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L Brands posts 7 percent decrease in March net sales

By Prachi Singh

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Business

L Brands reported net sales decrease of 7 percent to 951.4 million dollars for the five weeks ended April 1, 2017, compared to net sales of 1.027 billion for the five weeks ended April 2, 2016. The company said, comparable sales for the period decreased 10 percent and were negatively impacted by the later Easter this year by approximately 2 to 3 points.

L Brands said in a statement that for March, the exit of the swim and apparel categories had a negative impact of 7 percentage points and 10 percentage points to total company and Victoria’s Secret comparable sales, respectively.

The company reported net sales of 1.717 billion dollars for the nine weeks ended April 1, 2017, a decrease of 8 percent compared to sales of 1.876 billion dollars for the nine weeks ended April 2, 2016. Comparable sales decreased 11 percent. For the nine week period, the company added, exit of the swim and apparel categories had a negative impact of 6 percentage points and 9 percentage points to total company and Victoria’s Secret comparable sales, respectively.

Picture:Victoria's Secret website

L BRANDS