L Brands, Inc. (NYSE: LB) reported its financial results for the quarter ended May 2, 2020, on Wednesday after the market closes. Like other retailers, the company is not providing guidance for the second quarter or full-year 2020 given the high level of uncertainty in the current environment.
L Brands slipped to a loss in the first quarter of 2020 from a profit last year due to the closure of all of its stores due to the COVID-19 pandemic. The results included non-cash impairment charges related to certain Victoria’s Secret store assets and a tax benefit related to the favorable resolution of certain tax matters.
The company has temporarily closed down all of its Bath & Body Works, Victoria’s Secret and Pink stores in the United States and Canada, starting from March 17. The lockdown has lessened the profitability for the company, which operates 1,091 Victoria’s Secret stores and 1,739 Bath & Body Works stores in the US and Canada.
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