjusted earnings per share from continuing operations of 83 cents in 2020 and 20 cents in 2019.