The owner of Victoria’s Secret ended its first half with a net benefit of 77.8 million dollars, compared to the 146.5 million dollars last year.
L Brands tries to reduce the impact of the change in its business model. The American group, owner of Victoria’s Secret, has closed the first half of its fiscal year, ended 3rd of August, with a drop in its net benefit of 46.9% compared to the same period last year. The company’s revenue was 77.8 million dollars, compared to the 146.5 million dollars in the first half of 2018.
The groups revenue shrunk 1.4% between March and August, up to 5.5 billion dollars. The ebitda arrived at 102.4 million dollars, compared to the 187.2 million dollars one year earlier.
By brands, Victoria’s Secret was the one with the weakest performance in the first half of the year, with a drop of 6%, up to 2.3 billion dollars. By comparable surface, the drop was 8%. Bath&Body Works, on the other hand, boosted its benefit 10%, up to 1.9 billion dollars.
To the period ended the 3rd of August, L Brands counted with a total of 2,927 owned stores, after opening the second quarter of the year with 36 store openings and 52 closures. Most of the closures where Victoria’s Secret stores, a total of 37 only in The United States.
As for stores managed by third parties, L Brand counted at the end of the period with 687 stores. During the last quarter, the company opened 36 new stores under this model and closed other 23. Most of the closures where also Victoria’s Secret Beauty&Accessories.