L Brands reports rise of 26 percent in November sales
L Brands, Inc. has announced net sales of $1.596 billion for November, an increase of 25.9 percent compared to the $1.267 billion reported in the prior-year period.
The company, which owns Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, said comparable sales increased nine percent in November 2018 compared to the four weeks ended December 2 of last year.
Amid controversy and company attempts to revive slow sales, L Brands' Victoria's Secret label saw comparable sales increase two percent in November but remain flat year to date. However, maintaining its position as the company's heavy-hitter, Bath & Body Works saw a November comps increase of 18 percent, reporting a 12 percent rise year to date.
For the 43 weeks ended December 1, of 2018, L Brand's net sales also made a jump, totaling $9,980 billion, compared to sales of $9,077 billion for the equivalent period in 2017.
Company comparable sales for the 43-week period ended December 1 increased by four percent.
Last month, L Brands announced plans to cut its annual ordinary dividend in half from $2.40 to $1.20.
Following the announcement of its November sales, the company's stock was down 44.6 percent for the year to date.
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