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ETF News

L Brands quarterly sales fall 37%

May 20 (Reuters) - L Brands Inc reported a 37% slump in quarterly net sales on Wednesday, hit by weak demand for its Victoria’s Secret lingerie brand amid the COVID-19 pandemic.

Columbus, Ohio-based L Brands posted a net loss of $296.9 million, or $1.07 per share, in the first quarter ended May 2, compared with a profit of $40.3 million, or 14 cents per share, a year earlier.

Net sales decreased to $1.65 billion from $2.63 billion. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)

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