Earnings

L Brands (LB) says holiday same-store sales rose 5%

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Shoppers stand in line as they wait for a Victoria’s Secret store to open on Black Friday, at the Tysons Corner Center, in Tysons, Virginia, November 27, 2020.

Hannah McKay | Reuters

Victoria’s Secret parent L Brands said Thursday its same-store sales during the holiday period grew 5%, compared with a 3% drop a year ago, as shoppers bought more lounge wear, hand soap and candles ahead of the new year.

CEO Andrew Meslow said the company’s holiday results “significantly exceeded our initial expectations,” as efforts to cut back on promotions and sell more products at full price paid off.

The retailer, which also owns Bath & Body Works, is now calling for fourth-quarter earnings to be between…



Source cnbc.com

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