L Brands has reported its results for the second quarter of the current fiscal year. The company beat analyst expectations on profit despite dwindling sales, according to a report published by CNBC.
Indeed, revenue came in at US$2.9 billion, versus US$2.98 billion for the same period last year, below estimates of US$2.95 billion. Sales of Victoria’s Secret in particular disappointed, down 6 percent during the quarter, although the group’s Bath & Body Works chain was a highlight with sales climbing 8 percent.
“Bath & Body Works continues to deliver strong results with an 8 percent comp increase and a 7 percent increase in operating income,” the company said in a statement released ahead of its earnings call.