L Brands reports a drop in sales for the first quarter of 2017
The international company, which oversees brands such as Victoria’s Secret and Bath & Body Works, reported a decrease in sales for this quarter, falling 7 percent compared to last year’s earnings.
L Brands reported that net sales fell to $719.6 million for the four weeks leading up to April 29, representing a two percent drop from net sales of $737.5 million for the four weeks ending on April 30, 2016. The company also reported a drop in sales for the month of March.
For first quarter of 2017 as a whole, net sales dropped 7 percent compared to last year’s net sales, falling from $2.614 billion to $2.437 billion. After the close of the market, L Brands will report its first quarter earnings on May 17.
L Brands' flagship label Victoria's Secret, the long-time lingerie market leader, has recently been struggling to boost sales amid changing trends such as the emergence of bralettes, which are cheaper and easier to size and buy online than regular bras.
Through its brand portfolio, which also includes PINK, Bath & Body Works and La Senza, L Brands operates more than 3,000 stores worldwide. In addition to its stores in countries such as the United States, Canada and China, the branded products are also sold in more than 700 franchised locations around the world.
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