L Brands has big plans for its growing Bath & Body Works business.
The retailer reported that fourth quarter net sales fell to $4.7 billion from $4.85 billion in the year-ago period; same-store sales fell 2%. The completed quarter is likely the last one in which L Brands will report results for Victoria’s Secret. As reported, it sold a majority stake in its intimates business to Sycamore Partners.
In its earnings statement, L Brands noted that its Bath & Body Works division reported record fourth quarter and full-year results. For the year, Bath & Body Works’ North America had a comp-sales increase of 10%, with a 5% increase in stores and a 32% increase in its direct business. Sales increased 12% to $5.170 billion.