(Filed Under wholesale Lingerie News). Victoria’s Secret and Pink comparable store and direct sales fell 3% in the three months ended January 30, 2021. The results included company-operated stores in the U.S., Canada, Greater China and the U.K. (before a joint venture in which a U.K. retailer took a majority stake in operations there).
Direct sales for the lingerie brands have surged recently, and when that business is deducted, it was revealed that the brick and mortar store business in those locations fell 18% in the period. Parent company L Brands noted that “stores are excluded from the comparable sales calculation when they have been closed for four consecutive days or more. Therefore, comparable sales results for 2020 exclude periods of time that stores were closed for four consecutive days or more as a result of the COVID-19 pandemic.”
In the fourth quarter, total Victoria’s Secret and Pink store sales in the U.S. and Canada fell 29.5%, from $1.6493 billion last year to $1.1623 billion. For the year, total Victoria’s Secret and Pink store sales in the U.S. and Canada fell 45.3%, from $5.1115 billion last year to $2.7951 billion in the twelve months ended January 30, 2021.
Victoria’s Secret and Pink direct business in the fourth quarter jumped 32.7%, from $626.5 million to $831.1 million. For the full year, that direct business rose 31.3%, from $1.6930 billion to $2.2227 billion.
Total Victoria’s Secret and Pink sales for the fourth quarter (which includes income from international franchises and other business), fell 15.2%, from $2.4762 billion last year, to $2.0997 billion. For the full fiscal 2020 year, total Victoria’s Secret and Pink sales fell 27.9%, from $7.5088 billion to $5.4128 billion.
L Brands stated “Victoria’s Secret [including Pink] adjusted fourth quarter operating income increased $209.8 million, or 108%, to $403.4 million.”
For the year, L Brands as a whole reported a profit of $844.5 million on sales of $11.8 billion, compared to a loss of $366.4 million on sales of $12.9 billion for the year ended February 1, 2020.
L Brands CEO Andrew Meslow stated, “following on our record third quarter results, the exceptional efforts and execution of our team enabled us to deliver another record performance in the fourth quarter. We experienced consistent strength at Bath & Body Works along with continued significant improvement in performance at Victoria’s Secret." He added, "we continue to move ahead in our plans to separate our two businesses.” — NM
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