Thread by @Catie1130, $LB sales -37% due to COVID closures Plan to close 250 VS/PINK [...]

Catie McKee

Catie1130

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$LB sales -37% due to COVID closures

Plan to close 250 VS/PINK stores (N. America) this year

Still committed to separating Bath & Body Works from VS brands

Victoria's Secret parent L Brands (LB) reports Q1 earnings https://www.cnbc.com/2020/05/20/victorias-secret-parent-l-brands-lb-reports-q1-earnings.html

Victoria's Secret parent L Brands sales tumble 37%, with stores shut during coronavirus pandemic

L Brands said Wednesday it still remains committed to make Bath & Body Works a "pure-play public company," with Victoria's Secret operating as another standalone business.

https://www.cnbc.com/2020/05/20/victorias-secret-parent-l-brands-lb-reports-q1-earnings.html

Still a tale of 2 brands at $LB:
- While overall $ sales -37% (incl. impact of temp closures), this was -18% for Bath & Body Works, -46% for VS
- B&BW fared better given comp store sales +20% while open & online sales +85%
- VS comp store sales -15% while open & online sales DOWN

Digging into $LB store closure forecast for 2020, looks like 288 store closures planned for US (11% of US store fleet), clearly focused on Victoria’s Secret brand:

235 VS (26% of stores!!)

50 B&BW (3%)

3 Pinks (2%)

*Note: Bath & Body Works sells hand sanitizer & hand soap - wonder how much this boosted performance. Would have outperformed VS brand anyway but I am sure that helped. I mean who wouldn’t want a “Black Cherry Merlot” flavored hand sanitizer??

$LB

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