Victoria’s Secret permanently closes 250 US and Canada stores due to Coronavirus

At Victoria’s Secret, total sales tumbled 46 percent to $821.5 million. Store comps declined 15 percent, and sales in the direct business also fell 15 percent to $307.6 million, partially driven by the six-day closure of the direct market. In April, when the online shop was operational, and stores were closed, direct sales increased by 30 percent.

Total sales at Bath & Body Works dropped 18 percent to $712.7 million, though Bath & Body Works’ online business surged 85 percent due to an increased demand for hand sanitizers and scented soaps, the company said.

L Brands said it had $957 million in cash on hand at the end of the first quarter. Since the coronavirus epidemic, the majority of the company’s stores have been closed since March 17.

The company will not provide a second-quarter or full-year outlook due to the pandemic and anticipates the majority of its shops to reopen by the end of July.

L Brands will hold an earnings call with analysts Thursday morning. Shares of L Brands closed at $12.22 at the end of Wednesday’s trading session, down 2 percent.