Victoria’s Secret Parent Company Posts $296 Million Loss

Victoria's Secret plans to close about 250 stores in North America this year.

But that doesn’t mean the Angels haven’t been hurt by the pandemic. With stores closed amid the coronavirus outbreak, parent company L Brands, which also owns the Bath & Body Works brand, fell short on both top and bottom line expectations during its most recent quarter.

Even the normally lucrative Bath & Body Works business suffered during the quarter with sales slipping to $712 million, down from $870 million a year earlier. Online sales also crept up during the quarter at the candle and soap brand — comps there were up 41 percent year-over-year. In addition, L Brands said it is focused on trimming its retail fleet at the Victoria’s Secret, reducing merchandise purchases and adjusting the assortment of its lingerie and bras.

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