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Victoria’s Secret owner L Brands posts upbeat Q4 earnings

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Victoria's Secret owner L Brands posts upbeat Q4 earnings
L Brands, Inc. reported earnings per share of 3.03 dollars for the fourth quarter compared to a loss per share of 70 cents for the same quarter last year. The company said, operating income for the quarter was 1.273 billion dollars compared to 81.7 million dollars last year, and net income was 860.3 million dollars compared to a net loss of 192.3 million dollars last year.

Commenting on the trading results, Andrew Meslow, Chief Executive Officer of L Brands, stated in a statement: “We experienced consistent strength at Bath & Body Works along with continued significant improvement in performance at Victoria’s Secret. As a result of the collective initiatives underway, the company is well positioned to continue driving value for our shareholders.”

L Brands posts increase in comparable Q4 sales

On an adjusted basis, fourth quarter earnings per share increased 61 percent to 3.03 dollars compared to adjusted 1.88 dollars last year, operating income increased 58 percent to 1.273 billion dollars and net income was 860.3 million dollars compared to adjusted 523.7 million dollars last year.

Bath & Body Works fourth quarter operating income increased 250 million dollars or 38 percent to 913.7 million dollars, while Victoria’s Secret adjusted operating income increased 209.8 million dollars or 108 percent to 403.4 million dollars.

The company reported net sales of 4.818 billion dollars compared to 4.707 billion dollars for the fourth quarter ended February 1, 2020. Comparable sales increased 10 percent, consisting of a 22 percent increase at Bath & Body Works and a 3 percent decrease at Victoria’s Secret. Fourth quarter sales in the direct channel increased 74 percent at Bath & Body Works and 33 percent at Victoria’s Secret.

L Brands posts full-year earnings of 3 dollars per share

For the full year, L Brands reported earnings per share of 3 dollars compared to a loss per share of 1.33 dollars. Full-year operating income was 1.580 billion dollars compared to 258.4 million dollars last year and net income was 844.5 million dollars compared to a net loss of 366.4 million dollars last year.

The company added that adjusted full-year earnings per share increased 51 percent to 3.46 dollars compared to 2.29 dollars last year; adjusted operating income increased 47 percent to 1.808 billion dollars compared to 1.231 billion dollars last year; and adjusted net income was 974.5 million dollars compared to 637.3 million dollars last year.

Net sales for the year were 11.847 billion dollars compared to 12.914 billion dollars for the year ended February 1, 2020. Comparable sales increased 21 percent, consisting of a 45 percent increase at Bath & Body Works and a 1 percent increase at Victoria’s Secret. Full year sales in the direct channel increased 109 percent at Bath & Body Works and 31 percent at Victoria’s Secret.

The company is forecasting first quarter earnings per share between 35 cents and 45 cents, which represents substantial growth compared to last year when stores were closed for the majority of the quarter.

Picture:L Brands resources

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Fashion

Nilit partners with The Ocean Foundation

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Image: Sensil Facebook

Nylon brand Nilit has partnered with The Ocean Foundation on its Blue Resilience Initiative.

Joining The Ocean Foundation’s Blue Resilience Initiative, the collaboration aims to protect essential ocean meadows and other coastal habitats. According to Nilit, marine grasslands are being damaged at the rate of two football fields per hour. As important oceanic ecosystems, the grasslands help to reduce global warming by taking CO2 from the atmosphere.

Nilit, which also owns sustainable brand Sensil, has previously stated that protecting the oceans and reducing CO2 is part of its Total Product Sustainability Program. Recently, it reduced CO2 emissions at its main facility, and has utilised clean energy techniques at its manufacturing plants.

“NILIT and The Ocean Foundation can affect both sides of the ocean health equation and, together, make a more substantial impact on the well-being of our oceans and our planet,” said head of global marketing at Nilit, Sagee Aran.

The Ocean Foundation’s Blue Resilience Initiative focuses on coastal reconstruction and providing carbon offsets for foundations, corporations, donors and events. Its work notes the ecological and social impact that coastal areas have on the world, with man made infrastructure degrading nature’s natural defense mechanisms. The Blue Initiative seeks to restore and protect these coastal habitats.

“We are excited to join in The Ocean Foundation’s crucial work to protect the marine ecosystems that sustain life in the oceans and on land,” said Aran. “The Ocean Foundation investment, we have expanded our vision far beyond the traditional supply chain structure so that we can more rapidly and effectively bring about positive environmental impact.”

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Nordstrom and Nike partner with Black Owned Everything

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Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything

Multibrand retailer Nordstrom has launched a partnership with marketplace Black Owned Everything, a platform promoting Black-owned businesses, and its founder Zerina Akers.

The collaboration sees Akers and Nordstrom come together on a curated selection featuring four Black-owned brands, displayed alongside new Nike and Jordan collections in the Nordstrom x Nike dedicated online space.

Labels included in the curation are William Okpo, Sammy B, L’Enchanteur and handbag designer Brandon Blackwood.

Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything

“When we launched Black Owned Everything back in February of this year, partnerships like Nordstrom x Nike were exactly the type of activations I had in mind to amplify the reach of the Black designers whom I work with and mentor,” said Akers, in a release.

She continued: “This intersection of well-established brands and emerging designers is where the progress of Black Owned Everything’s mission takes place.

“The inclusion of these selected designers is a big step for their individual career paths and an even bigger step in the right direction for the American marketplace and beyond.

Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything

“This curation is a fun mix of fashion and lifestyle pieces for the people who are keen to street trends and enjoy functionality.”

Simultaneous with the online presence of the collection, Black Owned Everything merchandise will also be available at four Nordstrom x Nike pop-ups in US-based Nordstrom stores.

Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything
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Sustainable flea market site Farly to launch in UK

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Image: Farly
Image: Farly

Fashion marketplace Farly has announced it is set to launch in the UK on November 11, bringing its flea market approach of resale to new vintage-loving consumers.

Marketed as a virtual flea market, the site hopes to reinvent shopping in a fun and carefully curated way. Its concept revolves around virtual shop windows and mood boards intended to inspire visitors.

Farly looks to appeal to independent sellers, small retailers, artists and curators, providing potential users with the option to design their own shop window through image uploads and editing tools, helping to enhance their offering.

Image: Farly
Image: Farly

“As the world prepares for the United Nations Climate Change Conference (COP26) summit this November, the importance of climate change and looking after our planet has been more prominent than ever,” stated Farleigh Hungerford, Farly’s founder, in a release.

She continued: “Farly only encourages the sale of vintage, pre-loved and second-hand items and we really encourage sellers to have sustainability at heart, from packaging to thinking about the origin of the product all the way to the end of the items’ life cycle.

“Farly adds to this message with the core values at the heart of the business, encouraging users to re-use, recycle and restyle.”

The platform will also feature a reward system, called Farly Points, where sellers can earn points through promoting sales from curated items in their virtual shop windows. Building up points can contribute to discounts for users with the monetisation of their displays.

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