L Brands-owned Victoria’s Secret. Shutterstock.
The retail company, which announced plans to spin off Victoria’s Secret earlier this month, reported revenue of $3 billion for the quarter ended May 1, an over 80 percent increase from $1.65 billion last year in the midst of the Covid-19 pandemic, and up 15 percent compared to sales of $2.6 billion in the Q1 of 2019. Bath & Body Works sales increased 60 percent compared to the first quarter of 2019. Comparable sales at Victoria’s Secret increased 9 percent in 2021 from 2019.
L Brands projected second quarter sales will increase between 10 and 15 percent compared to 2019. Due to the still uncertain retail environment and upcoming separation of the Bath & Body Works and Victoria’s Secret businesses set for August 2021, the company neglected to provide earnings guidance for the full year.