L Brands, The Parent Company Of Vimy, Lost $49.6 Million In Revenue In The Second Quarter

L brands, the parent company of Vimy, reported earnings for the second quarter ending August 1, 2020, with net sales of $2.319 billion, down 20% from a year earlier.

L brands' second quarter revenue was $44 million, a loss of $49.6 million over the same period last year, compared with a net income of $37.6 million in the same period last year.

Victoria Secret's total sales in the United States and Canada in the second quarter were $977.5 million, down 39% from $1.606 billion last year. Sales of Victoria's Secret direct business remained open throughout the quarter, up 65% from $373.1 million last year to $613.9 million. During the store's opening, Victoria's Secret second quarter store comparable sales fell 10%.

Bath & Body Works' total sales in the United States and Canada in the second quarter were $1.197 billion, up 13% from $1.061 billion in the same period last year. Sales of Bath & Body Works direct business, which remained open throughout the quarter, increased 191% to $518.6 million. During the store opening period, comparable store sales at Bath & Body Works increased 87% in the second quarter.

L brands said it did not provide a profit forecast for the third quarter or full year of 2020, given the continuing high degree of uncertainty in the current environment.