US fashion retailer L Brands’ Q1 FY21 sales grow 83% to $3.0 bn

L Brands, a US based fashion retailer, has reported 82.8 per cent sales growth to $3.0 billion in its first quarter (Q1) of FY21 that ended on October May 1, 2021, compared to the sales of $1.6 billion in the corresponding period of previous fiscal. The company’s net income for the quarter jumped to $276.6 million (Q1 FY20: net loss of $296.9 million).

“L Brands delivered record first quarter earnings, driven by continued strength and exceptional performance at Bath & Body Works and Victoria’s Secret. We are pleased that the momentum in both businesses has continued, driven by positive customer responses to our assortments, which allowed us to reduce promotional activity and deliver substantial increases in our merchandise margin rates,” Andrew Meslow, chief executive officer of L Brands, said in a press release.

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