Limited Brands Q1
This article was originally published in The Rose Sheet
Executive Summary
Bath & Body Works sales increased 6.2% to $363.2 mil. in the first quarter, driven by product launches including CO Bigelow, Tutti Dulci and Le Couvent de Minimes, the company announces May 16. Comp store sales for B&BW were up 5%. Operating income for the division was up 85.5% to $16.9 mil., attributed to "significant leverage in buying and occupancy and SG&A costs," according to the firm. Victoria's Secret beauty experienced "modest growth with low-single digit comps," with performance of body products, color cosmetics and hair care offset by a decline in prestige fragrances, primarily the Very Sexy and Breathless sub brands, the firm says. Victoria's Secret division sales grew 5.1% to $955.2 mil.; however, comp store sales were flat, due in part to a difficult comparison with the prior year quarter. Limited Brands net sales were relatively flat at $1.97 bil., while net profit plummeted 76% to $23.1 mil. due mostly to challenges in the Express division...